Gibraltar Industries, Inc. · NASDAQ:ROCK
Gibraltar Industries — Q3 2024 Earnings Presentation
14 slides from Gibraltar Industries's earnings presentation, Oct 30, 2024
Slide 1: Third Quarter 2024 Earnings Call
THIRD QUARTER 2024 EARNINGS CALL October 30, 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: Third Quarter 2024 Review
THIRD QUARTER 2024 REVIEW NET SALES ADJUSTED ▪ Industry headwinds continued in both Residential and Renewables NET SALES $361M (6%) businesses while Agtech accelerated and Infrastructure remained solid ▪ Managing well in a dynamic environment and positioned well to navigate ADJUSTED near-term challe
Slide 4: Residential
RESIDENTIAL 3RD QUARTER RESULTS NINE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q3 24 Q3 23 Q3 24 Q3 23 Q3 24 Q3 23 YTD 24 YTD 23 YTD 24 YTD 23 YTD 24 YTD 23 $227.7 $611.8 $635.5 $212.4 21.4
Slide 5: Residential – Market Overview, Expansion Initiatives, New Products
RESIDENTIAL – MARKET OVERVIEW, EXPANSION INITIATIVES, NEW PRODUCTS RECENT MARKET DYNAMICS SHINGLE VENT ROLL ▪ Market remained slow in Q3 LAUNCHED IN Q3 ▪ Easier installation for contractors 1. Existing home sales continue to be soft ▪ Patents granted – design, utility, 2. Point-of-sale results down
Slide 6: Renewables
RENEWABLES 3rd QUARTER RESULTS NINE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q3 24 Q3 23 Q3 24 Q3 23 Q3 24 Q3 23 YTD 24 YTD 23 YTD 24 YTD 23 YTD 24 YTD 23 $101.6 $232.2 16.9% 19.0% $214.9
Slide 7: Renewables – Tracker Launch
RENEWABLES – TRACKER LAUNCH FOXGLOVE 97 MW TERRASMART TERRATRAK ▪ Booked 340+ MW across 64 projects with 18 different customers since launch ▪ Actively pursuing >1.6 GW pipeline in the U.S. DG solar market space 36 projects in construction + 12 more scheduled to start in Q4 2 projects in constructio
Slide 8: Solar Industry Regulatory / Trade Update
SOLAR INDUSTRY REGULATORY / TRADE UPDATE OUTCOME / RESULTS 1 UFLPA ▪ 5 manufacturers found attempting to avoid US duties by completing minor processing in 3rd countries 1st AD/CVD ▪ Duties may not be collected on panels imported during the Complaint Presidential Proclamation as long as they are inst
Slide 9: Agtech
AGTECH 3RD QUARTER RESULTS NINE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q3 24 Q3 23 Q3 24 Q3 23 Q3 24 Q3 23 YTD 24 YTD 23 YTD 24 YTD 23 YTD 24 YTD 23 $41.5 $110.1 10.1% 11.7% $98.5 8.4% 8
Slide 10: Agtech – Revenue Momentum Accelerating with New Projects
AGTECH – REVENUE MOMENTUM ACCELERATING WITH NEW PROJECTS BOEMBERRY FARMS KINGSONE FARMS PHASE 5 Complete in Q4 – Project value ~$25M PHASE 1 Starting in Q4 – Project value $35M+ ▪ Largest CEA strawberry ▪ 1st fully automated purpose- facility in the world built facility for lettuce ▪ 120 acres built
Slide 11: Infrastructure
INFRASTRUCTURE 3rd QUARTER RESULTS NINE MONTHS RESULTS ADJUSTED PROFIT MEASURES ADJUSTED PROFIT MEASURES NET SALES* OPERATING MARGIN* EBITDA MARGIN* NET SALES* OPERATING MARGIN* EBITDA MARGIN* Q3 24 Q3 23 Q3 24 Q3 23 Q3 24 Q3 23 YTD 24 YTD 23 YTD 24 YTD 23 YTD 24 YTD 23 $69.9 $67.9 $25.0 31.4% 28.6%
Slide 12: Balance Sheet – Free Cash Flow Remains Strong, Ample Liquidity
BALANCE SHEET – FREE CASH FLOW REMAINS STRONG, AMPLE LIQUIDITY LIQUIDITY ($M) WORKING CAPITAL Revolver $624 GENERATED CASH OF $20M Cash $495 Q3 Investment ▪ Inventory $ 4M ▪ Other Assets $ 8M $322 $395 Q3 Offset by ▪ AR $ 10M $396 ▪ AP $ 22M $304 REPURCHASED 139K SHARES $229 $179 $99 $99 FREE CASH F
Slide 13: Confirming Updated 2024 Guidance
CONFIRMING UPDATED 2024 GUIDANCE 2023* 2024 Adjusted Net Sales $1.36B $1.31 – $1.33B Operating Income GAAP $150.7M $141.0 – $146.7M Adjusted $173.1M $162.7 – $168.4M Adjusted EBITDA $209.3M $200.1 – $205.8M Operating Margin GAAP 10.9% 10.8% – 11.0% Adjusted 12.7% 12.4% – 12.6% Adjusted EBITDA % 15.4
Slide 14: Gibraltar
GIBRALTAR October 30, 2024 GIBRALTAR