Gibraltar Industries, Inc. · NASDAQ:ROCK
Gibraltar Industries — Q3 2013 Earnings Presentation
11 slides from Gibraltar Industries's earnings presentation, Oct 31, 2013
Slide 1: Third Quarter 2013 Earnings Call Presentation
THIRD QUARTER 2013 EARNINGS CALL PRESENTATION October 31, 2013 The data in this presentation should be viewed in conjunction with Gibraltar’s October 31, 2013 earnings press release. 1
Slide 2: Forward Looking 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 expectations, estimates, f
Slide 3: Q3 Overview
Q3 Overview SLUGGISH END MARKETS • Sales up 6% …. while end markets remain sluggish • Acquisitions continue their earnings contribution • Residential new construction continued as bright spot • Unfavorable comps on industrial & infrastructure 3
Slide 4: Revenue Exposures
Revenue Exposures HALF FROM RESIDENTIAL/LOW-RISE COMMERCIAL Transportation Infrastructure 10% Residential & Residential & Low Low Rise Rise Commercial Industrial Commercial Building Industrial 40% Building 50% Other 18% Chemical Plants 23% Education & Medical 7% Leisure / Stadiums 10% Oil, Gas & Min
Slide 5: Revenue Dynamics
Revenue Dynamics RESULTS VARIED BY END MARKET • Net sales up 6% • Recent acquisitions added $13M or +7% pts • Residential sales increased • New construction remained a bright spot • R&R order volume was equivalent • Nonresidential markets slower, as expected 5
Slide 6: Q3 Margins Increase
Q3 Margins Increase RESIDENTIAL NEW & ACQUISITIONS OFFSET WEAK INDUSTRIAL MARKETS • Q3 adjusted gross margin +20 bps • Benefit from leverage on higher new residential activity, and • Accretive acquisitions, partially offset by... • Lower industrial pricing and demand • SG&A lower as % of net sales b
Slide 7: YOY Performance
YOY Performance OPERATIONAL GAINS HELP OFFSET WEAK MARKET CONDITIONS YTD YTD 3Q13 3Q12 2013 2012 Revenues • Acquisitions added 7% growth in 3Q & YTD $638.7 • Organic; Industrial & Infrastructure Revenues $217.4 $205.5 $617.4 unfavorable offsetting stronger residential new construction +6% +3% Operat
Slide 8: Free Cash Flow
Free Cash Flow HIGHER CASH EARNINGS HELPED IMPROVEMENT YTD YTD 2013 2012 Free Cash Flow $29.1 $19.9 +46% •Free Cash Flow is Sum of cash flow from operating activities less capital expenditures. 8
Slide 9: Guidance
Guidance ACQUISITIONS & OPERATIONAL GAINS OFFSET BY WEAK MARKETS 2012 2013 Forecast Key Factors Revenue $790M +4.5% YTD: 7% M&A; (3)% organic Q4: 6% M&A; +2% organic …. with Rez new construction & Rez R&R improving Adjusted Gross 19.4% 19.0% Soft industrial demand and Margin pricing offsets improved
Slide 10: EPS Guidance
EPS Guidance EXPECTING HIGH END OF PREVIOUS RANGE $0.03 $0.01 $0.02 $0.63 to $0.54 to $0.66 $0.64 As of Residential Residential Operating As of August 1 New R&R Expense October 31 Key Residential new construction improved slightly in Q3 Takeaways Residential repair & remodeling activities firmin
Slide 11: Q&A
Q&A 11