Gibraltar Industries, Inc. · NASDAQ:ROCK
Gibraltar Industries — Q4 2024 Earnings Presentation
16 slides from Gibraltar Industries's earnings presentation, Feb 19, 2025
Slide 1: Fourth Quarter 2024 Earnings Call
FOURTH QUARTER 2024 EARNINGS CALL February 19, 2025 1
Slide 2: Safe Harbor Statements
SAFE HARBOR STATEMENTS Forward-Looking Statements Certain information set forth in this presentation, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current exp
Slide 3: 2024 Year in Review
2024 YEAR IN REVIEW 4th QUARTER FULL YEAR ADJUSTED REVENUE NET SALES $302M (8%) $1.31B (4%) ▪ Market headwinds in Residential and Renewables ▪ Q1-to-date 2025 order momentum ADJUSTED 11% (3%) accelerating in all the businesses OPERATING $38M $168M INCOME 210 bps 10 bps INCOME & CASH ▪ For the year,
Slide 4: Residential
RESIDENTIAL 4th QUARTER RESULTS FULL YEAR RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 2024 2023 2024 2023 2024 2023 $814.8 $170.7 $179.3 17.5% 19.2% 19.2% $782.5
Slide 5: Residential – Market Overview and Expansion Initiatives
RESIDENTIAL – MARKET OVERVIEW AND EXPANSION INITIATIVES RECENT MARKET DYNAMICS PARTICIPATION EXPANSION INITIATIVES ▪ Market remained sluggish in Q4 1. Existing home sales continue to be soft Boise, ID 2. Retail point-of-sale results down 3% - 4% ▪ 80/20 initiatives focused on exiting safety harnesse
Slide 6: Renewables
RENEWABLES 4th QUARTER RESULTS FULL YEAR RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 2024 2023 2024 2023 2024 2023 $86.8 16.1% $319.0 15.1% 13.5% $285.4 12.3% $70
Slide 7: Renewables Demand Accelerating Across the Business
RENEWABLES DEMAND ACCELERATING ACROSS THE BUSINESS DEMAND ACCELERATING IN Q1 2025 TERRASMART TERRATRAK ▪ New bookings increased 33% since the ▪ Booked 410+ MW across 77 projects with start of 2025 22 different customers since launch ▪ All technologies trending positive and ▪ Actively pursuing >1.9 G
Slide 8: Solar Industry Regulatory / Trade Update
SOLAR INDUSTRY REGULATORY / TRADE UPDATE OUTCOME / RESULTS 1 UFLPA ▪ 5 manufacturers found attempting to avoid US duties by completing minor processing in 3rd countries 1st AD/CVD ▪ Duties may not be collected on panels imported during the Complaint Presidential Proclamation as long as they are inst
Slide 9: Agtech
AGTECH 4th QUARTER RESULTS FULL YEAR RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 2024 2023 2024 2023 2024 2023 $152.8 $42.7 $42.4 $140.9 11.5% 13.8% 19.4% 21.4% 7
Slide 10: Revenue Momentum Continues Across Broader Customer Base
REVENUE MOMENTUM CONTINUES ACROSS BROADER CUSTOMER BASE ▪ Founded by Larry Ellison and Dr. David Agus ▪ Franchise business model with some company ▪ Vision: improve human nutrition while preserving the world’s owned stores across the U.S. and Canada natural resources ▪ Exclusive relationship for tur
Slide 11: Lane Supply Acquisition – Expands Structures Business for Agtech
LANE SUPPLY ACQUISITION – EXPANDS STRUCTURES BUSINESS FOR AGTECH TRANSACTION FACTS ▪ Acquired 2/11/2025: designs, builds, installs Fast Food structural canopies nationwide ▪ Market leader with strong engineering and manufacturing capabilities serving national accounts across the U.S. ▪ Canopy end ma
Slide 12: Infrastructure
INFRASTRUCTURE 4th QUARTER RESULTS FULL YEAR RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 2024 2023 2024 2023 2024 2023 $88.0 $87.2 24.8% 24.2% 27.8% $19.4 20.4% 2
Slide 13: Balance Sheet – Free Cash Flow Remains Strong, Ample Liquidity
BALANCE SHEET – FREE CASH FLOW REMAINS STRONG, AMPLE LIQUIDITY LIQUIDITY ($M) WORKING CAPITAL Revolver $665 GENERATED CASH OF $7M Cash 2024 Benefit $495 ▪ AR $ 18M ▪ AP $ 26M $395 ▪ Other Liabilities $ 4M $322 2024 Offset by ▪ Inventory $ 19M $396 ▪ Other Assets $ 22M $304 2024 SHARE REPURCHASES ~$1
Slide 14: 2025 Guidance
2025 GUIDANCE 2024 as 2024 Reported* Recast** 2025 Net Sales $1.31B $1.30B $1.40– $1.45B Operating Income GAAP $143.0M $143.0M $174.5 – $185.0M Adjusted $168.0M $167.3M $195.0 – $205.5M Adjusted EBITDA $204.9M $203.9M $234.5 – $246.4M Operating Margin GAAP 10.9% 10.9% ~ 12.5% – 12.8% Adjusted 12.8%
Slide 15: Gibraltar
GIBRALTAR February 19, 2025 GIBRALTAR
Slide 16: Appendix
APPENDIX Net Sales Adjusted Adjusted Adjusted Adjusted Adjusted (in billions) Operating EBITDA Operating EBITDA EPS Income (in millions) Margin Margin (in millions) 2024 - $1.31 $168.0 $204.9 12.8% 15.7% $4.25 As reported Divestiture* $ (.01) $ (0.7) $ (1.0) 0.1% - $(0.02) 2024 - $1.30 $167.3 $203.9