Business
Gibraltar Announces Second Quarter 2023 Financial Results
EPS: GAAP up 11%, Adjusted up 23% on Flat Sales Backlog at $412 Million, up 15% Sequentially, up 1% vs. Prior Year Continued Strong Cash Flow Generation
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nEPS: GAAP up 11%, Adjusted up 23% on Flat Sales\n\n\nBacklog at $412 Million, up 15% Sequentially, up 1% vs. Prior Year\n\n\nContinued Strong Cash Flow Generation\n\n\nIncreasing 2023 EPS Outlook; Reaffirming 2023 Net Sales Outlook\n\n\n BUFFALO, N.Y.--(BUSINESS WIRE)--\nGibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today reported its financial results for the three-month period ended June 30, 2023.\n\n\n“We executed well in the quarter, building on our momentum from the beginning of the year. Our end market fundamentals remain solid with our order backlog up 15% sequentially and 1% versus prior year. On an adjusted basis, operating income improved 18%, EPS improved 23%, and we generated 20% free cash flow. Given our first half performance and current outlook for the second half of the year, we are raising our adjusted EPS guidance range 12% - 13% and reaffirming our net sales outlook and expect continued strong cash flow generation,” stated Chairman and CEO Bill Bosway.\n\n\nSecond Quarter 2023 Consolidated Results\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n\n\n$Millions, except EPS\n\n\n\n\n\n\nGAAP\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdjusted\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n2022\n\n\n\n\n\n\nChange\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n2022\n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\nNet Sales\n\n\n\n\n\n\n$364.9\n\n\n\n\n\n\n$366.9\n\n\n\n\n\n\n(0.5)%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$364.1\n\n\n\n\n\n\n$364.2\n\n\n\n\n\n\n0.0%\n\n\n\n\n\n\n\n\nNet Income\n\n\n\n\n\n\n$30.7\n\n\n\n\n\n\n$29.3\n\n\n\n\n\n\n4.8%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$36.3\n\n\n\n\n\n\n$31.5\n\n\n\n\n\n\n15.2%\n\n\n\n\n\n\n\n\nDiluted EPS\n\n\n\n\n\n\n$1.00\n\n\n\n\n\n\n$0.90\n\n\n\n\n\n\n11.1%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$1.18\n\n\n\n\n\n\n$0.96\n\n\n\n\n\n\n22.9%\n\n\n\n\n\n\n\nNet sales were flat, driven by the acquisition of Quality Aluminum Products, completed in the third quarter of 2022, along with organic growth in the Residential and Infrastructure segments. Offsetting growth were market price adjustments in the Residential segment, continued channel inventory right-sizing, and project delays in the Renewables and Agtech segments related to solar module availability, project permitting,...