Business
Gibraltar Announces Third Quarter 2021 Financial Results
Q3 Revenue Increased 25% - 4% Organic and 21% from Acquisitions GAAP EPS of $0.84; Adjusted EPS of $0.91 Order Backlog Increases 10% to $385M, Driven by
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nQ3 Revenue Increased 25% - 4% Organic and 21% from Acquisitions\n\nGAAP EPS of $0.84; Adjusted EPS of $0.91\n\nOrder Backlog Increases 10% to $385M, Driven by Renewables\n\n2021 Outlook Adjusted for Amplified Inflation and Supply Chain Challenges\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 September 30, 2021.\n\n“Our team executed well and delivered solid results despite significant acceleration of inflation and supply chain disruption that exceeded our expectations going into the quarter,” President and Chief Executive Officer Bill Bosway stated. “We continued to drive growth through price management, participation gains, and steady end market demand, and our backlog of $385 million increased 10% on a proforma basis. We focused on optimizing operating profit dollars while navigating margin performance through higher input costs, the timing and alignment of additional price increases with our higher input costs, and project schedule disruptions in our Renewables and Agtech businesses related to industry-specific supply dynamics. We remain confident that margins will begin to improve once inflation moderates and expand further as supply chain disruptions become less impactful. Given strong fundamental demand drivers in our end markets, we expect today’s environment to have minimal impact on the long-term outlook for our portfolio businesses.”\n\nThird Quarter 2021 Consolidated Results from Continuing Operations\n\nBelow are third quarter 2021 consolidated results from continuing operations:\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended September 30,\n\n\n\n\n\n$Millions, except EPS\n\n\n\nGAAP\n\n\n\n \n\n\n\nAdjusted\n\n\n\n\n\n \n\n\n\n2021\n\n\n \n\n2020\n\n\n \n\n% Change\n\n\n\n \n\n\n\n2021\n\n\n \n\n2020\n\n\n \n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n$369.4\n\n\n \n\n$296.8\n\n\n \n\n24.5%\n\n\n\n \n\n\n\n$369.4\n\n\n \n\n$296.8\n\n\n \n\n24.5%\n\n\n\n\n\nNet Income\n\n\n\n$27.9\n\n\n \n\n$31.3\n\n\n \n\n-10.9%\n\n\n\n \n\n\n\n$30.2\n\n\n \n\n$32.3\n\n\n \n\n-6.5%\n\n\n\n\n\nDiluted EPS\n\n\n\n$0.84\n\n\n \n\n$0.95\n\n\n \n\n-11.6%\n\n\n\n \n\n\n\n$0.91\n\n\n \n\n$0.98\n\n\n \n\n-7.1%\...