US Market News
4週前
Gibraltar Reports First Quarter 2026 ResultsMay 7, 2026 7:30 AM
Business Wire OmniMax integration accelerating Raising 2026 synergy commitment to $26M, $16M included in FY 2026 EBITDA Outlook Reaffirming full year 2026 guidance Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2026. As a reminder, on June 30, 2025, Gibraltar announced that it has reclassified its Renewables business as discontinued operations to focus its asset portfolio and resources on its building products and structures businesses – namely the residential, agtech and infrastructure segments. On February 20, 2026, Gibraltar sold the electrical balance-of-systems (eBOS) business for $70 million in cash. “The first quarter was very busy with the closing of the OmniMax acquisition on February 2nd and the subsequent launch of our integration efforts across the combined business. There has been significant progress as our 22 integration planning teams have delivered over 500+ milestones in the last 90 days. We are accelerating key initiatives and have raised our synergy commitment again, adding another $2 million for 2026 to a total of $26 million of which $16 million is planned to be realized in full-year 2026 adjusted EBITDA. In parallel, we continued to navigate a slower Residential end market, deal with accelerating commodity inflation, and manage through some disruptive weather events in the quarter,” stated Chairman and CEO Bill Bosway. “Including two months of OmniMax, net sales increased 44.6% and adjusted EBITDA increased 16.1% while adjusted EPS was down 50% primarily driven by an increase in interest expense and unfavorable price material economics driven by significant increase in aluminum prices during the quarter. We executed price actions in both March and April across 14 of our residential brands and operating units, which we expect will create positive price material economics for us in the second quarter. We consumed cash in the quarter per our range of expectations and applied the $70 million of proceeds of the eBOS divestiture to debt reduction.” First Quarter 2026 Results from Continuing Operations Three Months Ended March 31, 2026 2025 Change Net Sales $356.3 $246.4 44.6% Adjusted EBITDA $49.0 $42.2 16.1% Net (Loss) / Income $(12.1) $23.1 NMF Adjusted Net Income $13.5 $27.3 (50.5)% GAAP (Loss) / Earnings Per Share – Diluted $(0.40) $0.76 NMF Adjusted EPS – Diluted $0.45 $0.90 (50.0)% Net Sales Driven by acquisitions of OmniMax, Lane Supply and Metal Roofing with organic growth down slightly GAAP Income / EPS Net loss driven by pretax expenses of $32.6 million, or $0.80 per share related to OmniMax acquisition including deal closing and integration costs, and fair market amortization step-up Adjusted Net Income / EPS Decreased 50.5% to $13.5 million, or $0.45 per share, including the net interest impact of $14.6 million versus first quarter 2025 Aluminum market price increased significantly in the quarter. Steel, resin, and fuel inflation began to materialize in March post Middle East conflict. Price increases in March and April drive positive price material economics in the second quarter Lower volume, business and product mix Adjusted measures are further described in the appended reconciliation of adjusted financial measures. First Quarter Segment Results Residential ($Millions) Three Months Ended March 31, 2026 GAAP 2025 GAAP Change 2026 Adjusted 2025 Adjusted Change Net Sales $281.4 $180.0 56.3% $281.4 $180.0 56.3% Operating Income $20.2 $31.3 (35.5)% $31.0 $32.4 (4.3)% Operating Margin 7.2% 17.4% (1020) bps 11.0% 18.0% (700) bps EBITDA N/A N/A N/A $43.8 $35.4 23.7% EBITDA Margin N/A N/A N/A 15.6% 19.7% (410) bps Net Sales OmniMax contributed $89 million and metal roofing acquisitions $18 million in the quarter Organic sales: building products down 3.8%, mail and package down 1.5% Solid start in the second quarter - April shipments and bookings on plan and ahead of 2025 levels Operating Income / EBITDA Lower volume related to soft end market in the first quarter Timing of price realization against significant inflation in the quarter – executed price actions across 14 of our brands and operating units in March and April Operating inefficiencies related to close of OmniMax deal in middle of first quarter OmniMax Integration – First 90 days 22 integration planning teams and delivered 500+ milestones Phase 1 organization restructuring executed, Phase 2 to be completed in the second quarter Raised synergy commitment an additional $2 million to $26 million with $16 million realized in full-year 2026 adjusted EBITDA – added Corporate savings category Over 50% of synergy commitment executed to date with realized savings starting to ramp up in the second quarter Gained new business in 40+ new customer branches through participation initiatives Now have over 60+ existing customer locations buying complementary Gibraltar and OmniMax products through successful cross-selling initiatives Agtech ($Millions) Three Months Ended March 31, 2026 GAAP 2025 GAAP Change 2026 Adjusted 2025 Adjusted Change Net Sales $55.6 $45.0 23.6% $55.6 $45.0 23.6% Operating Income $3.3 $3.4 (2.9)% $3.5 $4.9 (28.6)% Operating Margin 6.0% 7.5% (150) bps 6.3% 10.8% (450) bps EBITDA N/A N/A N/A $5.8 $6.3 (7.9)% EBITDA Margin N/A N/A N/A 10.5% 14.1% (360) bps Net sales were driven by the acquisition of Lane Supply. Overall, organic volume was down 3% driven by movement of projects to later in the year. Backlog for the business remains very solid at $84 million but reflects a 13% decrease at quarter-end from the removal of the CEA Arizona project. Adjusted operating margin in the quarter was driven by lower volume associated with projects moving to later in the year, and the impact of having full quarter results for Lane in 2026. Infrastructure ($Millions) Three Months Ended March 31, 2026 GAAP 2025 GAAP Change 2026 Adjusted 2025 Adjusted Change Net Sales $19.2 $21.3 (9.9)% $19.2 $21.3 (9.9)% Operating Income $3.7 $5.3 (30.2)% $3.7 $5.3 (30.2)% Operating Margin 19.3% 24.7% (540) bps 19.3% 24.7% (540) bps EBITDA N/A N/A N/A $4.5 $6.0 (25.0) % EBITDA Margin N/A N/A N/A 23.3% 28.2% (490) bps Sales were impacted by two separate weather events in March that affected power supply to our facility, resulting in a portion of March orders being shipped in April. Operations performed well, taking care of customers and staying on plan for the second quarter. Customer backlog was down 3% driven by timing of project awards but quoting / bid activity remains very strong and is expected to result in increased bookings in the second quarter and 2026. Margins were impacted by lower volume and mix. Balance Sheet and Cash Flow Gibraltar’s policy with respect to cash allocation will be to keep a minimum ($20-25 million) of cash on hand, use the revolver as needed to fund seasonal builds and pay down debt with excess cash flow. During the quarter, Gibraltar used $34.6 million in cash from operations, including the outlays for closing the transaction. The Company applied the $70 million in proceeds from the eBOS sale to debt reduction and, as a result, net debt on the balance sheet was $1.2 billion and revolving credit facility availability was $467 million at quarter-end. 2026 Outlook for Continuing Operations Mr. Bosway added, “I am pleased with the position we are in heading into the second quarter and the second half of the year. Our Residential business is off to a solid start with both shipments and bookings in April on plan and above 2025 levels. Our leadership team and Integration Management Office continue to integrate the business, identify and implement more synergy savings, execute price initiatives to deliver positive price material economics in the second quarter, and win more with customers as we displace competition and/or expand presence through successful cross-selling initiatives. We are focused on what we can control in a dynamic end market environment. In addition, our Agtech plan remains on track with a backlog of signed and funded projects, and I am excited to see the engineering backlog of Infrastructure convert to order backlog in the second quarter as well.” Reiterating 2026 Guidance Range For the Twelve Months Ended December 31, 2026 2025 Net Sales (in billions) $1.76 - $1.83 $1.14 Adjusted EBITDA (in millions) $310 - $326 $185 Adjusted EBITDA Margin 17.6% - 17.8% 16.3% GAAP EPS – Diluted $2.40 - $2.80 $3.25 Adjusted EPS – Diluted $3.65 - $4.05 $3.92 First Quarter 2026 Conference Call Details Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2026. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (888) 396-8049 or (416) 764-8646. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year. About Gibraltar Gibraltar is a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living and productive growing throughout North America. For more please visit www.gibraltar1.com. Forward-Looking Statements Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the ability of Gibraltar to successfully integrate OmniMax and/or to achieve expected cost and operational synergies from the OmniMax transaction; tariffs and retaliatory tariffs imposed by the United States or other countries on imported goods, including raw materials used in the manufacturing of the Company’s products; changes to economic conditions and customer demand for the Company’s products; the availability and pricing of principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, the ability to continue to improve operating margins, the ability to generate order flow and sales and increase backlog; the ability to translate backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, the ability to develop and launch new products in a cost-effective manner, the ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of trade and regulation, rebates, credits and incentives and variations in government spending and ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding the company, we strongly advise you to read the section entitled “Risk Factors” in the most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of the website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation. Adjusted Financial Measures To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Unless otherwise indicated, the consolidated financial statements, disclosures and related information disclosed herein relate to the Company's continuing operations, which exclude its Renewables business which was classified as a discontinued operation as of June 30, 2025. The Company has recast prior period amounts to reflect discontinued operations. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs (primarily comprised of exit activities costs and impairment of assets associated with 80/20 simplification, lean initiatives and / or discontinued products), acquisition related costs (legal and consulting fees, and integration costs for recent business acquisitions), and portfolio management. These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors, as well as management, that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company’s ability to service debt and adjusted EBITDA is one of the measures used for determining the Company’s debt covenant compliance. Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and the Company’s presentation of non-GAAP financial measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. Reconciliations of non-GAAP measures related to full-year 2026 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. GIBRALTAR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2026 2025 Net sales $ 356,287 $ 246,357 Cost of sales 277,416 176,504 Gross profit 78,871 69,853 Selling, general, and administrative expense 83,327 41,198 Operating (loss) income (4,456 ) 28,655 Interest expense (income), net 13,024 (1,637 ) Other (income) expense, net (814 ) 76 (Loss) income before taxes from continuing operations (16,666 ) 30,216 (Benefit of) provision for income taxes (4,614 ) 7,101 (Loss) income from continuing operations (12,052 ) 23,115 Discontinued operations: Loss before taxes from discontinued operations (59,871 ) (3,163 ) Benefit of income taxes (4,453 ) (1,167 ) Loss from discontinued operations (55,418 ) (1,996 ) Net (loss) income $ (67,470 ) $ 21,119 Net (loss) earnings per share – Basic: (Loss) income from continuing operations $ (0.40 ) $ 0.76 Loss from discontinued operations (1.86 ) (0.06 ) Net (loss) income $ (2.26 ) $ 0.70 Weighted average shares outstanding – Basic 29,796 30,252 Net (loss) earnings per share – Diluted: (Loss) income from continuing operations $ (0.40 ) $ 0.76 Loss from discontinued operations (1.86 ) (0.07 ) Net (loss) income $ (2.26 ) $ 0.69 Weighted average shares outstanding – Diluted 29,796 30,474 GIBRALTAR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) March 31,
2026 December 31,
2025 (unaudited) Assets Current assets: Cash and cash equivalents $ 20,347 $ 115,724 Trade receivables, net of allowance of $3,329 and $2,558, respectively 224,577 120,327 Costs in excess of billings, net 25,496 26,799 Inventories, net 268,110 116,770 Prepaid expenses and other current assets 71,892 56,904 Assets of discontinued operations 89,283 192,362 Total current assets 699,705 628,886 Property, plant, and equipment, net 191,983 130,456 Operating lease assets 167,840 55,355 Goodwill 932,219 415,032 Customer relationships, net 631,704 109,092 Other intangibles, net 142,707 34,464 Other assets 21,337 20,318 $ 2,787,495 $ 1,393,603 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 183,169 $ 108,216 Accrued expenses 193,380 155,807 Billings in excess of costs 8,480 8,879 Liabilities of discontinued operations 112,312 93,120 Total current liabilities 497,341 366,022 Long-term debt 1,220,825 — Deferred income taxes 11,127 5,116 Non-current operating lease liabilities 153,374 46,199 Other non-current liabilities 24,196 25,868 Stockholders’ equity: Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding — — Common stock, $0.01 par value; authorized 100,000 shares; 34,674 and 34,482 shares issued and outstanding, respectively 347 345 Additional paid-in capital 354,993 353,018 Retained earnings 763,993 831,463 Accumulated other comprehensive loss (4,581 ) (3,683 ) Treasury stock, at cost; 5,013 and 4,935 shares, respectively (234,120 ) (230,745 ) Total stockholders’ equity 880,632 950,398 $ 2,787,495 $ 1,393,603 GIBRALTAR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended March 31, 2026 2025 Cash Flows from Operating Activities Net (loss) income $ (67,470 ) $ 21,119 Loss from discontinued operations (55,418 ) (1,996 ) (Loss) income from continuing operations (12,052 ) 23,115 Adjustments to reconcile (loss) income from continuing operations to net cash (used in) provided by operating activities: Depreciation and amortization 15,903 6,806 Stock compensation expense 1,859 2,860 Other, net 2,448 (144 ) Changes in operating assets and liabilities net of effects from acquisitions: Trade receivables and costs in excess of billings (56,100 ) (24,037 ) Inventories (20,460 ) (8,233 ) Other current assets and other assets (3,325 ) (5,579 ) Accounts payable 47,613 18,202 Accrued expenses and other non-current liabilities (10,439 ) (7,905 ) Net cash (used in) provided by operating activities of continuing operations (34,553 ) 5,085 Net cash (used in) provided by operating activities of discontinued operations (6,614 ) 8,599 Net cash (used in) provided by operating activities (41,167 ) 13,684 Cash Flows from Investing Activities Acquisitions, net of cash acquired (1,340,027 ) (184,585 ) Purchases of property, plant, and equipment, net (5,997 ) (10,757 ) Net proceeds from sale of business — 352 Net cash used in investing activities of continuing operations (1,346,024 ) (194,990 ) Net cash provided by (used in) investing activities of discontinued operations 74,944 (674 ) Net cash used in investing activities (1,271,080 ) (195,664 ) Cash Flows from Financing Activities Proceeds from long-term debt 1,325,000 — Long-term debt payments (75,000 ) — Payment of debt issuance costs (29,254 ) — Purchase of common stock at market prices (3,857 ) (62,394 ) Net cash provided by (used in) financing activities 1,216,889 (62,394 ) Effect of exchange rate changes on cash (19 ) 8 Net decrease in cash and cash equivalents (95,377 ) (244,366 ) Cash and cash equivalents at beginning of year 115,724 269,480 Cash and cash equivalents at end of period $ 20,347 $ 25,114 GIBRALTAR INDUSTRIES, INC. Reconciliation of GAAP and Adjusted Financial Measures (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2026 (Loss) income before taxes (Benefit of) provision for income taxes Net (loss) income from continuing operations Net (loss) income from continuing operations per share - diluted As Reported in GAAP Statements $ (16,666 ) $ (4,614 ) $ (12,052 ) $ (0.40 ) Restructuring Charges (1) 2,310 635 1,675 0.05 Acquisition Related Costs (2) 32,641 8,766 23,875 0.80 Adjusted Financial Measures $ 18,285 $ 4,787 $ 13,498 $ 0.45 Residential Agtech Infrastructure Corporate Consolidated Operating Margin 7.2 % 6.0 % 19.3 % n/a (1.3 )% Restructuring Charges (1) 0.8 % 0.1 % — % n/a 0.6 % Acquisition Related Costs (2) 3.0 % 0.3 % — % n/a 9.2 % Adjusted Operating Margin 11.0 % 6.3 % 19.3 % n/a 8.6 % Income from Operations $ 20,246 $ 3,327 $ 3,717 $ (31,746 ) $ (4,456 ) Restructuring Charges (1) 2,239 55 — 16 2,310 Acquisition Related Costs (2) 8,528 149 — 24,068 32,745 Adjusted Income from Operations $ 31,013 $ 3,531 $ 3,717 $ (7,662 ) $ 30,599 Net Sales $ 281,435 $ 55,630 $ 19,222 $ — $ 356,287 (1) Comprised primarily of exit activities costs (2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations GIBRALTAR INDUSTRIES, INC. Reconciliation of GAAP and Adjusted Financial Measures (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2025 Income before taxes Provision for income taxes Net income from continuing operations Net income from continuing operations per share - diluted As Previously Reported in GAAP Statements $ 27,053 $ 5,934 $ 21,119 $ 0.69 Discontinued Operations (1) 3,163 1,167 1,996 0.07 As Reported in GAAP Statements $ 30,216 $ 7,101 $ 23,115 $ 0.76 Restructuring Charges (2) 1,236 300 936 0.03 Acquisition Related Costs (3) 4,255 998 3,257 0.11 Adjusted Financial Measures Recast $ 35,707 $ 8,399 $ 27,308 $ 0.90 Residential Agtech Renewables Infrastructure Corporate Consolidated Operating Margin Previously Reported 17.4 % 7.5 % (7.2 )% 24.7 % n/a 8.8 % Discontinued Operations (1) n/a n/a Operating Margin as Reported in GAAP Statements 17.4 % 7.5 % n/a 24.7 % n/a 11.6 % Restructuring Charges (2) 0.6 % 0.2 % n/a — % n/a 0.5 % Acquisition Related Costs (3) — % 3.2 % n/a — % n/a 1.7 % Adjusted Operating Margin Recast 18.0 % 10.8 % n/a 24.7 % n/a 13.9 % Income from Operations Previously Reported $ 31,260 $ 3,385 $ (3,145 ) $ 5,258 $ (11,248 ) $ 25,510 Discontinued Operations (1) — — 3,145 — — 3,145 Income from Operations as Reported in GAAP Statements $ 31,260 $ 3,385 $ — $ 5,258 $ (11,248 ) $ 28,655 Restructuring Charges (2) 1,137 68 — — 31 1,236 Acquisition Related Costs (3) — 1,419 — — 2,847 4,266 Adjusted Income from Operations Recast $ 32,397 $ 4,872 $ — $ 5,258 $ (8,370 ) $ 34,157 Net Sales Previously Reported $ 179,994 $ 45,040 $ 43,658 $ 21,323 $ — $ 290,015 Discontinued Operations (1) — — (43,658 ) — — (43,658 ) Net Sales as Reported in GAAP Statements $ 179,994 $ 45,040 $ — $ 21,323 $ — $ 246,357 (1) Represents the results generated by the Company's Renewables business classified as Discontinued Operations in 2025 (2) Comprised primarily of exit activities costs (3) Represents acquisition-related expenses, including due diligence and integration costs of recent business combinations GIBRALTAR INDUSTRIES, INC. Reconciliation of GAAP and Adjusted Financial Measures (in thousands, except per share data) (unaudited) Year Ended December 31, 2025 Income before taxes Provision for income taxes Net income from continuing operations Net income from continuing operations per share - diluted As Reported in GAAP Statements $ 126,576 $ 29,020 $ 97,556 $ 3.25 Restructuring Charges (1) 8,318 1,988 6,330 0.22 Acquisition Related Costs (2) (3) 17,544 3,836 13,708 0.45 Adjusted Financial Measures $ 152,438 $ 34,844 $ 117,594 $ 3.92 Residential Agtech Infrastructure Corporate Consolidated Operating Margin 16.6 % 4.5 % 23.9 % n/a 10.8 % Restructuring Charges (1) 0.9 % 0.6 % — % n/a 0.7 % Acquisition Related Costs (2) — % 2.1 % — % n/a 1.6 % Adjusted Operating Margin 17.6 % 7.1 % 23.9 % n/a 13.3 % Income from Operations $ 137,195 $ 9,804 $ 22,042 $ (46,290 ) $ 122,751 Restructuring Charges (1) 7,034 1,253 — 31 8,318 Acquisition Related Costs (2) 669 4,580 — 14,521 19,770 Adjusted Income from Operations $ 144,898 $ 15,637 $ 22,042 $ (31,738 ) $ 150,839 Net Sales $ 824,079 $ 219,301 $ 92,121 $ — $ 1,135,501 (1) Comprised primarily of exit activities costs (2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations (3) Includes one-time gain of $2.2M from an acquisition-related item GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands) (unaudited) Three Months Ended March 31, 2026 Consolidated Residential Agtech Infrastructure Net Sales $ 356,287 $ 281,435 $ 55,630 $ 19,222 Net Loss from Continuing Operations (12,052 ) Benefit of Income Taxes (4,614 ) Interest Expense 13,024 Other Income (814 ) Operating Profit (4,456 ) 20,246 3,327 3,717 Adjusted Measures* 35,055 10,767 204 — Adjusted Operating Profit 30,599 31,013 3,531 3,717 Adjusted Operating Margin 8.6 % 11.0 % 6.3 % 19.3 % Adjusted Other Income (668 ) — — — Depreciation & Amortization 15,903 12,129 2,088 713 Stock Compensation Expense 1,859 647 208 55 Adjusted EBITDA $ 49,029 $ 43,789 $ 5,827 $ 4,485 Adjusted EBITDA Margin 13.8 % 15.6 % 10.5 % 23.3 % Cash Flow - Operating Activities (34,553 ) Purchase of PPE, Net (5,997 ) Free Cash Flow (40,550 ) Free Cash Flow - % of Net Sales (11.4 )% *Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands) (unaudited) Three Months Ended March 31, 2025 Consolidated Residential Agtech Infrastructure Net Sales Recast* $ 246,357 $ 179,994 $ 45,040 $ 21,323 Net Income from Continuing Operations 23,115 Provision for Income Taxes 7,101 Interest Income (1,637 ) Other Expense 76 Operating Profit 28,655 31,260 3,385 5,258 Adjusted Measures* 5,502 1,137 1,487 — Adjusted Operating Profit 34,157 32,397 4,872 5,258 Adjusted Operating Margin 13.9 % 18.0 % 10.8 % 24.7 % Adjusted Other Expense 87 — — — Adjusted Depreciation & Amortization (1) 5,387 2,527 1,341 701 Adjusted Stock Compensation Expense (2) 2,778 452 135 63 Adjusted EBITDA Recast** $ 42,235 $ 35,376 $ 6,348 $ 6,022 Adjusted EBITDA Margin Recast** 17.1 % 19.7 % 14.1 % 28.2 % Adjusted EBITDA Previously Reported $ 46,174 $ 35,376 $ 6,348 $ 6,022 Adjusted EBITDA Margin Previously Reported 15.9 % 19.7 % 14.1 % 28.2 % Cash Flow - Operating Activities 5,085 Purchase of PPE, Net (10,757 ) Free Cash Flow (5,672 ) Free Cash Flow - % of Net Sales (2.3 )% *Details for the classification of the Company's Renewables business as Discontinued Operations are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures **Recast for the classification of the Company's Renewables business as Discontinued Operations (1) Recast Depreciation & Amortization for impact of ($2.280M) from classification of Renewables business as Discontinued Operations (2) Recast Stock Compensation Expense for impact of ($211k) from classification of Renewables business as Discontinued Operations GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands) (unaudited) Year Ended December 31, 2025 Consolidated Residential Agtech Infrastructure Net Sales $ 1,135,501 $ 824,079 $ 219,301 $ 92,121 Net Income from Continuing Operations 97,556 Provision for Income Taxes 29,020 Interest Income (1,747 ) Other Income (2,078 ) Operating Profit 122,751 137,195 9,804 22,042 Adjusted Measures* 28,088 7,703 5,833 — Adjusted Operating Profit 150,839 144,898 15,637 22,042 Adjusted Operating Margin 13.3 % 17.6 % 7.1 % 23.9 % Adjusted Other Expense 148 — — — Depreciation & Amortization 29,849 13,351 10,368 2,845 Less: Acquisition-related amortization (3,500 ) — (3,500 ) — Adjusted Depreciation & Amortization 26,349 13,351 6,868 2,845 Stock Compensation Expense 8,339 2,591 729 274 Less: SLT Related Stock Compensation Expense (82 ) — — — Adjusted Stock Compensation Expense 8,257 2,591 729 274 Adjusted EBITDA $ 185,297 $ 160,840 $ 23,234 $ 25,161 Adjusted EBITDA Margin 16.3 % 19.5 % 10.6 % 27.3 % Cash Flow - Operating Activities 137,107 Purchase of PPE, Net (46,130 ) Free Cash Flow 90,977 Free Cash Flow - % of Net Sales 8.0 % *Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures View source version on businesswire.com: https://www.businesswire.com/news/home/20260507923853/en/ Alliance Advisors Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
rock@allianceadvisors.com Original: Gibraltar Reports First Quarter 2026 Results
US Market News
3月前
Gibraltar Reports Fourth Quarter and Full Year 2025 Results and Issues Full Year 2026 GuidanceFebruary 26, 2026 7:30 AM
Business Wire
Results from Continuing Operations in Line with Previously Announced Range
2026 Guidance Includes OmniMax International
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets, today reported its financial results for the three and twelve-month period ended December 31, 2025.
As a reminder, on June 30, 2025, Gibraltar announced that it has reclassified its Renewables business as discontinued operations to focus its asset portfolio and resources on its building products and structures businesses – namely the residential, agtech and infrastructure segments.
“Fourth quarter results were in line with our previously announced range with net sales up 16%, adjusted EBITDA and adjusted EPS down 8% and 15% respectively, operating cash flow of $32 million, and an ending cash balance of $116 million.” stated Chairman and CEO Bill Bosway. “For the year, net sales were up 11%, adjusted EBITDA up 4%, and adjusted EPS up 3%.”
Fourth Quarter and Full Year 2025 Results from Continuing Operations
($Millions, except EPS)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
Change
2025
2024
Change
Net Sales
$268.7
$231.6
16.0%
$1,135.5
$1,023.4
11.0%
Adjusted EBITDA
$36.6
$39.6
(7.6)%
$185.3
$177.5
4.4%
Net Income
$11.8
$47.3
(75.1)%
$97.6
$135.0
(27.7)%
Adj Net Income
$22.7
$27.5
(17.5)%
$117.6
$117.4
0.2%
GAAP EPS – Diluted
$0.40
$1.54
(74.0)%
$3.25
$4.39
(26.0)%
Adj EPS - Diluted
$0.76
$0.89
(14.6)%
$3.92
$3.82
2.6%
Net sales in the quarter were driven by metal roofing and structures acquisitions offset by a soft end market, channel inventory rightsizing, and timing of price/cost alignment actions in the building accessories business. Lower new construction starts impacted the mail and package business, and Agtech volume from a large project shifted into 2026. Consolidated bookings continued to be strong in the quarter with backlog up 102% over prior year.
GAAP net income decreased 75.1% to $11.8 million related to a $25.3 million prior-year gain on the sale of the residential electronic locker business, and $10.0 million of acquisition costs during the quarter; adjusted net income decreased 17.5% to $22.7 million, driven by business and product mix in Residential, lower volume in Agtech, and lower interest income.
Adjusted measures are further described in the appended reconciliation of adjusted financial measures.
Fourth Quarter Segment Results
Residential
($Millions) Three Months Ended December 31,
2025
GAAP
2024
GAAP
Change
2025
Adjusted
2024
Adjusted
Change
Net Sales
$183.5
$170.7
7.5%
$183.5
$168.5
8.9%
Operating Income
$21.9
$29.1
(24.7)%
$25.6
$ 29.0
(11.7)%
Operating Margin
11.9%
17.0%
(510) bps
14.0%
17.2%
(320) bps
EBITDA
N/A
N/A
N/A
$29.9
$32.1
(6.9)%
EBITDA Margin
N/A
N/A
N/A
16.3%
19.1%
(280) bps
Adjusted net sales increased 8.9% with strength in metal roofing sales. Building accessories product sales were down 2.7%, impacted by a slow end market, a significant reduction in channel inventory, and timing of price/cost alignment actions. Mail and package product sales were down 9.8% driven by ongoing slowness in single and multi-family new construction starts. Accounting for the sale of Package Concierge in 2024, mail and package product sales were down 6.4% in the quarter. Metal roofing performed well in the quarter, with acquisitions tracking to plan, driving overall segment growth.
Operating margin was driven mainly by deleveraging on lower volumes and price/cost alignment in building accessories, additional lower volume in mail and package, overall business and product mix, and accelerating integration investments across the metal roofing business.
Agtech
($Millions) Three Months Ended December 31,
2025
GAAP
2024
GAAP
Change
2025
Adjusted
2024
Adjusted
Change
Net Sales
$62.6
$42.7
46.6%
$62.6
$42.7
46.6%
Operating Income
$3.7
$2.3
60.9%
$4.4
$8.3
(47.0)%
Operating Margin
6.0%
5.4%
60 bps
7.1%
19.4%
NMF
EBITDA
N/A
N/A
N/A
$6.3
$9.1
(30.8)%
EBITDA Margin
N/A
N/A
N/A
10.1%
21.4%
NMF
Net sales increased 46.6% driven by the acquisition of Lane Supply offset by an ongoing funding delay of a large Produce project in the U.S. which subsequently moved into 2026; as a result, organic volume decreased approximately $8 million in the quarter. Customer growing capacity expansion plans helped increase total backlog 239% and organic backlog 187%.
Adjusted operating margin contraction was driven by unplanned lower volume in the quarter and a prior-year benefit of a past-due customer payment.
Infrastructure
($Millions) Three Months Ended December 31,
2025
GAAP
2024
GAAP
Change
2025
Adjusted
2024
Adjusted
Change
Net Sales
$22.5
$18.1
24.3%
$22.5
$18.1
24.3%
Operating Income
$5.0
$3.7
35.1%
$5.0
$3.7
35.1%
Operating Margin
22.0%
20.4%
160 bps
22.0%
20.4%
160 bps
EBITDA
N/A
N/A
N/A
$5.8
$4.5
28.9%
EBITDA Margin
N/A
N/A
N/A
25.5%
24.8%
70 bps
Net sales grew 24.3% with backlog down 4% driven by timing of project awards. Engineering backlog and quoting / bid activity remains strong and is expected to drive future order bookings and order backlog in 2026.
Operating margin was driven by 80/20 initiatives, volume, mix, and the accelerating ramp up of the new steel shape supplier.
2026 Outlook for Continuing Operations
“With the addition of OmniMax International, which closed on February 2, 2026, we anticipate that our Residential business will represent approximately 80% of Gibraltar’s overall business in 2026, and we start the year in a stronger position to support customers and outperform in a market that continues to be relatively soft. Channel inventory appears to be better aligned with demand, but we expect customers to continue to manage inventory and execute less restocking than typical in the first quarter 2026. As a result, we have taken a conservative view of our Residential business’ organic growth in establishing our guidance for Gibraltar going into the year.”
Mr. Bosway continued, “We are very excited to have OmniMax join forces with Gibraltar. As expected, OmniMax delivered good full year 2025 results in both revenue and adjusted EBITDA. The leadership team is in place and the Integration Management Office (IMO), our outside advisory team, and our 20 workstream teams are also in place and finalizing improvement plans, identifying additional synergy opportunities, and starting implementation of our highest priority initiatives.”
Mr. Bosway added, “Our Agtech business is in position to deliver a solid year – backlog remains robust, design and bid activity are very active, and we expect development plans of additional acreage to continue this momentum. We also expect our Infrastructure business to deliver another good year as the engineering backlog and bid activity continues to grow during the year.”
2026 Guidance
Consolidated net sales are expected to range between $1.76 billion and $1.83 billion. This compares to net sales of $1.14 billion in 2025. Adjusted EBITDA margin is expected to range between 17.6% and 17.8%, compared to 16.3% for 2025. GAAP EPS is expected to range between $2.40 and $2.80, compared to $3.25 in 2025. Adjusted EPS is expected to range between $3.65 and $4.05, compared to $3.92 in 2025.
Fourth Quarter 2025 Conference Call Details
Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the fourth quarter of 2025. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living and productive growing throughout North America. For more please visit www.gibraltar1.com.
Forward-Looking Statements
Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the ability of Gibraltar to successfully integrate OmniMax and/or to achieve expected cost and operational synergies from the OmniMax transaction; tariffs and retaliatory tariffs imposed by the United States or other countries on imported goods, including raw materials used in the manufacturing of the Company’s products; changes to economic conditions and customer demand for the Company’s products; the availability and pricing of principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, the ability to continue to improve operating margins, the ability to generate order flow and sales and increase backlog; the ability to translate backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, the ability to develop and launch new products in a cost-effective manner, the ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of trade and regulation, rebates, credits and incentives and variations in government spending and ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding the company, we strongly advise you to read the section entitled “Risk Factors” in the most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of the website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.
Adjusted Financial Measures
To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Unless otherwise indicated, the consolidated financial statements, disclosures and related information disclosed herein relate to the Company's continuing operations, which exclude its Renewables business which was classified as a discontinued operation as of June 30, 2025. The Company has recast prior period amounts to reflect discontinued operations. Adjusted net sales reflects the removal of net sales associated with the residential electronic locker business, which was sold on December 17, 2024. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs (primarily comprised of exit activities costs and impairment of both tangible and intangible assets associated with 80/20 simplification, lean initiatives and / or discontinued products), senior leadership transition costs (associated with new and / or terminated senior executive roles), acquisition related costs (legal and consulting fees, and integration costs for recent business acquisitions), and portfolio management (which includes the gain on sale of and operating results generated by the residential electronic locker business sold in 2024). These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors, as well as management, that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company’s ability to service debt and adjusted EBITDA is one of the measures used for determining the Company’s debt covenant compliance.
Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and the Company’s presentation of non-GAAP financial measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.
Reconciliations of non-GAAP measures related to full-year 2026 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
Net sales
$
268,688
$
231,593
$
1,135,501
$
1,023,359
Cost of sales
203,931
166,984
830,310
721,951
Gross profit
64,757
64,609
305,191
301,408
Selling, general, and administrative expense
50,109
33,022
182,440
155,734
Intangible asset impairment
—
6,000
—
6,000
Operating income
14,648
25,587
122,751
139,674
Interest income, net
(466
)
(1,995
)
(1,747
)
(6,171
)
Other income, net
(60
)
(25,378
)
(2,078
)
(25,142
)
Income before taxes from continuing operations
15,174
52,960
126,576
170,987
Provision for income taxes
3,376
5,666
29,020
35,943
Income from continuing operations
11,798
47,294
97,556
135,044
Discontinued operations:
(Loss) income before taxes from discontinued operations
(20,630
)
(1,633
)
(192,352
)
2,938
(Benefit of) provision for income taxes from discontinued operations
(6,383
)
(496
)
(50,408
)
642
(Loss) income from discontinued operations
(14,247
)
(1,137
)
(141,944
)
2,296
Net (loss) income
$
(2,449
)
$
46,157
$
(44,388
)
$
137,340
Net earnings per share – Basic:
Income from continuing operations
$
0.40
$
1.55
$
3.27
$
4.42
(Loss) income from discontinued operations
(0.48
)
(0.03
)
(4.75
)
0.08
Net (loss) income
$
(0.08
)
$
1.52
$
(1.48
)
$
4.50
Weighted average shares outstanding – Basic
29,744
30,464
29,875
30,538
Net earnings per share – Diluted:
Income from continuing operations
$
0.40
$
1.54
$
3.25
$
4.39
(Loss) income from discontinued operations
(0.48
)
(0.04
)
(4.73
)
0.07
Net (loss) income
$
(0.08
)
$
1.50
$
(1.48
)
$
4.46
Weighted average shares outstanding – Diluted
29,851
30,697
29,984
30,769
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
December 31,
2025
December 31,
2024
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
115,724
$
269,480
Trade receivables, net of allowance of $2,558 and $1,793, respectively
120,327
114,898
Costs in excess of billings, net
26,799
18,817
Inventories, net
116,770
93,271
Prepaid expenses and other current assets
56,904
22,326
Assets of discontinued operations
192,362
132,540
Total current assets
628,886
651,332
Property, plant, and equipment, net
130,456
87,079
Operating lease assets
55,355
41,558
Goodwill
415,032
323,189
Customer relationships, net
109,092
29,348
Other intangibles, net
34,464
26,072
Other assets
20,318
1,936
Assets of discontinued operations
—
258,896
$
1,393,603
$
1,419,410
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
108,216
$
90,705
Accrued expenses
155,807
65,905
Billings in excess of costs
8,879
14,769
Liabilities of discontinued operations
93,120
83,483
Total current liabilities
366,022
254,862
Deferred income taxes
5,116
56,655
Non-current operating lease liabilities
46,199
33,391
Other non-current liabilities
25,868
24,734
Liabilities of discontinued operations
—
1,734
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
—
—
Common stock, $0.01 par value; authorized 100,000 shares; 34,482 and 34,313 shares issued and outstanding, respectively
345
343
Additional paid-in capital
353,018
343,583
Retained earnings
831,463
875,851
Accumulated other comprehensive loss
(3,683
)
(5,326
)
Treasury stock, at cost; 4,935 and 3,960 shares, respectively
(230,745
)
(166,417
)
Total stockholders’ equity
950,398
1,048,034
$
1,393,603
$
1,419,410
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Twelve Months Ended
December 31,
2025
2024
Cash Flows from Operating Activities
Net (loss) income
$
(44,388
)
$
137,340
(Loss) income from discontinued operations
(141,944
)
2,296
Income from continuing operations
97,556
135,044
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization
29,849
19,120
Intangible asset impairment
—
6,000
Stock compensation expense
8,339
10,045
Gain on sale of business
—
(25,265
)
Benefit of deferred income taxes
(1,971
)
(276
)
Other, net
2,365
4,422
Changes in operating assets and liabilities net of effects from acquisitions:
Trade receivables and costs in excess of billings
12,210
(2,731
)
Inventories
(4,933
)
1,828
Other current assets and other assets
516
(6,634
)
Accounts payable
7,197
28,419
Accrued expenses and other non-current liabilities
(14,021
)
(82
)
Net cash provided by operating activities of continuing operations
137,107
169,890
Net cash provided by operating activities of discontinued operations
29,894
4,374
Net cash provided by operating activities
167,001
174,264
Cash Flows from Investing Activities
Acquisitions, net of cash acquired
(210,650
)
—
Purchases of property, plant, and equipment, net
(46,130
)
(16,852
)
Net proceeds from sale of business
352
28,124
Net cash (used in) provided by investing activities of continuing operations
(256,428
)
11,272
Net cash used in investing activities of discontinued operations
(972
)
(2,728
)
Net cash (used in) provided by investing activities
(257,400
)
8,544
Cash Flows from Financing Activities
Purchase of common stock at market prices
(63,871
)
(12,189
)
Net proceeds from issuance of common stock
198
—
Net cash used in financing activities
(63,673
)
(12,189
)
Effect of exchange rate changes on cash
316
(565
)
Net (decrease) increase in cash and cash equivalents
(153,756
)
170,054
Cash and cash equivalents at beginning of year
269,480
99,426
Cash and cash equivalents at end of year
$
115,724
$
269,480
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended December 31, 2025
Income before
taxes
Provision for
income taxes
Net income
from
continuing
operations
Net income
from
continuing
operations per
share - diluted
As Reported in GAAP Statements
$
15,174
$
3,376
$
11,798
$
0.40
Restructuring Charges (1)
4,203
1,208
2,995
0.10
Acquisition Related Costs (2)
10,064
2,164
7,900
0.26
Adjusted Financial Measures
$
29,441
$
6,748
$
22,693
$
0.76
Residential
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
11.9
%
6.0
%
22.0
%
n/a
5.5
%
Restructuring Charges (1)
1.9
%
1.1
%
—
%
n/a
1.6
%
Acquisition Related Costs (2)
0.2
%
—
%
—
%
n/a
3.8
%
Adjusted Operating Margin
14.0
%
7.1
%
22.0
%
n/a
10.8
%
Income from Operations
$
21,892
$
3,735
$
4,964
$
(15,943
)
$
14,648
Restructuring Charges (1)
3,522
681
—
—
4,203
Acquisition Related Costs (2)
194
5
—
10,036
10,235
Adjusted Income from Operations
$
25,608
$
4,421
$
4,964
$
(5,907
)
$
29,086
Net Sales (3)
$
183,541
$
62,604
$
22,543
$
—
$
268,688
(1) Comprised primarily of exit activities costs
(2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations
(3) There were no Non-GAAP adjustments to Net Sales in 2025
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended December 31, 2024
Income
before taxes
Provision for
income taxes
Net income
from
continuing
operations
Net income
from continuing
operations per
share - diluted
As Previously Reported in GAAP Statements
$
51,327
$
5,170
$
46,157
$
1.50
Discontinued Operations (1)
1,633
496
1,137
0.04
As Reported in GAAP Statements
$
52,960
$
5,666
$
47,294
$
1.54
Restructuring & Other Charges (2)
7,586
1,995
5,591
0.17
Portfolio Management (3)
(25,803
)
(373
)
(25,430
)
(0.82
)
Adjusted Financial Measures Recast
$
34,743
$
7,288
$
27,455
$
0.89
Residential
Agtech
Renewables
Infrastructure
Corporate
Consolidated
Operating Margin Previously Reported
17.0
%
5.4
%
(1.1
)%
20.4
%
n/a
8.2
%
Discontinued Operations (1)
n/a
n/a
Operating Margin as Reported in GAAP Statements
17.0
%
5.4
%
n/a
20.4
%
n/a
11.0
%
Restructuring & Other Charges (2)
0.3
%
14.0
%
n/a
—
%
n/a
3.3
%
Portfolio Management (3)
(0.3
)%
—
%
n/a
—
%
n/a
(0.2
)%
Adjusted Operating Margin Recast
17.2
%
19.4
%
n/a
20.4
%
n/a
14.3
%
Income from Operations Previously Reported
$
29,070
$
2,297
$
(767
)
$
3,690
$
(9,470
)
$
24,820
Discontinued Operations (1)
—
—
767
—
—
767
Income from Operations as Reported in GAAP Statements
$
29,070
$
2,297
$
—
$
3,690
$
(9,470
)
$
25,587
Restructuring & Other Charges (2)
427
6,000
—
—
1,211
7,638
Portfolio Management (3)
(538
)
—
—
—
—
(538
)
Adjusted Income from Operations Recast
$
28,959
$
8,297
$
—
$
3,690
$
(8,259
)
$
32,687
Net Sales & Adjusted Net Sales Previously Reported
$
170,729
$
42,749
$
70,464
$
18,115
$
—
$
302,057
Discontinued Operations (1)
—
—
(70,464
)
—
—
(70,464
)
Net Sales as Reported in GAAP Statements
$
170,729
$
42,749
$
—
$
18,115
$
—
$
231,593
Portfolio Management (3)
(2,268
)
—
—
—
—
(2,268
)
Adjusted Net Sales Recast
$
168,461
$
42,749
$
—
$
18,115
$
—
$
229,325
(1) Represents the results generated by the Company's Renewables business classified as Discontinued Operations in 2025
(2) Comprised primarily of exit activities costs, the write-off of indefinite-lived trademarks, senior leadership transition costs associated with changes in leadership positions, acquisition-related expenses including due diligence costs and portfolio management costs
(3) Represents the results generated by the Company's electronic locker business sold in 2024
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Year Ended December 31, 2025
Income before
taxes
Provision for
income taxes
Net income
from
continuing
operations
Net income
from
continuing
operations per
share - diluted
As Reported in GAAP Statements
$
126,576
$
29,020
$
97,556
$
3.25
Restructuring Charges (1)
8,318
1,988
6,330
0.22
Acquisition Related Costs (2) (3)
17,544
3,836
13,708
0.45
Adjusted Financial Measures
$
152,438
$
34,844
$
117,594
$
3.92
Residential
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
16.6
%
4.5
%
23.9
%
n/a
10.8
%
Restructuring Charges (1)
0.9
%
0.6
%
—
%
n/a
0.7
%
Acquisition Related Costs (2)
—
%
2.1
%
—
%
n/a
1.6
%
Adjusted Operating Margin
17.6
%
7.1
%
23.9
%
n/a
13.3
%
Income from Operations
$
137,195
$
9,804
$
22,042
$
(46,290
)
$
122,751
Restructuring Charges (1)
7,034
1,253
—
31
8,318
Acquisition Related Costs (2)
669
4,580
—
14,521
19,770
Adjusted Income from Operations
$
144,898
$
15,637
$
22,042
$
(31,738
)
$
150,839
Net Sales (4)
$
824,079
$
219,301
$
92,121
$
—
$
1,135,501
(1) Comprised primarily of exit activities costs
(2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations
(3) Includes one-time gain of $2.2M from an acquisition-related item
(4) There were no Non-GAAP adjustments to Net Sales in 2025
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Year Ended December 31, 2024
Income
before taxes
Provision for
income taxes
Net income
from
continuing
operations
Net income
from continuing
operations per
share - diluted
As Previously Reported in GAAP Statements
$
173,925
$
36,585
$
137,340
$
4.46
Discontinued Operations (1)
(2,938
)
(642
)
(2,296
)
(0.07
)
As Reported in GAAP Statements
$
170,987
$
35,943
$
135,044
$
4.39
Restructuring & Other Charges (2)
9,919
1,965
7,954
0.26
Portfolio Management (3)
(26,005
)
(421
)
(25,584
)
(0.83
)
Adjusted Financial Measures Recast
$
154,901
$
37,487
$
117,414
$
3.82
Residential
Agtech
Renewables
Infrastructure
Corporate
Consolidated
Operating Margin Previously Reported
19.0
%
7.2
%
1.2
%
24.2
%
n/a
10.9
%
Discontinued Operations (1)
n/a
n/a
Operating Margin as Reported in GAAP Statements
19.0
%
7.2
%
n/a
24.2
%
n/a
13.6
%
Restructuring & Other Charges (2)
0.1
%
4.2
%
n/a
—
%
n/a
0.9
%
Portfolio Management (3)
(0.1
)%
—
%
n/a
—
%
n/a
(0.1
)%
Adjusted Operating Margin Recast
19.3
%
11.5
%
n/a
24.2
%
n/a
14.7
%
Income from Operations Previously Reported
$
148,784
$
11,040
$
3,349
$
21,295
$
(41,445
)
$
143,023
Discontinued Operations (1)
—
—
(3,349
)
—
—
(3,349
)
Income from Operations as Reported in GAAP Statements
$
148,784
$
11,040
$
—
$
21,295
$
(41,445
)
$
139,674
Restructuring & Other Charges (2)
801
6,477
—
—
2,290
9,568
Portfolio Management (3)
(740
)
—
—
—
—
(740
)
Adjusted Income from Operations Recast
$
148,845
$
17,517
$
—
$
21,295
$
(39,155
)
$
148,502
Net Sales & Adjusted Net Sales Previously Reported
$
782,519
$
152,811
$
285,405
$
88,029
$
—
$
1,308,764
Discontinued Operations (1)
—
—
(285,405
)
—
—
(285,405
)
Net Sales as Reported in GAAP Statements
$
782,519
$
152,811
$
—
$
88,029
$
—
$
1,023,359
Portfolio Management (3)
(10,379
)
—
—
—
—
(10,379
)
Adjusted Net Sales Recast
$
772,140
$
152,811
$
—
$
88,029
$
—
$
1,012,980
(1) Represents the results generated by the Company's Renewables business classified as Discontinued Operations in 2025
(2) Comprised primarily of exit activities costs, the write-off of indefinite-lived trademarks, senior leadership transition costs associated with changes in leadership positions, acquisition-related expenses including due diligence costs and portfolio management costs
(3) Represents the results generated by the Company's electronic locker business sold in 2024, including the ($25.3M) gain on sale of business
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
Three Months Ended December 31, 2025
Consolidated
Residential
Agtech
Infrastructure
Net Sales
$
268,688
$
183,541
$
62,604
$
22,543
Net Income from Continuing Operations
11,798
Provision for Income Taxes
3,376
Interest Income
(466
)
Other Income
(60
)
Operating Profit
14,648
21,892
3,735
4,964
Adjusted Measures*
14,438
3,716
686
—
Adjusted Operating Profit
29,086
25,608
4,421
4,964
Adjusted Operating Margin
10.8
%
14.0
%
7.1
%
22.0
%
Adjusted Other Expense
111
—
—
—
Depreciation & Amortization
6,748
3,488
1,713
719
Stock Compensation Expense
874
786
203
67
Adjusted EBITDA
$
36,597
$
29,882
$
6,337
$
5,750
Adjusted EBITDA Margin
13.6
%
16.3
%
10.1
%
25.5
%
Cash Flow - Operating Activities
31,727
Purchase of PPE, Net
(8,954
)
Free Cash Flow
22,773
Free Cash Flow - % of Adjusted Net Sales
8.5
%
*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
Three Months Ended December 31, 2024
Consolidated
Residential
Agtech
Infrastructure
Adjusted Net Sales Recast*
$
229,325
$
168,461
$
42,749
$
18,115
Net Income from Continuing Operations
47,294
Provision for Income Taxes
5,666
Interest Income
(1,995
)
Other Income
(25,378
)
Operating Profit
25,587
29,070
2,297
3,690
Adjusted Measures*
7,100
(111
)
6,000
—
Adjusted Operating Profit
32,687
28,959
8,297
3,690
Adjusted Operating Margin
14.3
%
17.2
%
19.4
%
20.4
%
Adjusted Other Income
(61
)
—
—
—
Adjusted Depreciation & Amortization (1)
4,897
2,735
745
736
Adjusted Stock Compensation Expense (2)
1,940
449
94
63
Adjusted EBITDA Recast**
$
39,585
$
32,143
$
9,136
$
4,489
Adjusted EBITDA Margin Recast**
17.3
%
19.1
%
21.4
%
24.8
%
Adjusted EBITDA Previously Reported
$
46,748
$
32,729
$
9,136
$
4,489
Adjusted EBITDA Margin Previously Reported
15.5
%
19.2
%
21.4
%
24.8
%
Cash Flow - Operating Activities
38,339
Purchase of PPE, Net
(5,346
)
Free Cash Flow
32,993
Free Cash Flow - % of Adjusted Net Sales
14.4
%
*Details for the classification of the Company's Renewables business as Discontinued Operations and the recast amounts for the sale of the electronic locker business within the Residential segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures
**Recast for the classification of the Company's Renewables business as Discontinued Operations and to exclude sale of electronic locker business within the Residential segment
(1) Recast Depreciation & Amortization for impact of ($2.140M) from classification of Renewables business as Discontinued Operations and ($38k) from sale of electronic locker business within the Residential segment
(2) Recast Stock Compensation Expense for impact of ($234k) from classification of Renewables business as Discontinued Operations and ($10k) from the sale of electronic locker business within the Residential segment
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
Year Ended December 31, 2025
Consolidated
Residential
Agtech
Infrastructure
Net Sales
$
1,135,501
$
824,079
$
219,301
$
92,121
Net Income from Continuing Operations
97,556
Provision for Income Taxes
29,020
Interest Income
(1,747
)
Other Income
(2,078
)
Operating Profit
122,751
137,195
9,804
22,042
Adjusted Measures*
28,088
7,703
5,833
—
Adjusted Operating Profit
150,839
144,898
15,637
22,042
Adjusted Operating Margin
13.3
%
17.6
%
7.1
%
23.9
%
Adjusted Other Expense
148
—
—
—
Depreciation & Amortization
29,849
13,351
10,368
2,845
Less: Acquisition-related amortization
(3,500
)
—
(3,500
)
—
Adjusted Depreciation & Amortization
26,349
13,351
6,868
2,845
Stock Compensation Expense
8,339
2,591
729
274
Less: SLT Related Stock Compensation Expense
(82
)
—
—
—
Adjusted Stock Compensation Expense
8,257
2,591
729
274
Adjusted EBITDA
$
185,297
$
160,840
$
23,234
$
25,161
Adjusted EBITDA Margin
16.3
%
19.5
%
10.6
%
27.3
%
Cash Flow - Operating Activities
137,107
Purchase of PPE, Net
(46,130
)
Free Cash Flow
90,977
Free Cash Flow - % of Adjusted Net Sales
8.0
%
*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
Year Ended December 31, 2024
Consolidated
Residential
Agtech
Infrastructure
Adjusted Net Sales Recast*
$
1,012,980
$
772,140
$
152,811
$
88,029
Net Income from Continuing Operations
135,044
Provision for Income Taxes
35,943
Interest Income
(6,171
)
Other Income
(25,142
)
Operating Profit
139,674
148,784
11,040
21,295
Adjusted Measures*
8,828
61
6,477
—
Adjusted Operating Profit
148,502
148,845
17,517
21,295
Adjusted Operating Margin
14.7
%
19.3
%
11.5
%
24.2
%
Adjusted Other Income
(228
)
—
—
—
Adjusted Depreciation & Amortization (1)
18,881
10,177
3,165
2,972
Adjusted Stock Compensation Expense (2)
9,839
1,746
377
244
Adjusted EBITDA Recast**
$
177,450
$
160,768
$
21,059
$
24,511
Adjusted EBITDA Margin Recast**
17.5
%
20.8
%
13.8
%
27.8
%
Adjusted EBITDA Previously Reported
$
204,909
$
161,801
$
21,059
$
24,511
Adjusted EBITDA Margin Previously Reported
15.7
%
20.7
%
13.8
%
27.8
%
Cash Flow - Operating Activities
169,890
Purchase of PPE, Net
(16,852
)
Free Cash Flow
153,038
Free Cash Flow - % of Adjusted Net Sales
15.1
%
*Details for the classification of the Company's Renewables business as Discontinued Operations and the recast amounts for the sale of the electronic locker business within the Residential segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures
**Recast for the classification of the Company's Renewables business as Discontinued Operations and to exclude sale of electronic locker business within the Residential segment
(1) Recast Depreciation & Amortization for impact of ($8.192M) from classification of Renewables business as Discontinued Operations and ($239k) from sale of electronic locker business within the Residential segment
(2) Recast Stock Compensation Expense for impact of ($918k) from classification of Renewables business as Discontinued Operations and ($54k) from the sale of electronic locker business within the Residential segment
View source version on businesswire.com: https://www.businesswire.com/news/home/20260226115991/en/
Alliance Advisors Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
rock@allianceadvisors.com
Original: Gibraltar Reports Fourth Quarter and Full Year 2025 Results and Issues Full Year 2026 Guidance
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
stocktrademan
10年前
Penny Roger$
14年前
メールアドレスで登録
