Business
Gibraltar Announces Fourth Quarter and Full Year 2022 Financial Results
2022 Revenue: GAAP up 3.7%; Adjusted up 4.7% 2022 EPS: GAAP up 13.8% with Charge; Adjusted up 18.9% 2023 Outlook Calls for Further Margin Expansion and Cash
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\n2022 Revenue: GAAP up 3.7%; Adjusted up 4.7%\n\n2022 EPS: GAAP up 13.8% with Charge; Adjusted up 18.9%\n\n2023 Outlook Calls for Further Margin Expansion and Cash Flow Growth\n\n BUFFALO, NY--(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- and twelve- month periods ended December 31, 2022.\n\n“We executed well in the fourth quarter and remained focused on our key initiatives while adapting to the ongoing fluid external environment. Our adjusted net income improved 20.4% and adjusted EPS improved 28.6% on a sales reduction of 5.2%. We also generated free cash flow of 19% of revenue as we improved margin and working capital performance during the quarter. For the full year, we delivered revenue growth, adjusted EPS and free cash flow within our stated outlook, and GAAP EPS within our recently announced outlook,” stated Chairman and CEO Bill Bosway.\n\nFourth Quarter 2022 Consolidated Results from Continuing Operations\n\nBelow are fourth quarter 2022 consolidated results from continuing operations:\n\n\n\n \n\n\n\n\nThree Months Ended December 31,\n\n\n\n\n\n$Millions, except EPS\n\n\n\n\nGAAP\n\n\n\n \n\n\n\nAdjusted\n\n\n\n\n\n \n\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n% Change\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n\n$313.9\n\n\n\n \n\n\n\n$334.4\n\n\n\n \n\n\n\n-6.1%\n\n\n\n \n\n\n\n$312.9\n\n\n\n \n\n\n\n$330.2\n\n\n\n \n\n\n\n-5.2%\n\n\n\n\n\nNet Income\n\n\n\n\n$3.3\n\n\n\n \n\n\n\n$9.8\n\n\n\n \n\n\n\n-66.3%\n\n\n\n \n\n\n\n$22.4\n\n\n\n \n\n\n\n$18.6\n\n\n\n \n\n\n\n20.4%\n\n\n\n\n\nDiluted EPS\n\n\n\n\n$0.11\n\n\n\n \n\n\n\n$0.30\n\n\n\n \n\n\n\n-63.3%\n\n\n\n \n\n\n\n$0.72\n\n\n\n \n\n\n\n$0.56\n\n\n\n \n\n\n\n28.6%\n\n\n\n\nRevenue decreased 6.1% to $313.9 million and adjusted revenue decreased 5.2% to $312.9 million. Adjusted revenue was down 9.8% organically, with reductions in the Residential, Renewables, and Agtech businesses. In Residential, volume was impacted as the market returned to historically lower seasonal demand patterns as supply chain reliability improved. Also, market prices began to align with changes in commodity indexes. The acquisitio...