Business
Gibraltar Announces First Quarter 2023 Financial Results
Net Sales: GAAP and Adjusted down 8%, EPS: GAAP up 45%, Adjusted up 17% Strong Cash Generation Reaffirms 2023 Net Sales, EPS, Cash Flow Growth Outlook
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nNet Sales: GAAP and Adjusted down 8%, EPS: GAAP up 45%, Adjusted up 17%\n\n\nStrong Cash Generation\n\n\nReaffirms 2023 Net Sales, EPS, Cash Flow Growth Outlook\n\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, residential, agtech and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2023.\n\n\n“First quarter results demonstrate a strong start to the year. We executed well delivering 14% improvement in adjusted operating income on 8% down net sales. Additionally, we delivered free cash flow exceeding 12% of net sales, enabling us to pay down a large portion of our revolver draw and continued to execute our authorized share repurchase program. Current trends in our end markets and positive customer order activity align and support our expectations and 2023 guidance,” stated Chairman and CEO Bill Bosway. \n\n\nFirst Quarter 2023 Consolidated Results\n\n\nBelow are first quarter consolidated results:\n\n\n\n\n \n\n\n\n\n\n \n\nThree Months Ended March 31,\n\n\n\n\n\n\n\n\n$Millions, except EPS\n\n\n\n\n\n \n\nGAAP\n\n\n\n\n\n \n\n \n\n\n\n\n\n\nAdjusted\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n \n\n2023\n\n\n\n\n\n \n\n2022\n\n\n\n\n\n \n\nChange\n\n\n\n\n\n \n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n \n\n2022\n\n\n\n\n\n \n\nChange\n\n\n\n\n\n\n\n\nNet Sales\n\n\n\n\n\n \n\n$293.3\n\n\n\n\n\n\n \n\n\n\n\n\n\n$317.9\n\n\n\n\n\n\n \n\n\n\n\n\n\n-7.7%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$290.8\n\n\n\n\n\n\n \n\n\n\n\n\n\n$316.0\n\n\n\n\n\n\n \n\n\n\n\n\n\n-8.0%\n\n\n\n\n\n\n\n\nNet Income\n\n\n\n\n\n \n\n$21.1\n\n\n\n\n\n\n \n\n\n\n\n\n\n$15.5\n\n\n\n\n\n\n \n\n\n\n\n\n\n36.1%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$21.8\n\n\n\n\n\n\n \n\n\n\n\n\n\n$19.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n10.7%\n\n\n\n\n\n\n\n\nDiluted EPS\n\n\n\n\n\n \n\n$0.68\n\n\n\n\n\n\n \n\n\n\n\n\n\n$0.47\n\n\n\n\n\n\n \n\n\n\n\n\n\n44.7%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$0.70\n\n\n\n\n\n\n \n\n\n\n\n\n\n$0.60\n\n\n\n\n\n\n \n\n\n\n\n\n\n16.7%\n\n\n\n\n\n\n\nThe decrease in net sales was mainly driven by end market dynamics in the Renewables segment and customer rescoping and reprioritizing fruit and vegetable growing projects in the Agtech business. Residential end market demand is evolving a...