BUFFALO, N.Y.–()–Gibraltar Industries, Inc. (Nasdaq: ROCK), a number one producer and supplier of services and products for the renewable power, conservation, residential, industrial and infrastructure markets, at this time reported its monetary outcomes for the three-month interval ended September 30, 2020.

“We delivered a solid performance as we continued to focus on executing our business plans. Revenue increased 10.2% and adjusted EPS increased 11.6%, with GAAP and adjusted operating margins improving 280 and 40 basis points respectively,” mentioned President and Chief Executive Officer Bill Bosway. “Our investments across the business over the last nine months have been meaningful, targeted, and are beginning to generate positive results. We also recently completed a $27 million acquisition of Architectural Mailboxes, a complementary addition to our Mail and Package solutions business. We enter the fourth quarter with solid momentum and a backlog of $304 million, up 26%, and a strong, liquid balance sheet to fund key initiatives.”

Third Quarter 2020 Consolidated Results

Gibraltar reported the next consolidated outcomes:

 

Three Months Ended September 30,

Dollars in hundreds of thousands, besides EPS

GAAP

 

Adjusted

 

2020

2019

% Change

 

2020

2019

% Change

Net Sales

$

329.7

$

299.2

10.2

%

 

$

329.7

$

299.2

10.2

%

Net Income

$

33.8

$

24.5

38.0

%

 

$

34.9

$

31.2

11.9

%

Diluted EPS

$

1.02

$

0.75

36.0

%

 

$

1.06

$

0.95

11.6

%

Third quarter 2020 internet gross sales elevated 10.2% to $329.7 million, pushed by the Residential Products and Renewable Energy & Conservation segments. Of the 10.2% improve, natural progress accounted for two.1%, and up to date acquisitions contributed 8.1%.

GAAP earnings elevated 38.0% to $33.Eight million, or $1.02 per share, whereas adjusted earnings elevated 11.9% to $34.9 million, or $1.06 per share, the results of natural progress and marked margin enlargement in our Residential Products phase, continued execution in all core companies, product and providers combine, favorable alignment of value to materials prices, and ongoing advantages from operational excellence initiatives. Adjusted measures take away prices for restructuring initiatives, acquisition-related gadgets, senior management transition prices, and different reclassifications, as additional described within the appended reconciliation of adjusted monetary measures.

Third Quarter Segment Results

Renewable Energy & Conservation

For the third quarter, the Renewable Energy & Conservation phase reported:

 

Three Months Ended September 30,

Dollars in hundreds of thousands

GAAP

 

Adjusted

 

2020

2019

% Change

 

2020

2019

% Change

Net Sales

$

128.3

 

$

116.8

 

9.8

%

 

$

128.3

 

$

116.8

 

9.8

%

Operating Margin

 

11.1

%

 

16.8

%

(570) bps

 

 

11.6

%

 

17.8

%

(620) bps

Segment income elevated 9.8% pushed by progress in Renewable Energy and former acquisitions within the Conservation enterprise, offset by a decline within the core Conservation enterprise associated to a slowdown within the hashish and hemp markets. Total phase backlog elevated 28% with Renewable Energy and Conservation companies contributing equally to the rise over 2019. The power in backlog is the results of robust finish market demand in Renewable Energy, and in Conservation, pushed by power within the vegatables and fruits market and rising exercise within the hashish market.

Adjusted working margin declined for the quarter pushed by near-term market challenges impacting the Conservation enterprise, notably associated to the hashish and hemp markets. The acquisitions made within the Conservation enterprise delivered margins according to expectations, and margins are anticipated to enhance transferring ahead. Renewable Energy margin efficiency stays strong, pushed by robust execution, participation positive factors, and product and repair combine.

Residential Products

For the third quarter, the Residential Products phase reported:

 

Three Months Ended September 30,

Dollars in hundreds of thousands

GAAP

Adjusted

 

2020

2019

% Change

2020

2019

% Change

Net Sales

$

151.7

 

$

126.3

 

20.1

%

$

151.7

 

$

126.3

 

20.1

%

Operating Margin

 

21.4

%

 

13.5

%

790 bps

 

21.5

%

 

16.2

%

530 bps

Segment income elevated 20.1% as the house enchancment market continued to indicate strong exercise, and thru participation positive factors throughout our numerous distribution channels. Adjusted working margin elevated with constant execution on greater quantity, efficient value and materials value administration, and extra 80/20 initiatives.

Subsequent to quarter-end, Gibraltar acquired Architectural Mailboxes for $27 million, a complementary addition to Gibraltar’s current mail & bundle options enterprise throughout the Residential phase. The acquisition supplies an entry into new market segments whereas creating synergy throughout digital advertising and marketing, engineering, and provide chain initiatives. Architectural Mailboxes income is anticipated to be $26 million in 2020.

Industrial & Infrastructure Products

For the third quarter, the Industrial & Infrastructure Products phase reported:

 

Three Months Ended September 30,

Dollars in hundreds of thousands

GAAP

Adjusted

 

2020

2019

% Change

2020

2019

% Change

Net Sales

$

49.7

 

$

56.2

 

(11.6

)%

$

49.7

 

$

56.2

 

(11.6

)%

Operating Margin

 

10.5

%

 

9.7

%

80 bps

 

11.0

%

 

10.2

%

80 bps

Segment income decreased 11.6%, pushed by decrease demand for core industrial merchandise. The infrastructure enterprise was down barely because the pandemic affected spending on infrastructure initiatives in sure finish markets. Infrastructure backlog grew barely.

The improve in adjusted working margin was pushed by continued enchancment in execution within the industrial enterprise and efficient value and materials value administration.

Business Outlook

Gibraltar delivered strong income and adjusted EPS progress by the primary three quarters, and expects fourth quarter efficiency to surpass 2019 outcomes. Given the continued stage of uncertainty associated to the pandemic, the financial system, and the upcoming election, Gibraltar is sustaining the apply of offering qualitative steerage.

“While our momentum and end market trends continue to be positive, we are closely monitoring the everchanging pandemic landscape and potential impact on the U.S. and global economy,” Bosway commented. “We remain focused on executing our operating playbook, maintaining a safe environment for our people, and meeting our customers’ needs every day. We will also continue key organic and inorganic investments to strengthen our business platforms for the markets we serve.”

Third Quarter 2020 Conference Call Details

Gibraltar will host a convention name at this time beginning at 9:00 a.m. ET to evaluation its outcomes for the third quarter of 2020. Interested events could entry the webcast by the Investors part of the Company’s web site at www.gibraltar1.com or dial into the decision at (833) 665-0649 or (914) 987-7311. Presentation slides referenced through the convention name shall be accessible for obtain on the web site. A webcast replay of the convention name and a duplicate of the transcript shall be accessible on the web site following the decision.

About Gibraltar

Gibraltar Industries is a number one producer and supplier of services and products for the renewable power, conservation, residential, industrial, and infrastructure markets. With a three-pillar technique targeted on enterprise methods, portfolio administration, and group and expertise improvement, Gibraltar’s mission is to create compounding and sustainable worth with robust management positions in greater progress, worthwhile finish markets. Gibraltar serves clients primarily all through North America. Comprehensive details about Gibraltar could be discovered on its web site at www.gibraltar1.com.

Forward-Looking Statements

Certain info set forth on this information launch, aside from historic statements, accommodates “forward-looking statements” throughout the which means of the Private Securities Litigation Reform Act of 1995 which might be based mostly, in complete or partly, on present expectations, estimates, forecasts, and projections concerning the Company’s enterprise, and administration’s beliefs about future operations, outcomes, and monetary place. These statements are usually not ensures of future efficiency and are topic to quite a lot of threat components, uncertainties, and assumptions. Actual occasions, efficiency, or outcomes might differ materially from the anticipated occasions, efficiency, or outcomes expressed or implied by such forward-looking statements. Factors that would trigger precise outcomes to vary materially from present expectations embrace, amongst different issues, the impacts of COVID-19 on the worldwide financial system and on our clients, suppliers, staff, operations, enterprise, liquidity and money flows, different common financial situations and situations within the specific markets by which we function, adjustments in buyer demand and capital spending, aggressive components and pricing pressures, our potential to develop and launch new merchandise in an economical method, our potential to understand synergies from newly acquired companies, and our potential to derive anticipated advantages from restructuring, productiveness initiatives, liquidity enhancing actions, and different value discount actions. Before making any funding choices concerning our firm, we strongly advise you to learn the part entitled “Risk Factors” in our most up-to-date annual report on Form 10-Okay which could be accessed underneath the “SEC Filings” hyperlink of the “Investor Info” web page of our web site at www.Gibraltar1.com. The Company undertakes no obligation to replace any forward-looking statements, whether or not on account of new info, future occasions or in any other case, besides as could also be required by relevant regulation or regulation.

Adjusted Financial Measures

To complement Gibraltar’s consolidated monetary statements offered on a GAAP foundation, Gibraltar additionally offered sure adjusted monetary measures on this information launch. Adjusted monetary measures exclude particular prices consisting of restructuring prices primarily related to 80/20 simplification initiatives, senior management transition prices, early debt reimbursement, acquisition associated prices, and different reclassifications. These changes are proven within the reconciliation of adjusted monetary measures excluding particular prices supplied within the supplemental monetary schedules that accompany this information launch. The Company believes that the presentation of outcomes excluding particular prices supplies significant supplemental information to traders, in addition to administration, which might be indicative of the Company’s core working outcomes and facilitates comparability of working outcomes throughout reporting intervals in addition to comparability with different firms. Special prices are excluded since they will not be thought-about immediately associated to the Company’s ongoing enterprise operations. These adjusted measures shouldn’t be considered as an alternative choice to the Company’s GAAP outcomes and could also be completely different than adjusted measures utilized by different firms.

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in 1000’s, besides per share information)

(unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2020

 

2019

 

2020

 

2019

Net Sales

$

329,665

 

 

$

299,236

 

 

$

864,918

 

 

$

789,308

 

Cost of gross sales

244,222

 

 

222,658

 

 

650,830

 

 

605,272

 

Gross revenue

85,443

 

 

76,578

 

 

214,088

 

 

184,036

 

Selling, common, and administrative expense

41,584

 

 

45,158

 

 

120,448

 

 

115,444

 

Income from operations

43,859

 

 

31,420

 

 

93,640

 

 

68,592

 

Interest expense

218

 

 

17

 

 

385

 

 

2,297

 

Other expense (earnings)

53

 

 

84

 

 

(1,542)

 

 

660

 

Income earlier than taxes

43,588

 

 

31,319

 

 

94,797

 

 

65,635

 

Provision for earnings taxes

9,828

 

 

6,843

 

 

21,686

 

 

14,901

 

Net earnings

$

33,760

 

 

$

24,476

 

 

$

73,111

 

 

$

50,734

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

Basic

$

1.03

 

 

$

0.75

 

 

$

2.24

 

 

$

1.57

 

Diluted

$

1.02

 

 

$

0.75

 

 

$

2.22

 

 

$

1.55

 

Weighted common shares excellent:

 

 

 

 

 

 

 

Basic

32,635

 

 

32,470

 

 

32,606

 

 

32,357

 

Diluted

32,969

 

 

32,770

 

 

32,902

 

 

32,677

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in 1000’s, besides per share information)

 

 

September 30,

2020

 

December 31,

2019

 

(unaudited)

 

 

Assets

 

 

 

Current property:

 

 

 

Cash and money equivalents

$

179,816

 

 

$

191,363

 

Accounts receivable, internet of allowance of $3,319 and $6,330

203,488

 

 

147,515

 

Inventories, internet

77,943

 

 

78,476

 

Prepaid bills and different present property

20,306

 

 

19,748

 

Total present property

481,553

 

 

437,102

 

Property, plant, and tools, internet

94,983

 

 

95,409

 

Operating lease property

32,359

 

 

27,662

 

Goodwill

382,427

 

 

329,705

 

Acquired intangibles

108,821

 

 

92,592

 

Other property

1,703

 

 

1,980

 

 

$

1,101,846

 

 

$

984,450

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

131,746

 

 

$

83,136

 

Accrued bills

106,480

 

 

98,463

 

Billings in extra of value

31,267

 

 

47,598

 

Total present liabilities

269,493

 

 

229,197

 

Deferred earnings taxes

40,942

 

 

40,334

 

Non-current working lease liabilities

23,314

 

 

19,669

 

Other non-current liabilities

22,022

 

 

21,286

 

Shareholders’ fairness:

 

 

 

Preferred inventory, $0.01 par worth; approved 10,000 shares; none excellent

 

 

 

Common inventory, $0.01 par worth; approved 50,000 shares; 33,519 shares and 33,192 shares issued and excellent in 2020 and 2019

335

 

 

332

 

Additional paid-in capital

302,107

 

 

295,582

 

Retained earnings

478,488

 

 

405,668

 

Accumulated different complete loss

(6,220)

 

 

(5,391)

 

Cost of 1,024 and 906 widespread shares held in treasury in 2020 and 2019

(28,635)

 

 

(22,227)

 

Total shareholders’ fairness

746,075

 

 

673,964

 

 

$

1,101,846

 

 

$

984,450

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in 1000’s)

(unaudited)

 

 

Nine Months Ended

September 30,

 

2020

 

2019

Cash Flows from Operating Activities

 

 

 

Net earnings

$

73,111

 

 

$

50,734

 

Adjustments to reconcile internet earnings to internet money supplied by working actions:

 

 

 

Depreciation and amortization

17,325

 

 

14,923

 

Stock compensation expense

6,151

 

 

10,087

 

Gain on sale of enterprise

(1,881)

 

 

 

Exit exercise prices, non-cash

505

 

 

479

 

Provision for (advantage of) deferred earnings taxes

668

 

 

(429)

 

Other, internet

1,402

 

 

3,267

 

Changes in working property and liabilities, excluding the results of acquisitions:

 

 

 

Accounts receivable

(40,176)

 

 

(56,645)

 

Inventories

6,102

 

 

18,617

 

Other present property and different property

6,095

 

 

(6,949)

 

Accounts payable

13,408

 

 

22,770

 

Accrued bills and different non-current liabilities

(26,516)

 

 

15,640

 

Net money supplied by working actions

56,194

 

 

72,494

 

Cash Flows from Investing Activities

 

 

 

Acquisitions, internet of money acquired

(54,385)

 

 

(8,665)

 

Net proceeds from sale of property and tools

568

 

 

87

 

Purchases of property, plant, and tools

(9,335)

 

 

(7,703)

 

Net proceeds from sale of enterprise

2,000

 

 

 

Net money utilized in investing actions

(61,152)

 

 

(16,281)

 

Cash Flows from Financing Activities

 

 

 

Long-term debt funds

 

 

(212,000)

 

Payment of debt issuance prices

 

 

(1,235)

 

Purchase of treasury inventory at market costs

(6,408)

 

 

(3,495)

 

Net proceeds from issuance of widespread inventory

377

 

 

400

 

Net money utilized in financing actions

(6,031)

 

 

(216,330)

 

Effect of trade fee adjustments on money

(558)

 

 

729

 

Net lower in money and money equivalents

(11,547)

 

 

(159,388)

 

Cash and money equivalents at starting of 12 months

191,363

 

 

297,006

 

Cash and money equivalents at finish of interval

$

179,816

 

 

$

137,618

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in 1000’s, besides per share information)

(unaudited)

 

 

 

Three Months Ended

September 30,2020

 

 

As

Reported

In GAAP

Statements

 

Restructuring

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

128,258

 

 

$

 

 

$

 

 

$

 

 

$

128,258

 

Residential Products

 

151,718

 

 

 

 

 

 

 

 

151,718

 

Industrial & Infrastructure Products

 

49,767

 

 

 

 

 

 

 

 

49,767

 

Less Inter-Segment Sales

 

(78)

 

 

 

 

 

 

 

 

(78)

 

 

 

49,689

 

 

 

 

 

 

 

 

49,689

 

Consolidated gross sales

 

329,665

 

 

 

 

 

 

 

 

329,665

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

14,195

 

 

172

 

 

 

 

572

 

 

14,939

 

Residential Products

 

32,454

 

 

186

 

 

 

 

 

 

32,640

 

Industrial & Infrastructure Products

 

5,199

 

 

252

 

 

 

 

 

 

5,451

 

Segments Income

 

51,848

 

 

610

 

 

 

 

572

 

 

53,030

 

Unallocated company expense

 

(7,989)

 

 

17

 

 

170

 

 

16

 

 

(7,786)

 

Consolidated earnings from operations

 

43,859

 

 

627

 

 

170

 

 

588

 

 

45,244

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

218

 

 

 

 

 

 

 

 

218

 

Other expense

 

53

 

 

 

 

 

 

 

 

53

 

Income earlier than earnings taxes

 

43,588

 

 

627

 

 

170

 

 

588

 

 

44,973

 

Provision for earnings taxes

 

9,828

 

 

146

 

 

 

 

135

 

 

10,109

 

Net earnings

 

$

33,760

 

 

$

481

 

 

$

170

 

 

$

453

 

 

$

34,864

 

Net earnings per share – diluted

 

$

1.02

 

 

$

0.02

 

 

$

0.01

 

 

$

0.01

 

 

$

1.06

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

11.1

%

 

0.1

%

 

%

 

0.4

%

 

11.6

%

Residential Products

 

21.4

%

 

0.1

%

 

%

 

%

 

21.5

%

Industrial & Infrastructure Products

 

10.5

%

 

0.5

%

 

%

 

%

 

11.0

%

Segments Margin

 

15.7

%

 

0.2

%

 

%

 

0.2

%

 

16.1

%

Consolidated

 

13.3

%

 

0.2

%

 

0.1

%

 

0.2

%

 

13.7

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in 1000’s, besides per share information)

(unaudited)

 

 

 

Three Months Ended

September 30, 2019

 

 

As

Reported

In GAAP

Statements

 

Restructuring

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

116,771

 

 

$

 

 

$

 

 

$

 

 

$

116,771

Residential Products

 

126,275

 

 

 

 

 

 

 

 

126,275

Industrial & Infrastructure Products

 

56,361

 

 

 

 

 

 

 

 

56,361

Less Inter-Segment Sales

 

(171)

 

 

 

 

 

 

 

 

(171)

 

 

 

56,190

 

 

 

 

56,190

Consolidated gross sales

 

299,236

 

 

 

 

 

 

 

299,236

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

19,633

 

 

37

 

 

 

 

1,166

 

 

20,836

Residential Products

 

17,012

 

 

3,415

 

 

 

 

 

 

20,427

Industrial & Infrastructure Products

 

5,462

 

 

285

 

 

 

 

 

 

5,747

Segments earnings

 

42,107

 

 

3,737

 

 

 

 

1,166

 

 

47,010

 

Unallocated company expense

 

(10,687)

 

 

246

 

 

2,708

 

 

470

 

 

(7,263)

 

Consolidated earnings from operations

 

31,420

 

 

3,983

 

 

2,708

 

 

1,636

 

 

39,747

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

17

 

 

 

 

 

 

 

 

17

Other expense

 

84

 

 

 

 

 

 

 

 

84

 

Income earlier than earnings taxes

 

31,319

 

 

3,983

 

 

2,708

 

 

1,636

 

 

39,646

 

Provision for earnings taxes

 

6,843

 

 

1,030

 

 

161

 

 

417

 

 

8,451

Net earnings

 

$

24,476

 

 

$

2,953

 

 

$

2,547

 

 

$

1,219

 

 

$

31,195

 

Net earnings per share – diluted

 

$

0.75

 

 

$

0.09

 

 

$

0.08

 

 

$

0.03

 

 

$

0.95

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

16.8

%

 

%

 

%

 

1.0

%

 

17.8

%

Residential Products

 

13.5

%

 

2.7

%

 

%

 

%

 

16.2

%

Industrial & Infrastructure Products

 

9.7

%

 

0.5

%

 

%

 

%

 

10.2

%

Segments margin

 

14.1

%

 

1.2

%

 

%

 

0.4

%

 

15.7

%

Consolidated

 

10.5

%

 

1.3

%

 

0.9

%

 

0.5

%

 

13.3

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in 1000’s, besides per share information)

(unaudited)

 

 

 

Nine Months Ended

September 30, 2020

 

 

As

Reported

In GAAP

Statements

 

Restructuring

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Gain on

Sale of

Business

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

323,014

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

323,014

 

Residential Products

 

394,609

 

 

 

 

 

 

 

 

 

 

394,609

 

Industrial & Infrastructure Products

 

147,831

 

 

 

 

 

 

 

 

 

 

147,831

 

Less Inter-Segment Sales

 

(536)

 

 

 

 

 

 

 

 

 

 

(536)

 

 

 

147,295

 

 

 

 

 

 

 

 

 

 

147,295

 

Consolidated gross sales

 

864,918

 

 

 

 

 

 

 

 

 

 

864,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

29,082

 

 

578

 

 

 

 

2,745

 

 

 

 

32,405

 

Residential Products

 

74,143

 

 

670

 

 

 

 

 

 

 

 

74,813

 

Industrial & Infrastructure Products

 

15,832

 

 

564

 

 

 

 

 

 

 

 

16,396

 

Segments Income

 

119,057

 

 

1,812

 

 

 

 

2,745

 

 

 

 

123,614

 

Unallocated company expense

 

(25,417)

 

 

116

 

 

2,512

 

 

325

 

 

 

 

(22,464)

 

Consolidated earnings from operations

 

93,640

 

 

1,928

 

 

2,512

 

 

3,070

 

 

 

 

101,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

385

 

 

 

 

 

 

 

 

 

 

385

 

Other (earnings) expense

 

(1,542)

 

 

 

 

 

 

 

 

1,881

 

 

339

 

Income earlier than earnings taxes

 

94,797

 

 

1,928

 

 

2,512

 

 

3,070

 

 

(1,881)

 

 

100,426

 

Provision for earnings taxes

 

21,686

 

 

455

 

 

 

 

725

 

 

(469)

 

 

22,397

 

Net earnings

 

$

73,111

 

 

$

1,473

 

 

$

2,512

 

 

$

2,345

 

 

$

(1,412)

 

 

$

78,029

 

Net earnings per share – diluted

 

$

2.22

 

 

$

0.04

 

 

$

0.08

 

 

$

0.07

 

 

$

(0.04)

 

 

$

2.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

9.0

%

 

0.2

%

 

%

 

0.8

%

 

%

 

10.0

%

Residential Products

 

18.8

%

 

0.2

%

 

%

 

%

 

%

 

19.0

%

Industrial & Infrastructure Products

 

10.7

%

 

0.4

%

 

%

 

%

 

%

 

11.1

%

Segments Margin

 

13.8

%

 

0.2

%

 

%

 

0.3

%

 

%

 

14.3

%

Consolidated

 

10.8

%

 

0.2

%

 

0.3

%

 

0.4

%

 

%

 

11.7

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in 1000’s, besides per share information)

(unaudited)

 

 

 

Nine Months Ended

September 30, 2019

 

 

As

Reported

In GAAP

Statements

 

Restructuring

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Debt

Repayment

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

261,612

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

261,612

 

Residential Products

 

360,417

 

 

 

 

 

 

 

 

 

 

360,417

 

Industrial & Infrastructure Products

 

168,096

 

 

 

 

 

 

 

 

 

 

168,096

 

Less Inter-Segment Sales

 

(817)

 

 

 

 

 

 

 

 

 

 

(817)

 

 

 

167,279

 

 

 

 

 

 

 

 

 

 

167,279

 

Consolidated gross sales

 

789,308

 

 

 

 

 

 

 

 

 

 

789,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

30,914

 

 

36

 

 

 

 

1,166

 

 

 

 

32,116

 

Residential Products

 

49,880

 

 

3,785

 

 

78

 

 

 

 

 

 

53,743

 

Industrial & Infrastructure Products

 

13,660

 

 

1,598

 

 

 

 

 

 

 

 

15,258

 

Segments earnings

 

94,454

 

 

5,419

 

 

78

 

 

1,166

 

 

 

 

101,117

 

Unallocated company expense

 

(25,862)

 

 

919

 

 

6,973

 

 

474

 

 

 

 

(17,496)

 

Consolidated earnings from operations

 

68,592

 

 

6,338

 

 

7,051

 

 

1,640

 

 

 

 

83,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2,297

 

 

 

 

 

 

 

 

(1,079)

 

 

1,218

 

Other expense

 

660

 

 

 

 

 

 

 

 

 

 

660

 

Income earlier than earnings taxes

 

65,635

 

 

6,338

 

 

7,051

 

 

1,640

 

 

1,079

 

 

81,743

 

Provision for earnings taxes

 

14,901

 

 

1,616

 

 

481

 

 

418

 

 

269

 

 

17,685

 

Net earnings

 

$

50,734

 

 

$

4,722

 

 

$

6,570

 

 

$

1,222

 

 

$

810

 

 

$

64,058

 

Net earnings per share – diluted

 

$

1.55

 

 

$

0.15

 

 

$

0.20

 

 

$

0.04

 

 

$

0.02

 

 

$

1.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

11.8

%

 

%

 

%

 

0.4

%

 

%

 

12.3

%

Residential Products

 

13.8

%

 

1.1

%

 

%

 

%

 

%

 

14.9

%

Industrial & Infrastructure Products

 

8.2

%

 

1.0

%

 

%

 

%

 

%

 

9.1

%

Segments margin

 

12.0

%

 

0.7

%

 

%

 

0.1

%

 

%

 

12.8

%

Consolidated

 

8.7

%

 

0.8

%

 

0.9

%

 

0.2

%

 

%

 

10.6

%

 

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