Gibraltar Industries, Inc. · NASDAQ:ROCK
Gibraltar Industries — Q1 2025 Earnings Presentation
17 slides from Gibraltar Industries's earnings presentation, Apr 30, 2025
Slide 1: First Quarter 2025 Earnings Call
FIRST QUARTER 2025 EARNINGS CALL April 30, 2025 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 2025 Review
FIRST QUARTER 2025 REVIEW NET SALES ADJUSTED ▪ End market softness in Residential early in Q1 offset by participation gains, NET SALES $290M 0.1% project timing in Infrastructure, and ongoing headwinds in Renewables ▪ Order backlog increased 30% to $434 million ADJUSTED INCOME & CASH 9.9% OPERATING
Slide 4: Residential
RESIDENTIAL ADJUSTED PROFIT MEASURES* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 $180.0 $182.4 18.8% 20.4% 18.0% 19.7% -1.3% -80 bps -70 bps NET SALES ADJUSTED OPERATING & EBITDA MARGIN ▪ Driven by lower retail store traffic and soft end market ▪ Driv
Slide 5: Residential – Market Overview and Expansion Initiatives
RESIDENTIAL – MARKET OVERVIEW AND EXPANSION INITIATIVES RECENT MARKET DYNAMICS PARTICIPATION EXPANSION INITIATIVES New Locations Added in Q1 ▪ Market started off slow in January and February but Fife, WA starting improving for the season in late March Missoula, MT Portland, OR Appleton, WI 1. Store
Slide 6: Residential Acquisitions – Expanding Metal Roofing Business
RESIDENTIAL ACQUISITIONS – EXPANDING METAL ROOFING BUSINESS TRANSACTION FACTS ▪ Completed two acquisitions on 3/31 specializing in Metal Roofing Panels & metal roofing systems, wall panels, and trim products Accessories ▪ 7 locations serving Southeast and Rocky Mountain regions – supports building p
Slide 7: Agtech
AGTECH ADJUSTED PROFIT MEASURES* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 $45.0 14.1% $34.0 10.8% 10.8% 8.1% +32.4% +270 bps +330 bps NET SALES ADJUSTED OPERATING & EBITDA MARGIN ▪ Sales increased 32% driven by the Lane acquisition ▪ Margin improvem
Slide 8: Agtech New Project Wins
AGTECH NEW PROJECT WINS HOUWELINGS ARIZONA UNIVERSITY OF KENTUCKY ▪ 28K square foot agricultural greenhouse facility designed for and built on roof of new Agricultural research building ▪ 120-acre retrofit project with phase 1 of three phases ▪ Also included a Teaching greenhouse designed and built
Slide 9: Renewables
RENEWABLES ADJUSTED PROFIT MEASURES* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 $51.5 9.1% 3.9% 8.1% 3.4% $43.7 -15.1% -50 bps +100 bps NET SALES ADJUSTED OPERATING & EBITDA MARGIN ▪ Net sales decreased $7.8M – impacted by lower ▪ Impacted by lower vo
Slide 10: Solar Industry Regulatory / Trade and End Market Update
SOLAR INDUSTRY REGULATORY / TRADE AND END MARKET UPDATE 2ND ANTI-DUMPING (AD) & COUNTERVAILING CURRENT SOLAR MARKET DYNAMICS DUTY (CVD) COMPLAINT Event AD CVD ▪ Tariff impact on imported products – panels, inverters, controls, etc. Petitions Filed April 24, 2024 April 24, 2024 ▪ Impact to PPA agreem
Slide 11: Renewables Market and Investments
RENEWABLES MARKET AND INVESTMENTS CURRENT MARKET SITUATION ONGOING INVESTMENTS FOR EXPANSION ▪ Bookings up 3% versus prior year, up ▪ Product investments 90% sequentially ̶ Tracker cloud software – “hail stow” launched ▪ Backlog down 23% versus prior year, up Q4 2024 and commissioning improvements 3
Slide 12: Infrastructure
INFRASTRUCTURE ADJUSTED PROFIT MEASURES* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 $21.3 $21.9 24.7% 28.2% 26.0% 22.4% -2.7% +230 bps +220 bps NET SALES ADJUSTED OPERATING & EBITDA MARGIN ▪ Project delays pushed some shipments into the second ▪ Stron
Slide 13: Balance Sheet – Ample Liquidity, Solid Free Cash Flow
BALANCE SHEET – AMPLE LIQUIDITY, SOLID FREE CASH FLOW LIQUIDITY ($M) WORKING CAPITAL Revolver $665 INVESTED CASH OF $20M Cash Q1 Investment $495 ▪ AR $ 7M ▪ Inventory $ 12M $395 $420 ▪ Other Liabilities $ 15M Q1 Offset by ▪ AP $ 12M $396 ▪ Other Assets $ 2M $395 REPURCHASED 915K SHARES $270 $179 $99
Slide 14: Share Repurchase Program
SHARE REPURCHASE PROGRAM Q1 2025 UPDATE ▪ Repurchased total of 3,588,416 shares under current authorization ▪ Market value $181.0 million ▪ Average price - $50.45 ▪ Through Q1 end, have expended ~91% of $200 million authorized ▪ Program ends on May 2, 2025 BOARD OF DIRECTORS AUTHORIZED NEW PROGRAM $
Slide 15: Reiterating 2025 Guidance – Four Drivers Supporting Plan
REITERATING 2025 GUIDANCE – FOUR DRIVERS SUPPORTING PLAN PLAN DRIVERS REVENUE PROFIT & EPS COMMENTS Order entry is on pace with Q2 plan 1 CURRENT DEMAND and solid backlog in place for 2nd half Developer uncertainty with tariff and 2 RENEWABLES AD/CVD impact for project financials Lane Supply and new
Slide 16: Reiterating 2025 Guidance
REITERATING 2025 GUIDANCE 2024* 2025 Net Sales $1.30B $1.40– $1.45B Operating Income GAAP $143.0M $174.5 – $185.0M Adjusted $167.3M $195.0 – $205.5M Adjusted EBITDA $203.9M $234.5 – $246.4M Operating Margin GAAP 10.9% ~ 12.5% – 12.8% Adjusted 12.9% ~ 13.9% – 14.2% Adjusted EBITDA % 15.7% ~ 16.7% – 1
Slide 17: Gibraltar
GIBRALTAR April 30, 2025 GIBRALTAR