Business
Gibraltar Announces Full Year And Fourth Quarter 2020 Financial Results
Gibraltar Delivers Record Revenue and EPS performance in 2020 2020 Revenues Grow 15%, GAAP, Adjusted EPS Expands 38% and 18%, Respectively Q4 Revenues
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nGibraltar Delivers Record Revenue and EPS performance in 2020\n\n2020 Revenues Grow 15%, GAAP, Adjusted EPS Expands 38% and 18%, Respectively\n\nQ4 Revenues Improves 17%, GAAP, Adjusted EPS Up 15% and 4%, Respectively\n\nBacklog 50% Higher on Continued Renewable Energy and Conservation 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 and infrastructure markets, today reported its financial results for the three-month period ended December 31, 2020. Results of TerraSmart, acquired at the end of the day on December 31, 2020, had no impact on operations in 2020 in reported results.\n\n“Overall, we delivered record performance in 2020 while remaining very focused on the health and well-being of our people, operations, customers, and communities. We also worked on the business, executed key initiatives, and generated strong cash flow, enabling material investments to support our long term strategy,” said President and Chief Executive Officer Bill Bosway. “Our fourth quarter performance was solid with revenue increasing 17% and adjusted EPS increasing 4%, and we enter 2021 with a strong backlog of approximately $300 million, up 50%, and a strong balance sheet and cash flow profile to continue driving our key initiatives.”\n\nFourth Quarter 2020 Consolidated Results from Continuing Operations*\n\nGibraltar reported the following consolidated results from continuing operations:\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\nAdjusted\n\n\n\n\n\n \n\n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n% Change\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n\n$265.2\n\n\n\n\n$226.0\n\n\n\n\n17.3%\n\n\n\n \n\n\n\n$265.2\n\n\n\n\n$226.0\n\n\n\n\n17.3%\n\n\n\n\n\nNet Income\n\n\n\n\n$17.6\n\n\n\n\n$15.0\n\n\n\n\n17.3%\n\n\n\n \n\n\n\n$19.5\n\n\n\n\n$18.6\n\n\n\n\n4.8%\n\n\n\n\n\nDiluted EPS\n\n\n\n\n$0.53\n\n\n\n\n$0.46\n\n\n\n\n15.2%\n\n\n\n \n\n\n\n$0.59\n\n\n\n\n$0.57\n\n\n\n\n3.5%\n\n\n\n\nFourth quarter 2020 net sales from continuing operations increased 17.3% to $265.2 million, driven by the Residential Products and Renewable Energy & Conservation segments. Of the 17...