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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Gibraltar Industries Inc    ROCK

GIBRALTAR INDUSTRIES INC (ROCK)
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07/26GIBRALTAR INDUS : 2Q Earnings Snapshot
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07/26GIBRALTAR INDUS : Announces Second-Quarter 2018 Financial Results
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07/23GIBRALTAR INDUS : half-yearly earnings release
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GIBRALTAR INDUSTRIES : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

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07/26/2018 | 10:11pm CEST

Certain information set forth herein includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and, therefore, are or may be deemed to be, "forward-looking statements." These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "anticipates," "expects," "estimates," "seeks," "projects," "intends," "plans," "may," "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, competition, strategies and the industries in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in the "Risk Factors" disclosed in our Annual Report on Form 10-K. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity and the development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements contained herein. In addition, even if our results of operations, financial condition and liquidity and the development of the industries in which we operate are consistent with the forward-looking statements contained in this quarterly report, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements that we make herein speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Overview

Gibraltar Industries, Inc. (the "Company") is a leading manufacturer and
distributor of building products for residential, industrial, infrastructure,
renewable energy and conservation markets.
The Company operates and reports its results in the following three reporting
segments, entitled:
• Residential Products;


• Industrial and Infrastructure Products; and

• Renewable Energy and Conservation.




Our Residential Products segment services residential repair and remodeling
activity and new residential housing construction with products including roof
and foundation ventilation products, centralized mail systems and electronic
package solutions, rain dispersion products and accessories. This segment's
products are sold through major retail home centers, building material
wholesalers, distributor groups, residential contractors and directly to
multi-family property management companies.
Our Industrial and Infrastructure Products segment focuses on a variety of
markets including industrial and commercial construction, highway and bridge
construction, automotive, airports and energy and power generation markets with
products including perimeter security, expanded and perforated metal, plank
grating, architectural facades, as well as, expansion joints and structural
bearings for roadways and bridges. This segment sells its products through steel
fabricators and distributors, commercial and transportation contractors, and
original equipment manufacturers.
Our Renewable Energy and Conservation segment focuses on the design,
engineering, manufacturing and installation of solar racking systems and
commercial, institutional, and retail greenhouse structures. This segment's
services and products are provided directly to developers, power companies,
solar energy contractors, and institutional and commercial growers of plants.
As of June 30, 2018, we operated 41 facilities, comprised of 29 manufacturing
facilities, six distribution centers, and six offices, which are located in 17
states, Canada, China, and Japan. These facilities give us a base of operations
to provide customer support, delivery, service and quality to a number of
regional and national customers and providing us with manufacturing and
distribution primarily throughout North America and, to a lesser extent, Asia.

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Table of Contents


Business Strategy
Our business strategy focuses on significantly elevating and accelerating the
growth and financial returns of the Company. We strive to deliver best-in-class,
sustainable value creation for our shareholders for the long-term, and to
generate more earnings at a higher rate of return with a more efficient use of
capital year over year.
Our business strategy has four key elements, or "pillars," which consist of
operational excellence, product innovation, portfolio management and
acquisitions as a strategic accelerator. We believe that the continuing
implementation of these pillars will produce transformational change in the
Company's portfolio and performance, resulting in sustainable value creation for
our shareholders.
Operational excellence is our first pillar in this strategy. We focus on
reducing complexity, adjusting costs and simplifying our product offering
through 80/20 initiatives ("80/20"). 80/20 is the practice of focusing on our
largest and best opportunities (the "80") and eliminating complexity associated
with less profitable opportunities (the "20"). Implementation of 80/20, along
with in-lining and market rate of demand replenishment initiatives and
outsourcing initiatives for our "B" products across our businesses will improve
our profitability. Our next step in operational excellence is to concentrate on
selling and marketing strategies, known as trade focus, to drive organic growth
by developing new and innovative products which respond to our customers' needs
to simplify their operations.
Product innovation is our second strategic pillar where we focus on products
with patent protection, developed internally or through acquired product lines.
Innovation is centered on the allocation of new and existing resources to
opportunities that we believe will produce sustainable returns. Our focus is on
driving top line growth with new and innovative products. We are focused on
those products and technologies that have relevance to the end-user and can be
differentiated from our competition. We believe that development of these
innovative products and technologies will support our objectives to produce
sustainable returns for our shareholders.
The third pillar of our strategy is portfolio management, which involves the
evaluation of our product lines, customers and end markets with the objective of
allocating leadership time and financial resources to the highest-potential
platforms and businesses. We view portfolio management as a continuous process
that will remain an important part of our strategy as we look to improve the
Company's long-term financial performance. We are currently supporting all of
the businesses in our portfolio today.
The fourth pillar of our strategy is acquisitions, which we consider an
important part of the Company's transformation. Our low leverage, high liquidity
and strong cash flow enables us to consider larger acquisition targets. Our
executive leadership team continues to invest time and energy in prospecting for
and vetting of potential acquisition candidates. However, we remain committed to
only making acquisitions which will contribute long-term value to the Company
and its shareholders. We continue to seek acquisition prospects in attractive
end markets, with unique value propositions and patented products or
technologies. Our target markets include postal and parcel solutions,
residential building products, perimeter security, infrastructure, renewable
energy and conservation.
Overall, we believe our business strategy has enabled us to achieve stronger
financial results, make more efficient use of capital, and deliver higher
shareholder returns. We have and expect to continue to restructure our
operations, including consolidation of facilities, reducing overhead costs, and
controlling investments in inventory, which enables us to better react to
fluctuations in commodity costs and customer demand and has contributed to both
improved margins and cash flows.
Acquisitions and Divestitures
On February 22, 2017, the Company acquired all of the outstanding stock of
Package Concierge for approximately $19 million subject to a working capital
adjustment and certain other adjustments provided for in the stock purchase
agreement. The acquisition was financed through cash on hand. Package Concierge
is a leading provider of multifamily electronic package delivery locker systems
in the United States. The results of operations of Package Concierge have been
included within the Residential Products segment of the Company's consolidated
financial statements from the date of acquisition.
On February 6, 2017, the Company completed the sale of substantially all of its
U.S. bar grating product line assets to a third party. The Company had
previously announced, on December 2, 2016, its intentions to exit its U.S. bar
grating product line and its European residential solar racking business as part
of its portfolio management initiative. This action resulted in the sale and
closing of 3 facilities in early 2017. These assets were a part of our
Industrial and Infrastructure Products segment.

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Table of Contents


Economic Conditions
The end markets our businesses serve are subject to economic conditions that are
influenced by various factors. These factors include but are not limited to
changes in general economic conditions, interest rates, exchange rates,
commodity costs, demand for residential construction, demand for repair and
remodeling, governmental policies and funding, tax policies and incentives,
tariffs, trade policies, the level of non-residential construction and
infrastructure projects, need for protection of high value assets, demand for
renewable energy sources, and climate change. We believe the key elements of our
strategy will allow us to respond timely to changes in these factors.
Results of Operations
Three Months Ended June 30, 2018 Compared to the Three Months Ended June 30,
2017
The following table sets forth selected data from our consolidated statements of
operations and the related percentage of net sales for the three months ended
June 30, (in thousands):
                                                     2018                    2017
Net sales                                    $ 266,036    100.0 %   $ 247,627     100.0  %
Cost of sales                                  195,533     73.5 %     185,802      75.0  %
Gross profit                                    70,503     26.5 %      61,825      25.0  %
Selling, general, and administrative expense    38,229     14.4 %      36,895      14.9  %
Income from operations                          32,274     12.1 %      24,930      10.1  %
Interest expense                                 3,130      1.1 %       3,550       1.4  %
Other expense                                       13      0.0 %         353       0.2  %
Income before taxes                             29,131     11.0 %      21,027       8.5  %
Provision for income taxes                       6,294      2.4 %       7,853       3.2  %
Income from continuing operations               22,837      8.6 %      13,174       5.3  %
Loss from discontinued operations                    -      0.0 %        (405 )    (0.1 )%
Net income                                   $  22,837      8.6 %   $  12,769       5.2  %


The following table sets forth the Company's net sales by reportable segment for the three months ended June 30, (in thousands):

                                                                         Total
                                              2018          2017         Change
Net sales:
Residential Products                       $ 131,128     $ 127,252     $  3,876

Industrial and Infrastructure Products 61,561 57,926 3,635 Less: Intersegment sales

                        (368 )        (314 )        (54 )

Net Industrial and Infrastructure Products 61,193 57,612 3,581

Renewable Energy and Conservation 73,715 62,763 10,952 Consolidated

                               $ 266,036     $ 247,627     $ 18,409



Consolidated net sales increased by $18.4 million, or 7.4%, to $266.0 million for the three months ended June 30, 2018 compared to the three months ended June 30, 2017. The 7.4% increase was driven by higher sales across our three reportable segments, led by our Renewable Energy and Conservation segment, the result of a 4.3% increase in pricing to customers, along with a 3.1% increase in volume.

Net sales in our Residential Products segment increased 3.1%, or $3.9 million to $131.1 million for the three months ended June 30, 2018 compared to $127.3 million for the three months ended June 30, 2017. The increase over the prior year quarter was primarily driven by pricing actions.


                                       39

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Net sales in our Industrial and Infrastructure Products segment increased 6.2%, or $3.6 million to $61.2 million for the three months ended June 30, 2018 compared to $57.6 million for the three months ended June 30, 2017. Contributions from new innovative industrial products along with pricing actions drove the increased revenues as compared to the prior year. Net sales in our Renewable Energy and Conservation segment increased 17.5%, or $11.0 million to $73.7 million for the three months ended June 30, 2018 compared to $62.8 million for the three months ended June 30, 2017. The increase was the result of strong demand in both our domestic renewable energy and conservation markets and continued traction of innovative products. Our consolidated gross margin increased to 26.5% for the three months ended June 30, 2018 compared to 25.0% for the three months ended June 30, 2017. This increase was the result of higher-margin product mix, 80/20 profit improvement initiatives, and contributions from our new innovative products. Selling, general, and administrative (SG&A) expenses increased by $1.3 million, or 3.6%, to $38.2 million for the three months ended June 30, 2018 from $36.9 million for the three months ended June 30, 2017. The $1.3 million increase was the net result of $3.1 million of higher performance-based compensation expenses, partially offset by a $1.5 million decrease in restructuring charges relating to our 80/20 initiatives, as compared to the prior year quarter. The higher performance-based compensation costs are the result of improvements in return on invested capital year over year and an increasing average stock price in 2018. SG&A expenses as a percentage of net sales decreased to 14.4% for the three months ended June 30, 2018 compared to 14.9% for the three months ended June 30, 2017. The following table sets forth the Company's income from operations and income from operations as a percentage of net sales by reportable segment for the three months ended June 30, (in thousands):

© Edgar Online, source Glimpses

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Financials ($)
Sales 2018 1 045 M
EBIT 2018 110 M
Net income 2018 69,0 M
Finance 2018 60,0 M
Yield 2018 -
P/E ratio 2018 20,54
P/E ratio 2019 18,83
EV / Sales 2018 1,27x
EV / Sales 2019 1,14x
Capitalization 1 387 M
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Number of Analysts 3
Average target price 44,7 $
Spread / Average Target 2,6%
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Managers
NameTitle
Frank G. Heard President, Chief Executive Officer & Director
William Patrick Montague Chairman
John Neil Vice President-Strategic Operations
Timothy F. Murphy CFO, Principal Accounting officer & Senior VP
John L. Mehltretter Vice President-Information Technology
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