Gibraltar Industries, Inc. · NASDAQ:ROCK
Gibraltar Industries — Q2 2012 Earnings Presentation
12 slides from Gibraltar Industries's earnings presentation, Aug 2, 2012
Slide 1: Second Quarter 2012 Earnings Call Presentation
Second Quarter 2012 Earnings Call Presentation August 2, 2012 The data in this package should be read in conjunction with the Gibraltar earnings g release.
Slide 2: Forward Looking Statements
2 FORWARD LOOKING STATEMENTS Certain information set forth in this presentation, other than historical statements, contains “forward forward-looking looking statements statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on curre
Slide 3: Q2 Overview
Q2 Overview 3 • Organic and acquisition-driven sales growth • Demand growth remains modest • Leverage from volume gains offset by West Coast reorganization costs and pricing • Well-positioned Well positioned on business mix mix, improved SG&A leverage and liquidity
Slide 4: Improved Business Mix
Improved Business Mix 4 • Residential: 50% of net sales • 75% repair i & remodel d l • Non-residential: 50% of net sales • 55% repair & replacement • Building g construction • Industrial (low exposure to Europe) • Infrastructure (new market for ROCK)
Slide 5: Top-Line Growth
Top-Line Growth 5 • Q2 growth fueled by industrial and infrastructure • DS Brown shipments from high backlog • Demand g growth in residential remodeling g and new build remained comparable • Ga Gaining g market a et sshare a e in retail eta cchannel a e • Focus on market share
Slide 6: Operational Performance
Operational Performance 6 • West Coast reorganization – Q2 expected peak • Less favorable mix • Working capital efficiency ff continued
Slide 7: Q2 Sequential Improvement
Q2 Sequential Improvement 7 2Q12 1Q12 $219.7 Revenues $192.2 Revenues • Organic increase from seasonal volume, predominately in +14% residential end market • Residential demand rose in all major U.S. regions Adjusted Operating $17.5 Operating Income Income* $8.9 • Margin improved 330 bps • Opera
Slide 8: YOY Performance
YOY Performance 8 YTD YTD 2Q12 2Q11 2Q12 2Q11 Revenues Revenues $219.7 • 60% of Q2 increase was organic; primarily in non- $208.8 $411.9 $372.4 residential industrial end markets residential, • DS Brown acquisition continues strong +5% +11% Operating Income Adjusted j • Margin down nearly 200 bp
Slide 9: Net Income / EPS
Net Income / EPS 9 YTD YTD 2Q12 2Q11 Var 2Q12 2Q11 Var Adjusted j operating p g income * $ 17.5 $ 20.9 $ ((3.4)) $ 26.5 $ 30.2 $ ((3.7)) Net interest expense (4.6) (5.0) 0.4 (9.3) (9.5) 0.2 Other non-operating income 0.3 - 0.3 0.3 0.1 0.2 Adjusted income tax expense* (4.5) (6.6) 2.1 (6.2) (8.3) 2.1
Slide 10: Continued Low Net Debt
Continued Low Net Debt 10 June '12 Mar '12 Dec '11 Dec '10 Short-Term Debt $ 0.4 $ 0.4 $ 0.4 $ 0.4 Long-Term Debt 206.5 206.8 206.8 206.8 Total Debt 206.9 207.2 207.2 207.2 Cash & Cash Equivalents 44.1 35.3 54.1 60.9 Net Debt $ 162.8 $ 171.9 $ 153.1 $ 146.3 Total Debt / Capitalization 31% 31% 31% 32
Slide 11: Summary
Summary 11 Positioned for greater profitability in a challenging market environment: • Reconfigured business since 2007 • Housing g starts drive only y 12.5%% of sales • Strong presence in non-traditional markets • Lower costs, richer mix and available capacity • Ample liquidity for acquisition-driv
Slide 12: Q&A
Q&A Ps GIBRALTAR INDUSTRIES