Business
Gibraltar Announces First-Quarter 2020 Financial Results
Q1 Revenues Grow 10%, GAAP and Adjusted EPS Grow 95% and 68%, Respectively Backlog of $258 Million up 39% on Renewable Energy and Conservation and
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nQ1 Revenues Grow 10%, GAAP and Adjusted EPS Grow 95% and 68%, Respectively\n\n\nBacklog of $258 Million up 39% on Renewable Energy and Conservation and Infrastructure Demand\n\n\nStrong Balance Sheet and Liquidity Supports Execution and Ongoing Improvement in the Business\n\n\nFirst-Hand Experience with SARS, Executing Pandemic Playbook\n\n BUFFALO, N.Y.--(BUSINESS WIRE)--\nGibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, conservation, residential, industrial and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2020.\n\n\n“We got off to the start we expected with continued strength in our growth businesses, particularly Renewable Energy & Conservation. Overall revenue increased 9.7%, of which 2.8% was organic, adjusted EPS up 68% and our backlog grew 39% to a record level of $258 million. Renewable Energy & Conservation revenue grew 22.8% from acquisitions and 17.5% organically. Residential Products revenue was flat despite additional product line simplification, and strength in Infrastructure revenue was offset by weakness in our Industrial markets.”\n\n\n“I managed a business in Asia during the SARS crisis, and I learned the most important thing we can do in times like this is to support our families, both at home and at work, focus on what we can control and do it well, and be aggressive in our fight to collectively solve problems. Since the COVID-19 pandemic emerged, our team has demonstrated tremendous resiliency and fortitude in navigating through this challenge, and I am incredibly proud of our entire organization,” said President and Chief Executive Officer Bill Bosway. “We launched our initial pandemic task force in February and shortly thereafter began implementing new operating protocols to further support the health and safety of our team while operating our businesses deemed essential for our customers.”\n\n\n“The impact to our businesses across Gibraltar has varied by end market with continued strength in our renewables and conservation and infrastructure businesses, consistent demand in our core Residential Products business, and slower demand in line with market in our Industrial business. We continue to meet our customers’ needs as our teams operate well along with our supply ...