Core Viewpoint - Gibraltar Industries, Inc. (ROCK) reported strong second-quarter 2024 earnings despite missing top-line expectations, with adjusted earnings per share (EPS) increasing year-over-year [1][3]. Financial Performance - Adjusted EPS was $1.18, missing the Zacks Consensus Estimate of $1.26 by 6.4%, but increased by 2.6% year-over-year [3]. - Net sales totaled $353 million, falling short of the consensus mark of $370 million by 4.7% and decreasing 3.3% from the prior year's $364.9 million due to a slowdown in the Residential market [3]. Segmental Performance - **Renewable Energy**: Net sales increased by 2.5% year-over-year to $79.4 million, driven by demand for the new 1P tracker product, although order backlog fell by 10% [4]. - **Residential Products**: Net sales decreased by 6.1% year-over-year to $214.3 million, impacted by market slowdown and channel destocking, but adjusted operating margin expanded by 100 basis points to 20.3% [6][7]. - **Agtech**: Sales declined by 1.4% year-over-year, but adjusted sales increased by 0.6% to $34.5 million, with backlogs up 32% year-over-year [8]. - **Infrastructure**: Sales rose by 2.5% year-over-year to $24.8 million, with an adjusted operating margin expanding by 100 basis points to 25.1% [10][11]. Operating Highlights - Adjusted operating income declined by 4% to $47 million, with an adjusted operating margin contracting by 30 basis points to 13.4% [12]. - Adjusted EBITDA fell by 3% to $58 million, with the adjusted EBITDA margin decreasing by 10 basis points to 16.4% [12]. Balance Sheet & Cash Flow - As of June 30, 2024, the company had liquidity of $574 million, including cash and cash equivalents of $179 million, compared to $99.4 million at the end of 2023 [13]. - Net cash provided by operating activities in the first half of 2024 totaled $89.7 million, down from $114.1 million in the prior-year period [13]. 2024 Guidance - The company updated its net sales outlook for 2024 to $1.38-$1.42 billion, down from previous expectations of $1.43-$1.48 billion [14]. - GAAP EPS is expected to be in the range of $4.04-$4.29, while adjusted EPS is projected to be $4.57-$4.82 [14]. Market Outlook - The company anticipates strong revenue growth in the second half of 2024, particularly in Agtech and Infrastructure segments, with expectations for increased order flow [15].

This quarterly report represents an earnings surprise of -6.35%. A quarter ago, it was expected that this building-products company would post earnings of $0.76 per share when it actually produced earnings of $0.80, delivering a surprise of 5.26%. Gibraltar Industries, which belongs to the Zacks Building Products - Miscellaneous industry, posted revenues of $353.01 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4.65%. This compares to year-ago revenues of $364.91 million. T ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR Commission File Number: 000-22462 GIBRALTAR INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Delaware 16-1445150 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 3556 Lake Shore Road P.O. Box 2028 Bu ...

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) This section provides an overview of the company's consolidated financial performance for the second quarter of 2024 [Second Quarter 2024 Consolidated Results](index=1&type=section&id=Second%20Quarter%202024%20Consolidated%20Results) In Q2 2024, Gibraltar reported a slight decrease in net sales, with GAAP sales down 3.3% and adjusted sales down 2.0% year-over-year. However, the company achieved growth in profitability, with GAAP net income increasing by 4.9% and diluted EPS growing by 5.0%. The company also generated strong operating cash flow of $36 million Second Quarter 2024 Consolidated Results Summary (in millions, except per share amounts) | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | **GAAP Net Sales** | $353.0M | $364.9M | (3.3)% | | **Adjusted Net Sales** | $353.0M | $360.1M | (2.0)% | | **GAAP Net Income** | $32.2M | $30.7M | 4.9% | | **Adjusted Net Income** | $36.4M | $35.4M | 2.8% | | **GAAP Diluted EPS** | $1.05 | $1.00 | 5.0% | | **Adjusted Diluted EPS** | $1.18 | $1.15 | 2.6% | - Generated strong operating cash flow of **$36 million** during the quarter[3](index=3&type=chunk) - The company faced market headwinds from unexpected channel destocking in the Residential segment and customer project delays in the Renewables business[3](index=3&type=chunk) [Second Quarter Segment Results](index=2&type=section&id=Second%20Quarter%20Segment%20Results) This section details the financial performance of Gibraltar's Residential, Renewables, Agtech, and Infrastructure segments [Residential](index=2&type=section&id=Residential) The Residential segment's net sales decreased by 6.1% to $214.3 million due to a slowing market and channel destocking. Despite the sales decline, operating margin expanded by 100 basis points on an adjusted basis, driven by solid execution and effective price/cost management Residential Segment Performance (in millions, except percentages) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $214.3M | $228.2M | (6.1)% | | **Adjusted Operating Income** | $43.5M | $44.0M | (1.1)% | | **Adjusted Operating Margin** | 20.3% | 19.3% | +100 bps | - The sales decrease was driven by a slowing market and unexpected channel destocking, partially offset by participation gains and growth in ventilation product lines[75](index=75&type=chunk) [Renewables](index=2&type=section&id=Renewables) The Renewables segment saw an 8.2% increase in adjusted net sales to $79.4 million, driven by strong demand for its new 1P tracker product. However, both GAAP and adjusted operating margins declined significantly due to product mix and learning curve inefficiencies associated with the new product launch. Order backlog decreased by 10% as some customers paused new contracts due to trade and regulatory issues Renewables Segment Performance (in millions, except percentages) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | **Adjusted Net Sales** | $79.4M | $73.4M | 8.2% | | **Adjusted Operating Income** | $6.2M | $7.7M | (19.5)% | | **Adjusted Operating Margin** | 7.8% | 10.5% | (270) bps | - Net sales were driven by strong demand for the new 1P tracker product[7](index=7&type=chunk) - Operating margins were negatively impacted by product mix and the learning curve of the new 1P tracker product launch[8](index=8&type=chunk)[9](index=9&type=chunk) [Agtech](index=3&type=section&id=Agtech) The Agtech segment's adjusted net sales were flat, increasing by 0.6% to $34.5 million. The segment achieved a record-breaking $90 million in new bookings, a nearly 400% increase over Q1, leading to a 32% year-over-year rise in backlog. This strong order flow supports expectations for significant revenue growth in the second half of the year Agtech Segment Performance (in millions, except percentages) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | **Adjusted Net Sales** | $34.5M | $34.3M | 0.6% | | **Adjusted Operating Income** | $2.3M | $3.3M | (30.3)% | | **Adjusted Operating Margin** | 6.6% | 9.5% | (290) bps | - Achieved a record **$90 million** in new bookings during the quarter, an increase of nearly **400%** from Q1[31](index=31&type=chunk) - The strong bookings resulted in a **32%** increase in backlog compared to the prior year, supporting strong revenue growth expectations for the second half[3](index=3&type=chunk)[31](index=31&type=chunk) [Infrastructure](index=3&type=section&id=Infrastructure) The Infrastructure segment reported a 2.5% increase in net sales to $24.8 million. Operating income grew by 6.9%, and operating margin expanded by 100 basis points to 25.1%, attributed to effective price/cost alignment, strong execution, and favorable product mix Infrastructure Segment Performance (in millions, except percentages) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $24.8M | $24.2M | 2.5% | | **Operating Income** | $6.2M | $5.8M | 6.9% | | **Operating Margin** | 25.1% | 24.1% | +100 bps | - Margin expansion was driven by price/cost alignment, strong execution, **80/20** productivity initiatives, and improving product mix[32](index=32&type=chunk) [Business Outlook](index=4&type=section&id=Business%20Outlook) This section outlines the company's financial projections and strategic expectations for the full year 2024 [Full Year 2024 Guidance](index=4&type=section&id=Full%20Year%202024%20Guidance) Gibraltar has slightly adjusted its full-year 2024 net sales forecast to a range of $1.38 billion to $1.42 billion, reflecting slower conditions in Residential and Renewables markets, offset by strength in Agtech and Infrastructure. The company reaffirmed its EPS guidance, with GAAP EPS expected to be between $4.04 and $4.29, and adjusted EPS between $4.57 and $4.82 Full Year 2024 Guidance (in billions, except per share amounts) | Metric | 2024 Outlook | 2023 Actual | | :--- | :--- | :--- | | **Consolidated Net Sales** | $1.38B - $1.42B | $1.38B | | **GAAP EPS** | $4.04 - $4.29 | $3.59 | | **Adjusted EPS** | $4.57 - $4.82 | $4.09 | - The net sales outlook was adjusted to reflect slower market conditions in Residential and Renewables, offset by strength in Agtech and Infrastructure[33](index=33&type=chunk) - The outlook for both GAAP and adjusted EPS remains unchanged[12](index=12&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) This section presents the company's core financial statements, including consolidated statements of income, balance sheets, and cash flows [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) For the second quarter ended June 30, 2024, net sales were $353.0 million, a decrease from $364.9 million in the prior year. Despite lower sales, net income increased to $32.2 million from $30.7 million, driven by a lower provision for income taxes and a shift from interest expense to interest income Consolidated Statements of Income (in thousands, except per share amounts) | (In thousands) | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | **Net sales** | $353,005 | $364,914 | | **Gross profit** | $95,873 | $96,739 | | **Income from operations** | $42,469 | $43,077 | | **Net income** | $32,198 | $30,723 | | **Diluted EPS** | $1.05 | $1.00 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, Gibraltar's total assets increased to $1.38 billion from $1.26 billion at the end of 2023. The increase was primarily driven by higher cash and cash equivalents and accounts receivable. Total stockholders' equity also grew to $975.7 million from $915.0 million over the same period Consolidated Balance Sheets (in thousands) | (In thousands) | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $179,102 | $99,426 | | **Total current assets** | $591,865 | $462,251 | | **Total assets** | $1,376,941 | $1,256,451 | | **Total current liabilities** | $285,485 | $225,578 | | **Total stockholders' equity** | $975,671 | $914,998 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2024, net cash provided by operating activities was $89.7 million, compared to $114.1 million in the prior-year period. The decrease was mainly due to changes in working capital, particularly a larger increase in accounts receivable. The company's cash and cash equivalents increased by $79.7 million during the period, ending at $179.1 million Consolidated Statements of Cash Flows (in thousands) | (In thousands) | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $89,653 | $114,094 | | **Net cash used in investing activities** | ($8,357) | ($4,730) | | **Net cash used in financing activities** | ($1,447) | ($107,970) | | **Net increase in cash** | $79,676 | $1,013 | | **Cash at end of period** | $179,102 | $18,621 | [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) This section explains and reconciles the company's non-GAAP financial measures to their most directly comparable GAAP counterparts [Explanation of Adjusted Measures](index=5&type=section&id=Explanation%20of%20Adjusted%20Measures) The company uses non-GAAP financial measures such as adjusted net sales, adjusted operating income, and adjusted EPS to supplement its GAAP results. These measures exclude special charges like restructuring costs, acquisition-related items, senior leadership transition costs, and the results of divested or liquidated businesses. Management believes these adjusted figures provide a clearer view of core operating performance and facilitate comparisons across periods - Adjusted financial measures exclude special charges not considered directly related to ongoing business operations[35](index=35&type=chunk) - Specific exclusions include: restructuring costs, senior leadership transition costs, acquisition-related costs, and portfolio management actions (e.g., liquidated Processing business and sold Japan renewables business)[35](index=35&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides detailed tables reconciling GAAP financial results to the company's non-GAAP adjusted measures for various periods, including the second quarter, first six months, and full year. The reconciliations cover key metrics such as net sales, operating income, net income, EPS, and EBITDA, broken down by business segment where applicable Q2 2024 Income from Operations Reconciliation (in thousands) | Q2 2024 Income from Operations (In thousands) | GAAP | Adjustments | Adjusted | | :--- | :--- | :--- | :--- | | **Residential** | $43,313 | $145 | $43,458 | | **Renewables** | $1,647 | $4,562 | $6,209 | | **Agtech** | $2,282 | $11 | $2,293 | | **Infrastructure** | $6,215 | $0 | $6,215 | | **Unallocated corporate** | ($10,988) | $100 | ($10,888) | | **Consolidated** | **$42,469** | **$4,818** | **$47,287** | - The report includes detailed reconciliation tables for Q2 2024, Q2 2023, the six months ended June 30 for both years, and the full year 2023[23](index=23&type=chunk)[25](index=25&type=chunk)[62](index=62&type=chunk)

Highlights Black Rock South Results Project Soil sampling was completed across the property in a grid style to ensure complete coverage of the property. A total of 38 samples were completed at intervals of 300 meters. Soil samples were collected using shovel at a depth of ~20-30 cm. Top portion of the sample was included for a complete soil profile of any evaporite on surface within the property. Caution must be exercised in interpreting the results due to capillary action from evaporation and brine movemen ...

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VANCOUVER, BC, June 26, 2024 (GLOBE NEWSWIRE) -- AMERICAN SALARS LITHIUM INC. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: ASALF, FWB: Z3P, WKN: A3E2NY) announces it has received confirmation that the ALS Geochemistry Laboratory in Reno Nevada has received 121 samples collected from the Company's 100% owned Black Rock South Lithium Brine Project, located 11 miles north of the "Galt" claim group under option to Surge Battery Metals (CSE: NILI). Samples will be processed using Boyd RSD rotary crusher ...

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Gibraltar Industries, Inc. (NASDAQ:ROCK) Q1 2024 Earnings Conference Call May 1, 2024 9:00 AM ET Company Participants Carolyn Capaccio - LHA Investor Relations Bill Bosway - Chairman, President & Chief Executive Officer Tim Murphy - Chief Financial Officer Conference Call Participants Daniel Moore - CJS Securities Julio Romero - Sidoti & Company Walt Liptak - Seaport Global Securities Operator Greetings. Welcome to the Gibraltar Industries First Quarter 2024 Financial Results Conference Call. At this time, ...