Gibraltar Industries, Inc. · NASDAQ:ROCK
Gibraltar Industries — Q3 2023 Earnings Presentation
13 slides from Gibraltar Industries's earnings presentation, Nov 2, 2023
Slide 1: Third Quarter 2023 Earnings Call
THIRD QUARTER 2023 EARNINGS CALL November 2, 2023 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: Third Quarter 2023 Results
THIRD QUARTER 2023 RESULTS NET SALES ADJUSTED $390M Flat § Participation gains in Residential and Infrastructure offset by active projects NET SALES shifting from the quarter in project-based businesses § Permitting remains challenging in Renewables, module supply improving ADJUSTED § New projects d
Slide 4: Solar Industry – Q3 2023 Update
SOLAR INDUSTRY – Q3 2023 UPDATE Suppliers continue to gradually move up US Uyghur Forced Labor Prevention Act (UFLPA) Customs & Border Protection UFLPA enforcement learning curve Module Supply Final Report Issued August 2023 - 1 Additional Supplier Found to be Circumventing 3 of 8 suppliers found no
Slide 5: Consolidated Financial Performance
CONSOLIDATED FINANCIAL PERFORMANCE 3RD QUARTER RESULTS NINE MONTHS RESULTS ADJUSTED PROFIT MEASURES* ADJUSTED PROFIT MEASURES* OPERATING EBITDA OPERATING EBITDA NET SALES* MARGIN* MARGIN* DILUTED EPS* NET SALES* MARGIN* MARGIN* DILUTED EPS* 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Slide 6: Renewables
RENEWABLES 3RD QUARTER RESULTS NINE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q3 23 Q3 22 Q3 23 Q3 22 Q3 23 Q3 22 YTD 23 YTD 22 YTD 23 YTD 22 YTD 23 YTD 22 $106.4 $111.1 18.9% $291.5 14.9%
Slide 7: Residential
RESIDENTIAL 3RD QUARTER RESULTS NINE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q3 23 Q3 22 Q3 23 Q3 22 Q3 23 Q3 22 YTD 23 YTD 22 YTD 23 YTD 22 YTD 23 YTD 22 $635.5 $227.7 $595.3 $215.6 18.8
Slide 8: Agtech
AGTECH 3RD QUARTER RESULTS NINE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q3 23 Q3 22 Q3 23 Q3 22 Q3 23 Q3 22 YTD 23 YTD 22 YTD 23 YTD 22 YTD 23 YTD 22 13.5% $123.4 $41.9 10.7% 8.7% 11.7% 1
Slide 9: Infrastructure
INFRASTRUCTURE 3RD QUARTER RESULTS NINE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q3 23 Q3 22 Q3 23 Q3 22 Q3 23 Q3 22 YTD 23 YTD 22 YTD 23 YTD 22 YTD 23 YTD 22 $67.9 $25.0 25.6% 29.1% $59.0
Slide 10: Balance Sheet – Margin Expansion and Working Capital Management Continue to Drive Cash Performance
BALANCE SHEET – MARGIN EXPANSION AND WORKING CAPITAL MANAGEMENT CONTINUE TO DRIVE CASH PERFORMANCE LIQUIDITY ($M) WORKING CAPITAL Revolver $482 GENERATED CASH OF $43M Cash Q3 Benefit § Inventory $18M $382 § AR $11M $322 § Other liabilities $15M § AP $ 5M $396 Q3 Offset by $369 § Other assets $ 6M $3
Slide 11: 2023 Priorities
2023 PRIORITIES STRATEGIC PILLARS 2023 KEY PRIORITIES 1. Drive growth, quality of earnings, strong cash performance BUSINESS SYSTEM 2. Execute 80 / 20 – win participation, expand margin, drive service levels PORTFOLIO 3. Stay the course with digital IT investing in our businesses MANAGEMENT 4. Organ
Slide 12: Revised 2023 Guidance
REVISED 2023 GUIDANCE REVISED 2023 CHANGE VS 2022* GUIDE PRIOR GUIDE Net Sales $1.38B $1.37 – $1.40B +/- ~1% Operating Income GAAP $130.1M $152.5 – $161.0M ~ 1% Adjusted $150.7M $173.5 – $177.7M ~ 1% Adjusted EBITDA $183.4M $209.1 – $214.1M ~ 1% Operating Margin GAAP 9.4% ~ 11.2% – 11.4% ~ 10 bps Ad
Slide 13: Gibraltar
GIBRALTAR November 2, 2023 GIBRALTAR