Gibraltar Industries, Inc. · NASDAQ:ROCK
Gibraltar Industries — Q1 2023 Earnings Presentation
13 slides from Gibraltar Industries's earnings presentation, May 3, 2023
Slide 1: First Quarter 2023 Earnings Call
FIRST QUARTER 2023 EARNINGS CALL May 3, 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: First Quarter 2023 Results
FIRST QUARTER 2023 RESULTS NET SALES § Consistent execution despite harsh winter weather that caused project ADJUSTED $291M -8% slippage in Renewables and slow seasonal start in Residential NET SALES § Demand evolving as planned – sequential backlog growth in Renewables, Infrastructure, seasonal sta
Slide 4: Consolidated Financial Performance
CONSOLIDATED FINANCIAL PERFORMANCE 1ST QUARTER RESULTS ADJUSTED PROFIT MEASURES* NET SALES* OPERATING MARGIN* EBITDA MARGIN* ADJUSTED DILUTED EPS* Q123 Q122 Q123 Q122 Q123 Q122 Q123 Q122 $316.0 13.4% $290.8 $0.70 10.6% 10.8% $0.60 8.5% -8.0% +210 bps +260 bps +16.7% *Amounts, other than EPS, are sta
Slide 5: Renewables
RENEWABLES ADJUSTED PROFIT MEASURES* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q123 Q122 Q123 Q122 Q123 Q122 7.8% $78.8 3.8% $59.2 -2.4% -5.4% -24.9% +920 bps +1020 bps NET SALES ADJUSTED OPERATING & EBITDA MARGIN § Down 24.9% § Margin improved 920 bps YoY ̶ Driven by 2022 backlog slowdown ̶ Field
Slide 6: Residential
RESIDENTIAL ADJUSTED PROFIT MEASURES* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q123 Q122 Q123 Q122 Q123 Q122 $179.5 $179.5 18.8% 20.0% 16.5% 18.1% -- -230 bps -190 bps NET SALES ADJUSTED OPERATING & EBITDA MARGIN § Flat – organic -8%, QAP contributed 8% § Margins down 230 bps YoY, up 310 bps sequ
Slide 7: Agtech
AGTECH ADJUSTED PROFIT MEASURES* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q123 Q122 Q123 Q122 Q123 Q122 $40.6 10.8% 14.0% $33.3 6.3% 8.9% -18.0% +440 bps +510 bps NET SALES* ADJUSTED OPERATING & EBITDA MARGIN* § Down 18.0% § Margins +440 bps – Resizing existing fruits and vegetables projects for
Slide 8: Infrastructure
INFRASTRUCTURE ADJUSTED PROFIT MEASURES* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q123 Q122 Q123 Q122 Q123 Q122 $18.7 18.9% $17.2 14.5% 11.3% 6.5% +8.7% +800 bps +760 bps NET SALES ADJUSTED OPERATING & EBITDA MARGIN § Up 8.7% § Margins +800 bps – Participation gains and impact of Infrastructure B
Slide 9: Balance Sheet Solid – Margin Expansion and Working Capital Management Drove Cash Generation
BALANCE SHEET SOLID – MARGIN EXPANSION AND WORKING CAPITAL MANAGEMENT DROVE CASH GENERATION LIQUIDITY ($M) WORKING CAPITAL Q1 Benefit in • AP $ 23M • Other assets $ 2M • Other liabilities $ 1M Q1 Offset by $382 • AR $ 18M $322 $351 • Inventory $ 1M $369 FREE CASH FLOW $304 $344 Revolver Q123 FCF* =
Slide 10: Share Repurchase Program Q1 2023 Update
SHARE REPURCHASE PROGRAM Q1 2023 UPDATE • Repurchased 153,537 shares • Market value $7.4 million • Average price - $47.99 • Through Q1 end, have expended ~47% of $200 million authorized PROGRAM - $200 million, 3 years ending May 2, 2025 § Rationale • 2022 - 2025 operating plan expects to generate si
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: Reiterating 2023 Guidance
REITERATING 2023 GUIDANCE 2022* 2023 Net Sales $1.38B $1.36– $1.41B Operating Income GAAP $130.1M $134.5 – $143.0M Adjusted $150.7M $150.5 – $159.0M Adjusted EBITDA $183.4M $185.3 – $195.1M Operating Margin GAAP 9.4% ~ 9.9% – 10.1% Adjusted 10.9% ~ 11.0% – 11.2% Adjusted EBITDA % 13.3% ~ 13.6% – 13.
Slide 13: Gibraltar
GIBRALTAR May 3, 2023 GIBRALTAR