Gibraltar Industries, Inc. · NASDAQ:ROCK
Gibraltar Industries — Q4 2023 Earnings Presentation
15 slides from Gibraltar Industries's earnings presentation, Feb 21, 2024
Slide 1: Fourth Quarter 2023 Earnings Call
FOURTH QUARTER 2023 EARNINGS CALL February 21, 2024 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: 2023 Year in Review
2023 YEAR IN REVIEW NET SALES § Strong execution in Residential and Infrastructure offset ongoing but ADJUSTED improving industry headwinds facing Renewables and Agtech $1.37B -1% NET SALES § Bookings strength driving Backlog – up 10% § All 4 segments up in Q4 demonstrating solid momentum going forw
Slide 4: Solar Industry – Q4 2023 Update
SOLAR INDUSTRY – Q4 2023 UPDATE Inflation Reduction Act Project and booking delays as customers await final End market demand and new project pipeline Department of Treasury guidance in tax incentives continue to remain robust while we wait Tax Credits Permitting Local governments increasing capacit
Slide 5: Consolidated Financial Performance
CONSOLIDATED FINANCIAL PERFORMANCE 4TH QUARTER RESULTS TWELVE 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 20
Slide 6: Renewables
RENEWABLES 4TH QUARTER RESULTS TWELVE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q4 23 Q4 22 Q4 23 Q4 22 Q4 23 Q4 22 2023 2022 2023 2022 2023 2022 $87.7 $86.1 15.2% 17.9% $377.6 15.1% 15.8%
Slide 7: Residential
RESIDENTIAL 4TH QUARTER RESULTS TWELVE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q4 23 Q4 22 Q4 23 Q4 22 Q4 23 Q4 22 2023 2022 2023 2022 2023 2022 $179.3 $814.8 $171.9 $767.2 17.5% 19.2% 18
Slide 8: Agtech
AGTECH 4TH QUARTER RESULTS TWELVE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q4 23 Q4 22 Q4 23 Q4 22 Q4 23 Q4 22 2023 2022 2023 2022 2023 2022 $161.0 4.6% $140.9 9.9% $42.4 7.6% 7.2% $37.6 5
Slide 9: Infrastructure
INFRASTRUCTURE 4TH QUARTER RESULTS TWELVE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q4 23 Q4 22 Q4 23 Q4 22 Q4 23 Q4 22 2023 2022 2023 2022 2023 2022 $87.2 $19.4 23.1% $76.3 25.2% 18.6% 21.
Slide 10: Balance Sheet – Strong Free Cash Flow, Ample Liquidity
BALANCE SHEET – STRONG FREE CASH FLOW, AMPLE LIQUIDITY LIQUIDITY ($M) WORKING CAPITAL Revolver $495 GENERATED CASH OF $41M Cash 2023 Benefit $382 § Inventory $ 46M $322 § Other Liabilities $ 24M 2023 Offset by $396 § AR $ 15M $369 § AP $ 14M $304 2023 SHARE REPURCHASES $25M $99 $18 FREE CASH FLOW $1
Slide 11: 2024 Priorities – Remain Focused on Value Creation
2024 PRIORITIES – REMAIN FOCUSED ON VALUE CREATION STRATEGIC PILLARS GIBRALTAR PLAYBOOK 1. Drive growth, quality of earnings, strong cash performance, BUSINESS SYSTEM execute M&A to expand our industry positions 2. Execute 80 / 20 – win participation, expand margin, drive service levels PORTFOLIO 3.
Slide 12: 2024 Expectations
2024 EXPECTATIONS RENEWABLES MARKET CONDITIONS PRODUCTS POSITIONING 1. New 1P and 2P tracker § Backlog and order flow § Industry awaiting final continues to expand Treasury IRA guidelines technology selling well § Expect UFLPA importation 2. eBOS continues to gain § Expect sales and margin efficienc
Slide 13: 2024 Positioning
2024 POSITIONING AGTECH MARKET CONDITIONS PRODUCTS POSITIONING § Significant investment flowing § Well positioned to support U.S. into the N.A market 1. Design & Engineering and Canadian growers § Expansion needed to meet service with Grower Food Retail and Service experience § Invested in the right
Slide 14: 2024 Guidance
2024 GUIDANCE 2023* 2024 Net Sales $1.37B $1.43 – $1.48B Operating Income GAAP $150.7M $173.3 – $183.8M Adjusted $174.3M $193.3 – $203.8M Adjusted EBITDA $211.0M $229.5 – $241.3M Operating Margin GAAP 10.9% ~ 12.1% – 12.4% Adjusted 12.7% ~ 13.5% – 13.7% Adjusted EBITDA % 15.4% ~ 16.0% – 16.3% GAAP E
Slide 15: Gibraltar
GIBRALTAR February 21, 2024 GIBRALTAR