Business
Gibraltar Announces Second Quarter 2024 Financial Results
Net Sales: GAAP -3.3%, Adjusted -2.0%; EPS: GAAP +5.0%, Adjusted +2.6% Strong Operating Cash Flow Generation, $36 Million 2024 Outlook: Moderating Revenue
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nNet Sales: GAAP -3.3%, Adjusted -2.0%; EPS: GAAP +5.0%, Adjusted +2.6%\n\n\nStrong Operating Cash Flow Generation, $36 Million\n\n\n2024 Outlook: Moderating Revenue Growth, EPS Unchanged\n\n\n BUFFALO, N.Y.--(BUSINESS WIRE)--\nGibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the residential, renewable energy, agtech and infrastructure markets, today reported its financial results for the three- and six-month period ended June 30, 2024.\n\n\n“We delivered solid execution and strong operating cash flow performance across Gibraltar, generating $36 million, while overcoming two market headwinds that impacted growth in our Residential and Renewables businesses in the quarter. The residential market experienced unexpected channel destocking which started in late May / early June. We offset some of this impact through participation gains, which will support our residential growth plan in the second half. Although net sales for Renewables were up versus prior year, it was less than expected as some customers continued to have project delays related to ongoing trade and regulatory issues. Agtech bookings surpassed $90 million in the quarter, a record for the business, and support strong revenue growth in the second half. We continue to work toward achieving growth in all four segments in 2024 while expanding margin and driving cash flow, and we feel positive about our full year outlook,” stated Chairman and CEO Bill Bosway.\n\n\nSecond Quarter 2024 Consolidated Results\n\n\n\n\n($Millions, except EPS)\n\n\n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\nNet Sales\n\n\n\n\n\n\n$353.0\n\n\n\n\n\n\n\n$364.9\n\n\n\n\n\n\n\n(3.3)%\n\n\n\n\n\n\n\nAdjusted Net Sales\n\n\n\n\n\n\n\n$353.0\n\n\n\n\n\n\n\n$360.1\n\n\n\n\n\n\n\n(2.0)%\n\n\n\n\n\n\n\n\nNet Income\n\n\n\n\n\n\n$32.2\n\n\n\n\n\n\n\n$30.7\n\n\n\n\n\n\n\n4.9%\n\n\n\n\n\n\n\nAdjusted Net Income\n\n\n\n\n\n\n\n$36.4\n\n\n\n\n\n\n\n$35.4\n\n\n\n\n\n\n\n2.8%\n\n\n\n\n\n\n\n\nDiluted EPS\n\n\n\n\n\n\n$1.05\n\n\n\n\n\n\n\n$1.00\n\n\n\n\n\n\n\n5.0%\n\n\n\n\n\n\n\nAdjusted Diluted EPS\n\n\n\n\n\n\n\n$1.18\n\n\n\n\n\n\n\n$1.15\n\n\n\n\n\n\n\n2.6%\n\n\n\n\n\n\n\nGAAP net s...