Gibraltar Industries, Inc. · NASDAQ:ROCK
Gibraltar Industries — Q1 2013 Earnings Presentation
12 slides from Gibraltar Industries's earnings presentation, May 2, 2013
Slide 1: First Quarter 2013 Earnings Call Presentation
First Quarter 2013 Earnings Call Presentation May 2, 2013 The data in this package should be read in conjunction with the Gibraltar earnings release.
Slide 2: Forward Looking Statements
2 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 expectations, estimates,
Slide 3: Q1 Overview
Q1 Overview 3 • Slower than expected start to 2013 • Revenues varied by end market • Integration underway at 3 acquisitions in late Q4 • Improved West Coast performance • Successful re-financing of notes– lowering interest expense • Continued optimism for improved performance for 2013
Slide 4: Revenue Exposures
Revenue Exposures 4 Public Infrastructure 10% Residential & Residential & Low Low Rise Commercial Rise Commercial Industrial Industrial Building Building 40% 50% Other 18% Chemical Plants 23% Education & Medical 7% Leisure / Stadiums 10% Oil, Gas & Mining 22% Automotive & Transportation 10% Security
Slide 5: Revenue Dynamics
Revenue Dynamics 5 • Non-residential organic revenue was unfavorable: • Public infrastructure steady, • Industrial pricing lower on weak demand, • Europe’s recession pushes down our European BU 19%. • Residential products revenue unchanged: • Tough comp to strong Q112’s favorable weather, • Lag to r
Slide 6: Q1 Margins
Q1 Margins 6 • Adjusted gross margin down 90 bps; customer pricing correlated to lower RM costs and competition • Adjusted operating income down 180 bps • West Coast improvement, • Benefit from higher multi-family activity, offset by • Lower pricing; industrial, and • Equity compensation on higher s
Slide 7: YOY Performance
YOY Performance 7 Q113 Q112 Revenues • Acquisitions added $12M or 6%. $196.8 $192.2 • Organic revenues (4)%, while multi-family Revenues increased with public infrastructure steady. 2% Gross Profit • Lower pricing in certain categories; most significant in industrial products. Gross $36.4 $37.3
Slide 8: New Notes Due 2021
New Notes Due 2021 8 Redeemed Jan. 31 & Issued Feb. 13, 2013 Jan. 31, 2013 Size $204M $210M Coupon 8.00% 6.25% OID 1.675% None Tenor 2015 2021 Redemption NC5 NC4 Distribution 144A Cash Interest Expense $16.3M $13.1M
Slide 9: Net Income / EPS
Net Income / EPS 9 1Q13 1Q12 B (W) Adjusted operating income * $ 5.7 $ 8.9 $ (3.2) Net interest expense * (4.0) (4.7) 0.7 Other non-operating income - - - Adjusted income tax expense * (0.5) (1.6) 1.1 Adjusted net income - continuing ops * $ 1.2 $ 2.6 $ (1.4) Adjusted Diluted EPS - continuing ops* $
Slide 10: Cash Flow
Cash Flow 10 Q1 2013 Q1 2012 Cash Flow Used in Continuing Operations $ (12.7) $ (13.1) Cash Flow Used in Discontinued Operations - - Cash Flow Used in Operations (12.7) (13.1) Capital Expenditures (2.0) (2.7) Use of Free Cash $ (14.7) $ (15.8)
Slide 11: Guidance
Guidance TNDUSTRIES
Slide 12: Q&A
Q&A INDUSTRIES