Gibraltar Industries Inc (ROCK, Financial), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, announced its financial results for the third quarter of 2023 on November 2, 2023. The company reported a solid performance with GAAP EPS up by 19% and Adjusted EPS up by 23% on flat net sales.
Financial Highlights
Net sales remained flat, with GAAP earnings increasing to $39.3 million, or $1.28 per share. Adjusted net income increased by 19.0% to $42.5 million, or $1.38 per share, and adjusted EPS increased by 23.2% driven by solid execution. Free cash flow to net sales of 23.0% compared to 8.6% in the prior year was driven by improved margin performance and working capital management.
Segment Results
The Renewables segment saw a decrease in net sales by 4.2%, but adjusted operating margin increased by 380 basis points. The Residential segment reported a 5.6% increase in net sales, with adjusted operating income improving by 17.9%. The Agtech segment reported a decrease in net sales by 26.3% on an adjusted basis, while the Infrastructure segment reported a 22.5% increase in net sales.
Business Outlook
Given the results for the first nine months and the momentum into the fourth quarter, Gibraltar is raising its guidance for earnings for the full year 2023. GAAP EPS is now expected to range between $3.51 and $3.71, compared to $2.56 in 2022, and adjusted EPS is now expected to range between $4.05 and $4.15, compared to $3.40 in 2022. The outlook for consolidated net sales narrows to between $1.37 billion and $1.40 billion, compared to $1.38 billion in 2022.
About Gibraltar Industries Inc (ROCK, Financial)
Gibraltar Industries Inc (ROCK) is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. The company's mission is to make life better for people and the planet, fueled by advancing the disciplines of engineering, science, and technology.
Explore the complete 8-K earnings release (here) from Gibraltar Industries Inc for further details.
