Business
Gibraltar Announces Third-Quarter 2019 Financial Results
Revenues Grow 7%, GAAP and Adjusted EPS Grow 25% and 34%, Respectively Strong Cash Flow from Operations of $66 Million Acquires Apeks Supercritical, CO2
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nRevenues Grow 7%, GAAP and Adjusted EPS Grow 25% and 34%, Respectively\nStrong Cash Flow from Operations of $66 Million\nAcquires Apeks Supercritical, CO2 Extraction Leader, Establishing Processing Presence\nNarrowing 2019 Revenue and EPS Guidance to Upper End of Previous Range on Strong Backlog\n\n BUFFALO, N.Y.--(BUSINESS WIRE)--\nGibraltar Industries, Inc. (Nasdaq:ROCK), a leading manufacturer and distributor of building products and services for the renewable energy, conservation, residential, industrial, and infrastructure markets, today reported its financial results for the three- and nine-month periods ended September 30, 2019.\n\n\n“We delivered solid third quarter results as we continued our focus on top-line execution and operational excellence across our businesses,” stated President and Chief Executive Officer Bill Bosway. “Our Renewable Energy & Conservation segment led our overall top-line performance, largely driven by organic growth and share gains in both of our end markets. We also continued to invest in our Conservation business, which now includes both growing and processing solutions, with the acquisition of Apeks Supercritical, a North American leader in CO2 extraction.\n\n\n“Additionally, both our Industrial & Infrastructure Products and Residential Products segments continue to benefit from ongoing simplification actions, with Industrial & Infrastructure products delivering stronger profitability this quarter compared to the prior year quarter. In all, we delivered solid adjusted EPS performance, generated $66 million in operating cash flow, up 57% over last year, and continued to generate growing backlog of $241 million heading into the fourth quarter, up 45% over last year, demonstrating the success of our drive to be more relevant to our customers.”\n\n\nThird Quarter 2019 Consolidated Results\n\n\nGibraltar reported the following consolidated results:\n\n\n\n\n \n\n\n\nThree Months Ended September 30, \n\n\n\n\n\nDollars in millions, except EPS\n\n\n\nGAAP\n\n\n\n \n\n\n\nAdjusted\n\n\n\n\n\n \n\n\n\n2019\n\n\n \n\n2018\n\n\n \n\n% Change\n\n\n\n \n\n\n\n2019\n\n\n \n\n2018\n\n\n \n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n$299.2\n\n\n \n\n$280.1\n\n\n \n\n6.8%\n\n\n\n \n\n\n\n$299.2\n\n\n \n\n$280.1\n\n\n \n\n6.8%\n\n\n\n\n\nNet Income\n\n\n\n$24.5\n\n\n \n\n$19.5\n\n\n \n\n25.6%\n\n\n\n \n\n\n\n$31....