Business
Gibraltar Announces Second-Quarter 2020 Financial Results
Q2 Revenues Grow 9%, GAAP and Adjusted EPS Grow 36% and 15%, Respectively Backlog of $277 Million up 14% on Renewable Energy and Conservation Demand Strong
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nQ2 Revenues Grow 9%, GAAP and Adjusted EPS Grow 36% and 15%, Respectively\n\n\nBacklog of $277 Million up 14% on Renewable Energy and Conservation Demand\n\n\nStrong Balance Sheet and Liquidity Supports Execution and Ongoing Investment in the Business\n\n\nContinue to Execute 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 June 30, 2020.\n\n\n“Our organization responded well to a better than expected demand profile in our Residential Products and Renewable Energy & Conservation end markets during the quarter. Despite the continuous challenge of the pandemic, our decision to keep our team intact enabled us to deliver revenue growth and adjusted EPS growth of 8.8% and 15.1%, respectively,” said President and Chief Executive Officer Bill Bosway. “As important, our GAAP and adjusted operating margins improved 200 and 130 basis points, respectively, supporting our continued investment in our business. We are gaining momentum and starting to see more consistent performance across our businesses, with our backlog continuing to build, up 14% to $277 million.”\n\n\nSecond Quarter 2020 Consolidated Results\n\n\nGibraltar reported the following consolidated results:\n\n\n\n\n \n\n\n\n\nThree Months Ended June 30, \n\n\n\n\n\nDollars in millions, except EPS\n\n\n\n\nGAAP\n\n\n\n\n\nAdjusted\n\n\n\n\n\n \n\n\n\n\n2020\n\n\n\n\n2019\n\n\n\n\n% Change\n\n\n\n\n\n2020\n\n\n\n\n2019\n\n\n\n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n\n$285.8\n\n\n\n\n$262.7\n\n\n\n\n8.8%\n\n\n\n\n\n$285.8\n\n\n\n\n$262.7\n\n\n\n\n8.8%\n\n\n\n\n\nNet Income\n\n\n\n\n$27.3\n\n\n\n\n$19.9\n\n\n\n\n37.2%\n\n\n\n\n\n$27.7\n\n\n\n\n$23.7\n\n\n\n\n16.9%\n\n\n\n\n\nDiluted EPS\n\n\n\n\n$0.83\n\n\n\n\n$0.61\n\n\n\n\n36.1%\n\n\n\n\n\n$0.84\n\n\n\n\n$0.73\n\n\n\n\n15.1%\n\n\n\n\n\nSecond quarter 2020 net sales increased 8.8% to $285.8 million, driven by the Residential Products and Renewable Energy & Conservation segments. Of the 8.8% increase, organic growth was 1.6%, and recent acquisitions contributed 7.2%.\n\n\nGAAP earnings increased 37.2% to $27.3 million, or $0.83 per share, while adjusted earnings ...