Business
Gibraltar Announces Second Quarter 2021 Financial Results
Q2 Revenue Increases 37%, including 14% Organic and 23% Growth from Acquisitions GAAP and Adjusted EPS Up 8% and 7%, Respectively, to $0.80 Record Order
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nQ2 Revenue Increases 37%, including 14% Organic and 23% Growth from Acquisitions\n\nGAAP and Adjusted EPS Up 8% and 7%, Respectively, to $0.80\n\nRecord Order Backlog Exceeds $400 Million, Led by Renewables\n\nReaffirming Full Year Revenue and EPS Guidance\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 June 30, 2021.\n\n“In the midst of a dynamic and inflationary market environment, we delivered solid performance with revenue growth of 37%, adjusted operating income growth of 8%, adjusted EPS growth of 7%, and order backlog increased 54%, or 32% on a proforma basis, to over $400 million, the highest level in the history of the company,” President and Chief Executive Officer Bill Bosway stated. “Material cost inflation continued to accelerate as we exited the first quarter, and labor, freight, and logistics inflation and availability began to surface as we entered the second quarter. Working closely with customers and suppliers starting during fourth quarter 2020 and implementing ongoing pricing and productivity initiatives has helped us manage these dynamics and deliver this quarter’s results. Additionally, the integrations of TerraSmart and Sunfig are on track, our Agtech business is recovering as planned, and overall demand is currently in line with expectations.”\n\nSecond Quarter 2021 Consolidated Results from Continuing Operations\n\nNet sales from continuing operations increased 36.5% to $348.4 million, with organic growth contributing 14.0% and recent acquisitions 22.5%. Organic growth was driven by strong end market demand and participation gains in all four segments.\n\nGAAP earnings increased 7.8% to $26.4 million, or $0.80 per share, and adjusted earnings increased 6.9% to $26.3 million, or $0.80 per share, the result of continued execution across the business segments, the TerraSmart acquisition, and 80/20 productivity initiatives, partially offset by timing and alignment of higher input costs and price increases, supply chain disruptions, and shifts in project timing in the Agtech and Renewables segments. Adjusted measures remove charges for restructuring initiatives, acquisition...