Gibraltar Revises 2024 Financial Guidance

About this update from Gibraltar Industries, Inc.

[{"type":"text","content":"\nSolar industry headwinds continue to impact the Renewables business\n\nResidential market slowdown continues in the second half of year\n\nThird quarter 2024 results conference call to be held October 30, 2024 at 9:00 a.m. ET\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 announced updates to its previous net sales, GAAP EPS and Adjusted EPS guidance, reflecting primarily the impact of ongoing market headwinds in both the Renewables and Residential businesses.\n\nPreliminary results of net sales, GAAP EPS and Adjusted EPS for the three months ended September 30, 2024 compared to 2023 and the updated guidance for 2024 compared to previously announced guidance and 2023 results are as follows:\n\n\n\n \n\n\n\nThree Months Ended September 30,\n\n\n\n \n\n\n\nTwelve Months Ended December 31,\n\n\n\n\n\n \n\n\n\n($Millions, except EPS)\n\n\n\n \n\n\n\n($Millions, except EPS)\n\n\n\n\n\n \n\n\n\n2024 Preliminary*\n\n\n\n \n\n\n\n2023\n\n\n\n \n\n\n\n2024 Updated\nGuidance*\n\n\n\n \n\n\n\n2024 Prior\nGuidance\n\n\n\n \n\n\n\n2023\n\n\n\n\n\nNet sales\n\n\n\n$359 - 362\n\n\n\n \n\n\n\n$390.7\n\n\n\n \n\n\n\n$1,310 - $1,330\n\n\n\n \n\n\n\n$1,380 - $1,420\n\n\n\n \n\n\n\n$1,378\n\n\n\n\n\nAdjusted net sales\n\n\n\n$359 - 362\n\n\n\n \n\n\n\n$385.2\n\n\n\n \n\n\n\n$1,310 - $1,330\n\n\n\n \n\n\n\n$1,380 - $1,420\n\n\n\n \n\n\n\n$1,362\n\n\n\n\n\nGAAP EPS\n\n\n\n$1.09 - $1.12\n\n\n\n \n\n\n\n$1.28\n\n\n\n \n\n\n\n$3.57 - $3.71\n\n\n\n \n\n\n\n$4.04 - $4.29\n\n\n\n \n\n\n\n$3.59\n\n\n\n\n\nAdjusted EPS\n\n\n\n$1.25 - $1.28\n\n\n\n \n\n\n\n$1.37\n\n\n\n \n\n\n\n$4.11 - $4.25\n\n\n\n \n\n\n\n$4.57 - $4.82\n\n\n\n \n\n\n\n$4.09\n\n\n\n\n\n*2024 ranges represent preliminary estimated unaudited consolidated results\n\n\n\n\n“The solar industry continues to deal with trade and regulatory uncertainties driven by the impact from the two independent AD/CVD investigations, the second of which is currently in process. With the expiration of the tariff moratorium on panels associated with the first investigation expiring on December 3, 2024, the industry is working diligently to complete panel installations where projects are permitted and ready to move forward,” said Chairman an...

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