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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 31, 2024 (July 31, 2024)
GIBRALTAR INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware000-2246216-1445150
(State or other jurisdiction of
 incorporation )		(Commission File Number)(IRS Employer Identification No.)
3556 Lake Shore Road
P.O. Box 2028
Buffalo, New York 14219-0228
(Address of principal executive offices) (Zip Code)
(716) 826-6500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per shareROCKNASDAQ Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



 
Item 2.02 Results of Operations and Financial Condition
The following information is furnished pursuant to Item 2.02:
On July 31, 2024, Gibraltar Industries, Inc. (the “Company”) issued a news release and will hold a conference call regarding financial results for the three and six months ended June 30, 2024. A copy of the news release (the “Release”) is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K under the caption Item 2.02, including the Release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, unless the Company specifically incorporates it by reference in a document filed under the Securities Act or the Exchange Act.

Item 9.01    Financial Statements and Exhibits
    (a)-(c)    Not Applicable
    (d)    Exhibits:
Exhibit No.Description
104Cover Page Interactive Data File (embedded with the Inline XBRL document)
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GIBRALTAR INDUSTRIES, INC.
  
Date:July 31, 2024
By:/s/ Jeffrey J. Watorek
Jeffrey J. Watorek
Vice President and Treasurer

3

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GIBRALTAR ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS

Net Sales: GAAP -3.3%, Adjusted -2.0%; EPS: GAAP +5.0%, Adjusted +2.6%
Strong Operating Cash Flow Generation, $36 Million
2024 Outlook: Moderating Revenue Growth, EPS Unchanged

Buffalo, New York, July 31, 2024 – Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the residential, renewable energy, agtech and infrastructure markets, today reported its financial results for the three- and six-month period ended June 30, 2024.

“We delivered solid execution and strong operating cash flow performance across Gibraltar, generating $36 million, while overcoming two market headwinds that impacted growth in our Residential and Renewables businesses in the quarter. The residential market experienced unexpected channel destocking which started in late May / early June. We offset some of this impact through participation gains, which will support our residential growth plan in the second half. Although net sales for Renewables were up versus prior year, it was less than expected as some customers continued to have project delays related to ongoing trade and regulatory issues. Agtech bookings surpassed $90 million in the quarter, a record for the business, and support strong revenue growth in the second half. We continue to work toward achieving growth in all four segments in 2024 while expanding margin and driving cash flow, and we feel positive about our full year outlook,” stated Chairman and CEO Bill Bosway.
Second Quarter 2024 Consolidated Results
($Millions, except EPS) Three Months Ended June 30,
20242023Change20242023Change
Net Sales$353.0$364.9(3.3)% Adjusted Net Sales$353.0$360.1(2.0)%
Net Income$32.2$30.74.9% Adjusted Net Income$36.4$35.42.8%
Diluted EPS$1.05$1.005.0% Adjusted Diluted EPS$1.18$1.152.6%

GAAP net sales were down 3.3% while adjusted net sales were down 2.0% driven by a slowing market in Residential. Agtech bookings are up significantly and support strong revenue growth in the second half, and Infrastructure performance is expected to remain positive going forward.
GAAP net income increased 4.9% to $32.2 million, or $1.05 per share, and adjusted net income increased 2.8% to $36.4 million, or $1.18 per share.


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Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, and portfolio management actions, as further described in the appended reconciliation of adjusted financial measures.

Second Quarter Segment Results

Residential
($Millions) Three Months Ended June 30,
20242023Change20242023Change
Net Sales$214.3 $228.2(6.1)%Adjusted Net Sales$214.3 $228.2(6.1)%
Operating Income$43.3$44.0(1.6)%Adjusted Operating Income$43.5$44.0(1.1)%
Operating Margin20.2%19.3%90 bpsAdjusted Operating Margin20.3%19.3% 100 bps

Net sales decreased 6.1% driven by a slowing market and unexpected channel destocking in the second half of the quarter, partially offset by participation gains with new and existing customers, growth in ventilation product lines, and expansion initiatives in the Rocky Mountain region.
Operating margins expanded through solid execution, 80/20 initiatives, and effective price/cost management.

Renewables
($Millions) Three Months Ended June 30,
20242023Change20242023Change
Net Sales$79.4 $77.52.5%Adjusted Net Sales$79.4$73.48.2%
Operating Income$1.6$5.9(72.9)%Adjusted Operating Income$6.2$7.7(19.5)%
Operating Margin2.1%7.6%(550) bpsAdjusted Operating Margin7.8%10.5% (270) bps

GAAP net sales increased 2.5% and adjusted net sales increased 8.2%, which excludes the Japan renewables business divested in 2023. Net sales were driven by strong demand from new and existing customers for the new 1P tracker product. Despite a growing pipeline of new projects across all product lines, order backlog decreased 10% during the quarter as some customers paused signing new contracts as they work through trade and/or regulatory items specific to their projects.
Both GAAP and adjusted operating margins were impacted by product mix as the 1P tracker product moves through its launch process learning curve to permanently tooled production for suppliers and an


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efficient field installation process. GAAP margins were further impacted by restructuring activities and prior year portfolio management actions.

Agtech
($Millions) Three Months Ended June 30,
20242023Change20242023Change
Net Sales$34.5$35.0(1.4)% Adjusted Net Sales$34.5$34.30.6%
Operating Income$2.3$(1.1)309.1% Adjusted Operating Income$2.3$3.3(30.3)%
Operating Margin6.6%(3.2)% 980 bps Adjusted Operating Margin6.6%9.5% (290) bps

GAAP net sales decreased 1.4% and adjusted net sales increased 0.6%, which excludes the Processing business liquidated in 2023. Revenue was impacted by new projects starting later in the quarter, with June revenue up significantly over May. New bookings reached $90 million in the quarter increasing nearly 400% over Q1 resulting in backlog up 32% over prior year.
Both GAAP and adjusted operating margins were impacted by project timing and mix, while GAAP was more than offset by the liquidation of the processing business in 2023.

Infrastructure

($Millions) Three Months Ended June 30,
20242023Change20242023Change
Net Sales$24.8$24.22.5% Adjusted Net Sales$24.8$24.22.5%
Operating Income$6.2$5.86.9% Adjusted Operating Income$6.2$5.86.9%
Operating Margin25.1% 24.1%100 bps Adjusted Operating Margin25.1% 24.1%100 bps

Net sales increased 2.5%, driven by continued strong execution and market participation gains. Backlog decreased 12% as expected due to a large project booked in 2023 reaching its final stages; bookings increased 3% on a sequential basis reflecting consistent customer activity. Demand and quoting remain strong, and management expects order flow to increase in the second half of the year.
Operating margins increased 100 basis points driven by price / cost alignment, ongoing strong execution, 80/20 productivity, and improving product mix.



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Business Outlook
Mr. Bosway continued, “We are making a slight adjustment to our net sales outlook for the year to reflect recent slower market conditions in both Residential and Renewables end markets offset by strength in both Agtech and Infrastructure. We remain focused on driving participation gains as we work toward achieving growth in all four segments, with operational improvements to support solid second half and full year margin expansion and cash flow growth.”
Consolidated net sales are now expected to range between $1.38 billion and $1.42 billion, compared to $1.38 billion in 2023, or $1.36 billion on an adjusted basis. The outlook for both GAAP and adjusted EPS is unchanged, with GAAP EPS continuing to range between $4.04 and $4.29, compared to $3.59 in 2023, and adjusted EPS continuing to range between $4.57 and $4.82, compared to $4.09 in 2023.
Second Quarter 2024 Conference Call Details
Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the second quarter of 2024. 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, renewable energy, 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, sustainable power, 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 availability and pricing of our 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, our ability to continue to improve operating margins, our ability to generate order flow and sales and increase backlog; our ability to translate our 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, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly


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acquired businesses, disruptions to IT systems, the impact of trade and regulation (including the latest Department of Commerce’s solar panel anti-circumvention investigation, the bifacial exemption revocation, the Auxin Solar challenge to the Presidential waiver of tariffs, deadline to install certain modules under the waiver, and the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions.  Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of our 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. Adjusted net sales reflects the removal of net sales associated with our Processing business, which has been liquidated and our Japan renewables business which was sold on December 1, 2023. 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 for recent business acquisitions), and portfolio management (which represents the operating results generated by our processing business which was liquidated in 2023 and our Japan renewables business which was sold in 2023). 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 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.


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Reconciliations of non-GAAP measures related to full-year 2024 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.

Contact:
LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
rock@lhai.com





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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Net sales$353,005 $364,914 $645,511 $658,181 
Cost of sales257,132 268,175 465,250 484,513 
Gross profit95,873 96,739 180,261 173,668 
Selling, general, and administrative expense53,404 53,662 106,056 101,221 
Income from operations42,469 43,077 74,205 72,447 
Interest (income) expense(1,495)1,308 (2,245)2,799 
Other expense (income)347 (509)(674)(906)
Income before taxes43,617 42,278 77,124 70,554 
Provision for income taxes11,419 11,555 19,980 18,732 
Net income$32,198 $30,723 $57,144 $51,822 
Net earnings per share:
Basic$1.05 $1.01 $1.87 $1.69 
Diluted$1.05 $1.00 $1.86 $1.68 
Weighted average shares outstanding:
Basic30,588 30,554 30,580 30,725 
Diluted30,791 30,684 30,801 30,846 


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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
June 30,
2024		December 31,
2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents$179,102 $99,426 
Accounts receivable, net of allowance of $5,563 and $5,572, respectively259,358 224,550 
Inventories, net134,493 120,503 
Prepaid expenses and other current assets18,912 17,772 
Total current assets591,865 462,251 
Property, plant, and equipment, net108,314 107,603 
Operating lease assets41,134 44,918 
Goodwill511,590 513,383 
Acquired intangibles121,567 125,980 
Other assets2,471 2,316 
$1,376,941 $1,256,451 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$140,888 $92,124 
Accrued expenses85,099 88,719 
Billings in excess of cost59,498 44,735 
Total current liabilities285,485 225,578 
Deferred income taxes57,110 57,103 
Non-current operating lease liabilities32,601 35,989 
Other non-current liabilities26,074 22,783 
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding— — 
Common stock, $0.01 par value; authorized 100,000 shares; 34,274 and 34,219 shares issued and outstanding in 2024 and 2023343 342 
Additional paid-in capital338,978 332,621 
Retained earnings795,655 738,511 
Accumulated other comprehensive loss(3,496)(2,114)
Cost of 3,797 and 3,778 common shares held in treasury in 2024 and 2023(155,809)(154,362)
Total stockholders’ equity975,671 914,998 
$1,376,941 $1,256,451 



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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended
June 30,
 20242023
Cash Flows from Operating Activities
Net income$57,144 $51,822 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization13,416 13,665 
Stock compensation expense6,358 5,056 
Exit activity costs (recoveries), non-cash163 (23)
Provision for deferred income taxes— 179 
Other, net2,347 2,680 
Changes in operating assets and liabilities net of effects from acquisitions:
Accounts receivable(33,828)(54,979)
Inventories(13,794)12,130 
Other current assets and other assets(3,791)4,069 
Accounts payable48,518 48,327 
Accrued expenses and other non-current liabilities13,120 31,168 
Net cash provided by operating activities 89,653 114,094 
Cash Flows from Investing Activities
Acquisitions, net of cash acquired— 554 
Purchases of property, plant, and equipment, net(8,707)(5,284)
Net proceeds from sale of business350 — 
Net cash used in investing activities(8,357)(4,730)
Cash Flows from Financing Activities
Proceeds from long-term debt— 40,800 
Long-term debt payments— (120,000)
Purchase of common stock at market prices(1,447)(28,770)
Net cash used in financing activities(1,447)(107,970)
Effect of exchange rate changes on cash(173)(381)
Net increase in cash and cash equivalents79,676 1,013 
Cash and cash equivalents at beginning of year99,426 17,608 
Cash and cash equivalents at end of period$179,102 $18,621 


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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

Three Months Ended June 30, 2024
As Reported In GAAP StatementsRestructuring ChargesAcquisition & Senior Leadership Transition CostsPortfolio ManagementAdjusted Financial Measures
Net Sales
Residential$214,316 $— $— $— $214,316 
Renewables79,381 — — — 79,381 
Agtech34,508 — — — 34,508 
Infrastructure24,800 — — — 24,800 
Consolidated sales353,005 — — — 353,005 
Income from operations
Residential43,313 145 — — 43,458 
Renewables1,647 4,449 113 — 6,209 
Agtech2,282 11 — — 2,293 
Infrastructure6,215 — — — 6,215 
Segments Income53,457 4,605 113 — 58,175 
Unallocated corporate expense(10,988)4 96 — (10,888)
Consolidated income from operations42,469 4,609 209 — 47,287 
Interest income(1,495)— — — (1,495)
Other expense347 — — (324)23 
Income before income taxes43,617 4,609 209 324 48,759 
Provision for income taxes11,419 1,170 (274)72 12,387 
Net income$32,198 $3,439 $483 $252 $36,372 
Net income per share - diluted$1.05 $0.11 $0.01 $0.01 $1.18 
Operating margin
Residential20.2 %0.1 %— %— %20.3 %
Renewables2.1 %5.6 %0.1 %— %7.8 %
Agtech6.6 %— %— %— %6.6 %
Infrastructure25.1 %— %— %— %25.1 %
Segments Margin15.1 %1.3 %— %— %16.5 %
Consolidated12.0 %1.3 %— %— %13.4 %


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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

Three Months Ended June 30, 2023
As Reported In GAAP StatementsRestructuring & Senior Leadership TransitionPortfolio Management & Acquisition CostsAdjusted Financial MeasuresPortfolio Management *Adjusted Financial Measures *
Net Sales
Residential$228,234 $— $— $228,234 $— $228,234 
Renewables77,459 — — 77,459 (4,081)73,378 
Agtech35,028 — (765)34,263 — 34,263 
Infrastructure24,193 — — 24,193 — 24,193 
Consolidated sales364,914 — (765)364,149 (4,081)360,068 
Income from operations
Residential43,959 — — 43,959 — 43,959 
Renewables5,908 2,997 148 9,053 (1,358)7,695 
Agtech(1,117)156 4,233 3,272 — 3,272 
Infrastructure5,828 — — 5,828 — 5,828 
Segments Income54,578 3,153 4,381 62,112 (1,358)60,754 
Unallocated corporate expense(11,501)— 66 (11,435)— (11,435)
Consolidated income from operations43,077 3,153 4,447 50,677 (1,358)49,319 
Interest expense1,308 — — 1,308 — 1,308 
Other income(509)— 559 50 (57)(7)
Income before income taxes42,278 3,153 3,888 49,319 (1,301)48,018 
Provision for income taxes11,555 857 622 13,034 (420)12,614 
Net income$30,723 $2,296 $3,266 $36,285 $(881)$35,404 
Net income per share - diluted$1.00 $0.08 $0.10 $1.18 $(0.03)$1.15 
Operating margin
Residential19.3 %— %— %19.3 %— %19.3 %
Renewables7.6 %3.9 %0.2 %11.7 %(1.2)%10.5 %
Agtech(3.2)%0.4 %12.1 %9.5 %— %9.5 %
Infrastructure24.1 %— %— %24.1 %— %24.1 %
Segments Margin15.0 %0.9 %1.2 %17.1 %(0.2)%16.9 %
Consolidated11.8 %0.9 %1.3 %13.9 %(0.2)%13.7 %
 * Recast to exclude sale of Japan-based solar racking business within the Renewables segment.



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

Six Months Ended June 30, 2024
As Reported In GAAP StatementsRestructuring ChargesAcquisition & Senior Leadership Transition CostsPortfolio ManagementAdjusted Financial Measures
Net Sales
Residential$399,427 $— $— $— $399,427 
Renewables130,877 — — — 130,877 
Agtech68,535 — — — 68,535 
Infrastructure46,672 — — — 46,672 
Consolidated sales645,511 — — — 645,511 
Income from operations
Residential77,659 73 — — 77,732 
Renewables3,291 4,718 233 — 8,242 
Agtech4,890 149 — — 5,039 
Infrastructure11,111 — — — 11,111 
Segments Income96,951 4,940 233 — 102,124 
Unallocated corporate expense(22,746)4 219 8 (22,515)
Consolidated income from operations74,205 4,944 452 8 79,609 
Interest income(2,245)— — — (2,245)
Other (income) expense(674)— — 829 155 
Income before income taxes77,124 4,944 452 (821)81,699 
Provision for income taxes19,980 1,228 (460)51 20,799 
Net income$57,144 $3,716 $912 $(872)$60,900 
Net income per share - diluted$1.86 $0.12 $0.03 $(0.03)$1.98 
Operating margin
Residential19.4 %— %— %— %19.5 %
Renewables2.5 %3.6 %0.2 %— %6.3 %
Agtech7.1 %0.2 %— %— %7.4 %
Infrastructure23.8 %— %— %— %23.8 %
Segments Margin15.0 %0.8 %— %— %15.8 %
Consolidated11.5 %0.8 %— %— %12.3 %



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)



Six Months Ended June 30, 2023
As Reported In GAAP StatementsRestructuring & Senior Leadership Transition Portfolio Management & Acquisition CostsAdjusted Financial MeasuresPortfolio Management *Adjusted Financial Measures *
Net Sales
Residential$407,729 $— $— $407,729 $— $407,729 
Renewables136,664 — — 136,664 (6,031)130,633 
Agtech70,880 — (3,279)67,601 — 67,601 
Infrastructure42,908 — — 42,908 — 42,908 
Consolidated sales658,181 — (3,279)654,902 (6,031)648,871 
Income from operations
Residential73,468 114 — 73,582 — 73,582 
Renewables8,177 2,934 180 11,291 (908)10,383 
Agtech1,213 717 4,894 6,824 — 6,824 
Infrastructure8,542 — — 8,542 — 8,542 
Segments Income91,400 3,765 5,074 100,239 (908)99,331 
Unallocated corporate expense(18,953)(19)87 (18,885)— (18,885)
Consolidated income from operations72,447 3,746 5,161 81,354 (908)80,446 
Interest expense2,799 — — 2,799 — 2,799 
Other (income) expense(906)— 1,027 121 (99)22 
Income before income taxes70,554 3,746 4,134 78,434 (809)77,625 
Provision for income taxes18,732 997 663 20,392 (160)20,232 
Net income$51,822 $2,749 $3,471 $58,042 $(649)$57,393 
Net income per share - diluted$1.68 $0.09 $0.11 $1.88 $(0.02)$1.86 
Operating margin
Residential18.0 %— %— %18.0 %— %18.0 %
Renewables6.0 %2.1 %0.1 %8.3 %(0.4)%7.9 %
Agtech1.7 %1.0 %7.0 %10.1 %— %10.1 %
Infrastructure19.9 %— %— %19.9 %— %19.9 %
Segments Margin13.9 %0.6 %0.7 %15.3 %— %15.3 %
Consolidated11.0 %0.6 %0.7 %12.4 %— %12.4 %
* Recast to exclude sale of Japan-based solar racking business within the Renewables segment.


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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

Twelve Month Ended December 31, 2023
As Reported In GAAP StatementsRestructuring ChargesPortfolio Management & Acquisition CostsAdjusted Financial MeasuresPortfolio Management*Adjusted Financial Measures *
Net Sales
Residential$814,803 $— $— $814,803 $— $814,803 
Renewables330,738 — — 330,738 (11,724)319,014 
Agtech144,967 — (4,059)140,908 — 140,908 
Infrastructure87,228 — — 87,228 — 87,228 
Consolidated sales1,377,736 — (4,059)1,373,677 (11,724)1,361,953 
Income from operations
Residential143,068 4,811 12 147,891 — 147,891 
Renewables30,160 9,394 968 40,522 (1,252)39,270 
Agtech(928)3,918 4,156 7,146 — 7,146 
Infrastructure18,529 — — 18,529 — 18,529 
Segments Income190,829 18,123 5,136 214,088 (1,252)212,836 
Unallocated corporate expense(40,100)(51)389 (39,762)— (39,762)
Consolidated income from operations150,729 18,072 5,525 174,326 (1,252)173,074 
Interest expense3,002 — — 3,002 — 3,002 
Other (income) expense(1,265)— 1,625 360 (183)177 
Income before income taxes148,992 18,072 3,900 170,964 (1,069)169,895 
Provision for income taxes38,459 4,583 1,382 44,424 (322)44,102 
Net income$110,533 $13,489 $2,518 $126,540 $(747)$125,793 
Net income per share - diluted$3.59 $0.43 $0.09 $4.11 $(0.02)$4.09 
Operating margin
Residential17.6 %0.6 %— %18.2 %— %18.2 %
Renewables9.1 %2.8 %0.3 %12.3 %— %12.3 %
Agtech(0.6)%2.7 %2.8 %5.1 %— %5.1 %
Infrastructure21.2 %— %— %21.2 %— %21.2 %
Segments Margin13.9 %1.3 %0.4 %15.6 %— %15.6 %
Consolidated10.9 %1.3 %0.4 %12.7 %— %12.7 %
* Recast to exclude sale of Japan-based solar racking business within the Renewables segment.


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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

Three Months Ended June 30, 2024
ConsolidatedResidentialRenewablesAgtechInfrastructure
Adjusted Net Sales$353,005 $214,316 $79,381 $34,508 $24,800 
Net Income32,198 
Provision for Income Taxes11,419 
Interest Income(1,495)
Other Expense347 
Operating Profit42,469 43,313 1,647 2,282 6,215 
Adjusted Measures*4,818 145 4,562 11 — 
Adjusted Operating Profit47,287 43,458 6,209 2,293 6,215 
Adjusted Operating Margin13.4 %20.3 %7.8 %6.6 %25.1 %
Adjusted Other Expense23 — — — — 
Depreciation & Amortization6,753 2,507 2,050 808 747 
Stock Compensation Expense3,719 464 234 94 64 
Adjusted EBITDA$57,736 $46,429 $8,493 $3,195 $7,026 
Adjusted EBITDA Margin16.4 %21.7 %10.7 %9.3 %28.3 %
Cash Flow - Operating Activities36,472 
Purchase of PPE, Net(4,341)
Free Cash Flow32,131 
Free Cash Flow - % of Adjusted Net Sales9.1 %
*Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures


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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

Three Months Ended June 30, 2023
ConsolidatedResidentialRenewablesAgtechInfrastructure
Adjusted Net Sales*$360,068 $228,234 $73,378 $34,263 $24,193 
Net Income30,723 
Provision for Income Taxes11,555 
Interest Expense1,308 
Other Income(509)
Operating Profit43,077 43,959 5,908 (1,117)5,828 
Adjusted Measures*6,242 — 1,787 4,389 — 
Adjusted Operating Profit49,319 43,959 7,695 3,272 5,828 
Adjusted Operating Margin13.7 %19.3 %10.5 %9.5 %24.1 %
Adjusted Other Income**(57)— — — — 
Depreciation & Amortization**6,831 2,463 2,211 953 786 
Less: Japan Depreciation & Amortization(188)— (188)— — 
Adjusted Depreciation & Amortization6,643 2,463 2,023 953 786 
Stock Compensation Expense3,462 309 233 181 56 
Adjusted EBITDA Recast**$59,481 $46,731 $9,951 $4,406 $6,670 
Adjusted EBITDA Margin Recast**16.5 %20.5 %13.6 %12.9 %27.6 %
Adjusted EBITDA Previously Reported$60,970 $46,731 $11,497 $4,406 $6,670 
Adjusted EBITDA Margin Previously Reported16.7 %20.5 %14.8 %12.9 %27.6 %
Cash Flow - Operating Activities76,049 
Purchase of PPE, Net(3,094)
Free Cash Flow72,955 
Free Cash Flow - % of Adjusted Net Sales20.0 %
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of Adjusted Financial Measures
**Recast to exclude sale of Japan based solar racking business within the Renewables segment



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

Six Months Ended June 30, 2024
ConsolidatedResidentialRenewablesAgtechInfrastructure
Adjusted Net Sales$645,511 $399,427 $130,877 $68,535 $46,672 
Net Income57,144 
Provision for Income Taxes19,980 
Interest Income(2,245)
Other Income(674)
Operating Profit74,205 77,659 3,291 4,890 11,111 
Adjusted Measures*5,404 73 4,951 149 — 
Adjusted Operating Profit79,609 77,732 8,242 5,039 11,111 
Adjusted Operating Margin12.3 %19.5 %6.3 %7.4 %23.8 %
Adjusted Other Expense155 — — — — 
Depreciation & Amortization13,416 5,098 3,950 1,638 1,492 
Stock Compensation Expense6,358 877 449 188 118 
Adjusted EBITDA$99,228 $83,707 $12,641 $6,865 $12,721 
Adjusted EBITDA Margin15.4 %21.0 %9.7 %10.0 %27.3 %
Cash Flow - Operating Activities89,653 
Purchase of PPE, Net(8,707)
Free Cash Flow80,946 
Free Cash Flow - % of Adjusted Net Sales12.5 %
*Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

Six Months Ended June 30, 2023
ConsolidatedResidentialRenewablesAgtechInfrastructure
Adjusted Net Sales*$648,871 $407,729 $130,633 $67,601 $42,908 
Net Income51,822 
Provision for Income Taxes18,732 
Interest Expense2,799 
Other Income(906)
Operating Profit72,447 73,468 8,177 1,213 8,542 
Adjusted Measures*7,999 114 2,206 5,611 — 
Adjusted Operating Profit80,446 73,582 10,383 6,824 8,542 
Adjusted Operating Margin12.4 %18.0 %7.9 %10.1 %19.9 %
Adjusted Other Income**(22)— — — — 
Depreciation & Amortization**13,665 4,956 4,390 1,907 1,566 
Less: Japan Depreciation & Amortization(383)— (383)— — 
Adjusted Depreciation & Amortization13,282 4,956 4,007 1,907 1,566 
Stock Compensation Expense5,056 607 447 334 103 
Adjusted EBITDA Recast**$98,806 $79,145 $14,837 $9,065 $10,211 
Adjusted EBITDA Margin Recast**15.2 %19.4 %11.4 %13.4 %23.8 %
Adjusted EBITDA Previously Reported$99,998 $79,145 $16,128 $9,065 $10,211 
Adjusted EBITDA Margin Previously Reported15.3 %19.4 %11.8 %13.4 %23.8 %
Cash Flow - Operating Activities114,094 
Purchase of PPE, Net(5,284)
Free Cash Flow108,810 
Free Cash Flow - % of Adjusted Net Sales16.6 %
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of Adjusted Financial Measures
**Recast to exclude sale of Japan based solar racking business within the Renewables segment


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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

Twelve Month Ended December 31, 2023
ConsolidatedResidentialRenewablesAgtechInfrastructure
Adjusted Net Sales*$1,361,953 $814,803 $319,014 $140,908 $87,228 
Net Income110,533 
Provision for Income Taxes38,459 
Interest Expense3,002 
Other Income(1,265)
Operating Profit150,729 143,068 30,160 (928)18,529 
Adjusted Measures*22,345 4,823 9,110 8,074 — 
Adjusted Operating Profit173,074 147,891 39,270 7,146 18,529 
Adjusted Operating Margin12.7 %18.2 %12.3 %5.1 %21.2 %
Adjusted Other Expense**228 — — — — 
Depreciation & Amortization**27,378 10,079 8,670 3,790 3,137 
Less: Japan Depreciation & Amortization(676)— (676)— — 
Adjusted Depreciation & Amortization26,702 10,079 7,994 3,790 3,137 
Stock Compensation Expense9,750 1,633 881 197 289 
Adjusted EBITDA Recast**$209,298 $159,603 $48,145 $11,133 $21,955 
Adjusted EBITDA Margin Recast**15.4 %19.6 %15.1 %7.9 %25.2 %
Adjusted EBITDA Previously Reported$211,043 $159,603 $50,073 $11,133 $21,955 
Adjusted EBITDA Margin Previously Reported15.4 %19.6 %15.1 %7.9 %25.2 %
Cash Flow - Operating Activities218,476 
Purchase of PPE, Net(13,906)
Free Cash Flow204,570 
Free Cash Flow - % of Adjusted Net Sales14.9 %
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of Adjusted Financial Measures
**Recast to exclude sale of Japan based solar racking business within the Renewables segment

v3.24.2
COVER PAGE COVER PAGE
Jul. 31, 2024
Cover page. [Abstract]  
Document Type 8-K
Document Period End Date Jul. 31, 2024
Entity Registrant Name GIBRALTAR INDUSTRIES, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 000-22462
Entity Tax Identification Number 16-1445150
Entity Address, Address Line One 3556 Lake Shore Road
Entity Address, Address Line Two P.O. Box 2028
Entity Address, City or Town Buffalo
Entity Address, State or Province NY
Entity Address, Postal Zip Code 14219-0228
City Area Code 716
Local Phone Number 826-6500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value per share
Trading Symbol ROCK
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000912562
Amendment Flag false
Gibraltar Industries (NASDAQ:ROCK)
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