Business
Gibraltar Announces Fourth-Quarter 2019 Financial Results
Q4 Revenues Grow 7%, GAAP and Adjusted EPS Grow 10% and 32%, Respectively Full Year Cash Flow from Operations up 33% 2020 Growth Supported by Strong Backlog
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nQ4 Revenues Grow 7%, GAAP and Adjusted EPS Grow 10% and 32%, Respectively\nFull Year Cash Flow from Operations up 33%\n2020 Growth Supported by Strong Backlog and End Market Demand\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- and twelve-month periods ended December 31, 2019.\n\n\n“We continued our momentum in operating performance from the third quarter, delivering solid results in the fourth quarter,” said President and Chief Executive Officer Bill Bosway. “Revenue increased 7%, adjusted EPS increased 32%, and we generated $57 million of cash from operations. Our backlog continued to grow, up 35% to $218 million at the end of the fourth quarter as we further expanded participation in core end markets.”\n\n\n“Within our segments, Renewable Energy & Conservation delivered growth and margin expansion as demand for our turnkey solutions continued to increase. Subsequent to quarter-end, we acquired Thermo Energy Systems, expanding our North American leadership position in commercial greenhouse solutions, and Delta Separations, continuing the buildout of our processing solutions platform. Our Residential Products performance remained consistent with the market, and Industrial & Infrastructure Products delivered continued margin expansion. Overall, our operating momentum, growing backlog, continued portfolio optimization and strong presence in solid end markets support our confidence as we head into 2020.”\n\n\nFourth Quarter 2019 Consolidated Results\n\n\nGibraltar reported the following consolidated results:\n\n\n\n\n \n\n\n\n\nThree Months Ended December 31, \n\n\n\n\n\nDollars in millions, except EPS\n\n\n\n\nGAAP\n\n\n\n \n\n\n\n \n\n\n\nAdjusted\n\n\n\n\n\n \n\n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\n% Change\n\n\n\n \n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n\n$258.1\n\n\n\n\n$240.9\n\n\n\n\n7.1%\n\n\n\n\n \n\n\n\n$258.1\n\n\n\n\n$240.9\n\n\n\n\n7.1%\n\n\n\n\n\nNet Income\n\n\n\n\n$14.4\n\n\n\n\n$13.1\n\n\n\n\n9.9%\n\n\n\n\n \n\n\n\n$20.3\n\n\n\n\n$15.2\n\n\n\n\n33.6%\n\n\n\n\n\nDiluted EPS\n\n\n\n\n$0.44\n\n\n\n\n$0.40\n\n\n\n\n...