Financial Performance - Adjusted net sales for Q2 2025 were $310 million, a 14% increase[13] - Adjusted EPS for Q2 2025 was $1.13, an 11% increase[13] - The company is establishing 2025 guidance for adjusted net sales between $1.15 billion and $1.20 billion, approximately a 16% increase compared to 2024's $1.01 billion[66] - The company is establishing 2025 guidance for adjusted EBITDA between $200.9 million and $212.4 million, approximately a 16% increase compared to 2024's $177.5 million[66] - The company is establishing 2025 guidance for adjusted EPS between $4.20 and $4.45, approximately a 13% increase compared to 2024's $3.82[66] Segment Results - Residential net sales for Q2 2025 were $230.3 million, an 8.9% increase compared to Q2 2024's $211.5 million[18] - Agtech net sales for Q2 2025 were $54.1 million, a 56.8% increase compared to Q2 2024's $34.5 million[29] - Infrastructure net sales for Q2 2025 were $25.2 million, a 1.6% increase compared to Q2 2024's $24.8 million[56] Portfolio and Strategy - The company invested $208 million year-to-date in selective M&A to build presence and scale core competencies[11] - Order backlog increased 43% to $278 million[15] - Renewables segment was classified as held-for-sale and a discontinued operation[15]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements detail decreased net income, increased assets, and reduced cash [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net sales | $309,517 | $273,624 | $555,874 | $514,634 | | Operating income | $39,506 | $40,822 | $68,161 | $70,914 | | Income from continuing operations | $29,438 | $30,984 | $52,553 | $53,938 | | (Loss) income from discontinued operations | $(3,434) | $1,214 | $(5,430) | $3,206 | | Net income | $26,004 | $32,198 | $47,123 | $57,144 | | Net earnings per share – Diluted | $0.87 | $1.05 | $1.56 | $1.86 | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Consolidated Comprehensive Income Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $26,004 | $32,198 | $47,123 | $57,144 | | Foreign currency translation adjustment | $2,262 | $(418) | $2,311 | $(1,382) | | Total comprehensive income | $28,266 | $31,780 | $49,434 | $55,762 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change (%) | | :-------------------------------------- | :-------------- | :---------------- | :--------- | | Cash and cash equivalents | $43,291 | $269,480 | **-83.9%** | | Trade receivables, net | $163,572 | $114,898 | **+42.4%** | | Inventories, net | $125,860 | $93,271 | **+34.9%** | | Assets of discontinued operations | $369,736 | $132,540 | **+179.0%** | | Total current assets | $753,509 | $651,332 | **+15.7%** | | Property, plant, and equipment, net | $121,053 | $87,079 | **+39.0%** | | Goodwill | $410,777 | $323,189 | **+27.1%** | | Acquired intangibles | $135,754 | $55,420 | **+145.0%** | | Total assets | $1,482,752 | $1,419,410 | **+4.5%** | | Total current liabilities | $296,278 | $254,862 | **+16.2%** | | Liabilities of discontinued operations | $93,948 | $83,483 | **+12.5%** | | Total stockholders' equity | $1,041,180 | $1,048,034 | **-0.7%** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Cash Flow Highlights (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change (%) | | :-------------------------------------- | :----------- | :----------- | :--------- | | Net cash provided by operating activities | $58,558 | $89,653 | **-34.7%** | | Net cash used in investing activities | $(222,528) | $(8,357) | **-2563.0%** | | Net cash used in financing activities | $(62,499) | $(1,447) | **-4218.5%** | | Net (decrease) increase in cash and cash equivalents | $(226,189) | $79,676 | **-384.0%** | | Acquisitions, net of cash acquired | $(192,946) | — | N/A | | Purchase of common stock at market prices | $(62,499) | $(1,447) | **-4218.5%** | [Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' Equity Changes (Six Months Ended June 30, 2025, in thousands) | Metric | Amount | | :-------------------------------------- | :------- | | Balance at December 31, 2024 | $1,048,034 | | Net income | $47,123 | | Foreign currency translation adjustment | $2,311 | | Stock compensation expense | $6,677 | | Common stock repurchased under stock repurchase program | $(60,000) | | Excise tax on repurchase of common stock | $(491) | | Balance at June 30, 2025 | $1,041,180 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [(1) BASIS OF PRESENTATION](index=9&type=section&id=(1)%20BASIS%20OF%20PRESENTATION) - The Renewables business was classified as discontinued operations in June 2025, representing a strategic shift to focus on Residential, Agtech, and Infrastructure segments[26](index=26&type=chunk)[27](index=27&type=chunk) - Interim financial results are not necessarily indicative of full-year results due to the Company's seasonal operations[24](index=24&type=chunk) [(2) TRADE RECEIVABLES, NET](index=9&type=section&id=(2)%20TRADE%20RECEIVABLES,%20NET) Allowance for Credit Losses (in thousands) | Metric | Amount | | :-------------------------------------- | :------- | | Beginning balance as of January 1, 2025 | $1,793 | | Bad debt expense, net of recoveries | $147 | | Accounts written off against allowance and other adjustments | $(50) | | Ending balance as of June 30, 2025 | $1,890 | [(3) REVENUE](index=9&type=section&id=(3)%20REVENUE) - Revenue is generated from a diverse range of products and services across residential (e.g., ventilation, mail systems, roofing), agtech (e.g., controlled environmental agriculture, greenhouses, structural canopies), and infrastructure (e.g., expansion joints, structural bearings) markets[30](index=30&type=chunk)[31](index=31&type=chunk) Unearned Revenue (in millions) | Date | Amount | | :---------------- | :------- | | June 30, 2025 | $0.8 | | December 31, 2024 | $0.7 | [(4) INVENTORIES, NET](index=10&type=section&id=(4)%20INVENTORIES,%20NET) Inventories, Net (in thousands) | Category | June 30, 2025 | December 31, 2024 | Change (%) | | :--------------- | :-------------- | :---------------- | :--------- | | Raw material | $77,579 | $48,019 | **+61.5%** | | Work-in-process | $3,657 | $4,195 | **-12.8%** | | Finished goods | $44,624 | $41,057 | **+8.7%** | | **Total inventories, net** | **$125,860** | **$93,271** | **+34.9%** | - Reserve for excess, obsolete and slow moving inventory increased slightly from **$3.0 million** at December 31, 2024, to **$3.1 million** at June 30, 2025[34](index=34&type=chunk) [(5) ACQUISITIONS](index=10&type=section&id=(5)%20ACQUISITIONS) - During Q1 2025, the Company acquired **three businesses acquired in 2025** for a total preliminary purchase consideration of **$208.2 million**, funded with cash on hand[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) Key Acquisition Details (Q1 2025) | Acquisition | Date | Segment | Purchase Consideration (in millions) | Preliminary Goodwill (in millions) | Acquired Intangible Assets (in millions) | | :-------------------------------- | :--------- | :-------- | :--------------------------------- | :------------------------------- | :------------------------------------- | | Lane Supply, Inc. | Feb 11, 2025 | Agtech | $118.0 | $38.3 (not tax deductible) | $67.1 (Trademarks, Customer relationships, Backlog) | | Two metal roofing manufacturers | Mar 31, 2025 | Residential | $90.2 | $48.3 (tax deductible) | $22.34 (Trademarks, Customer relationships) | - These acquisitions contributed approximately **$65.3 million** in net sales to the Company's consolidated statements of income from their respective acquisition dates through June 30, 2025[42](index=42&type=chunk) - Acquisition-related costs of **$3.1 million** were recognized within selling, general, and administrative expense for the six months ended June 30, 2025[43](index=43&type=chunk) [(6) GOODWILL AND RELATED INTANGIBLE ASSETS](index=13&type=section&id=(6)%20GOODWILL%20AND%20RELATED%20INTANGIBLE%20ASSETS) Goodwill by Segment (in thousands) | Segment | Balance at Dec 31, 2024 | Acquired Goodwill | Foreign Currency Translation | Balance at June 30, 2025 | | :-------------- | :---------------------- | :---------------- | :--------------------------- | :--------------------- | | Residential | $209,170 | $48,327 | — | $257,497 | | Agtech | $82,341 | $38,300 | $961 | $121,602 | | Infrastructure | $31,678 | — | — | $31,678 | | **Total** | **$323,189** | **$86,627** | **$961** | **$410,777** | Acquired Intangible Assets (in thousands) | Category | June 30, 2025 Gross Carrying Amount | December 31, 2024 Gross Carrying Amount | | :-------------------------- | :---------------------------------- | :---------------------------------- | | Indefinite-lived Trademarks | $19,570 | $19,570 | | Finite-lived Backlog | $5,300 | — | | Finite-lived Trademarks | $12,920 | $2,250 | | Finite-lived Unpatented technology | $26,711 | $26,569 | | Finite-lived Customer relationships | $124,265 | $50,650 | | Finite-lived Non-compete agreements | $500 | $709 | | **Total acquired intangible assets** | **$189,266** | **$99,748** | Amortization Expense (in thousands) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Amortization expense | $5,697 | $1,560 | $9,118 | $3,198 | Estimated Future Amortization Expense (in thousands) | Year | 2025 (remainder) | 2026 | 2027 | 2028 | 2029 | 2030 | | :------------------ | :--------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Amortization expense | $7,499 | $11,559 | $10,971 | $10,730 | $10,668 | $9,508 | [(7) LONG-TERM DEBT](index=14&type=section&id=(7)%20LONG-TERM%20DEBT) - The Company had no outstanding debt as of June 30, 2025, and December 31, 2024[50](index=50&type=chunk) Revolving Credit Facility Availability (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------------- | :-------------- | :---------------- | | Total revolving credit facility | $400,000 | $400,000 | | Less: standby letters of credit issued to third parties | $(5,054) | $(4,931) | | **Availability on revolving credit facility** | **$394,946** | **$395,069** | - The Company was in compliance with all financial covenants under its Credit Agreement as of June 30, 2025[51](index=51&type=chunk) [(8) EQUITY-BASED COMPENSATION](index=14&type=section&id=(8)%20EQUITY-BASED%20COMPENSATION) Equity-Based Awards Granted (Six Months Ended June 30) | Award Type | 2025 Number of Awards | 2025 Weighted-Average Grant-Date Fair Value | 2024 Number of Awards | 2024 Weighted-Average Grant-Date Fair Value | | :-------------------------- | :-------------------- | :---------------------------------------- | :-------------------- | :---------------------------------------- | | Performance stock units | 137,940 | $61.98 | 58,582 | $77.70 | | Restricted stock units | 57,119 | $64.20 | 33,846 | $77.95 | | Deferred stock units | 2,172 | $52.95 | 3,340 | $68.86 | | Common shares | 13,032 | $52.95 | 6,680 | $68.86 | Management Stock Purchase Plan (MSPP) Liabilities (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Total MSPP liabilities | $22,900 | $23,700 | | Current accrued expenses | $4,300 | $3,200 | | Non-current liabilities | $18,600 | $20,500 | | Value of restricted stock units within MSPP liabilities | $16,800 | $18,100 | [(9) EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS](index=15&type=section&id=(9)%20EXIT%20ACTIVITY%20COSTS%20AND%20ASSET%20IMPAIRMENTS) - The Company incurred **$2.8 million** in exit activity costs and asset impairment charges for the six months ended June 30, 2025, as part of restructuring initiatives to improve operating performance and optimize its business portfolio[61](index=61&type=chunk)[64](index=64&type=chunk) Total Exit Activity and Asset Impairment Charges (in thousands) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total charges | $1,582 | $160 | $2,818 | $226 | Exit Activity Costs by Segment (Six Months Ended June 30, 2025, in thousands) | Segment | Exit Activity | Asset Impairment | Total | | :-------------- | :------------ | :--------------- | :---- | | Residential | $2,355 | — | $2,355 | | Agtech | $275 | $157 | $432 | | Infrastructure | — | — | — | | Corporate | $31 | — | $31 | | **Total** | **$2,661** | **$157** | **$2,818** | [(10) INCOME TAXES](index=16&type=section&id=(10)%20INCOME%20TAXES) Provision for Income Taxes and Effective Tax Rates | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Provision for income taxes (in thousands) | $9,819 | $11,147 | $16,920 | $19,387 | | Effective tax rate | **25.0%** | **26.5%** | **24.4%** | **26.4%** | - The effective tax rate remained above the U.S. federal statutory rate of **21%** due to state taxes and nondeductible permanent differences, partially offset by favorable discrete items from stock-based compensation[65](index=65&type=chunk) [(11) EARNINGS PER SHARE](index=16&type=section&id=(11)%20EARNINGS%20PER%20SHARE) Weighted Average Shares Outstanding (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic weighted average shares outstanding | 29,717 | 30,588 | 30,027 | 30,580 | | Dilutive weighted average shares outstanding | 29,806 | 30,791 | 30,133 | 30,801 | [(12) SEGMENT INFORMATION](index=17&type=section&id=(12)%20SEGMENT%20INFORMATION) Net Sales by Reportable Segment (Three Months Ended June 30, in thousands) | Segment | 2025 Net Sales | 2024 Net Sales | Change (%) | | :-------------- | :------------- | :------------- | :--------- | | Residential | $230,258 | $214,316 | **+7.5%** | | Agtech | $54,092 | $34,508 | **+56.8%** | | Infrastructure | $25,167 | $24,800 | **+1.5%** | | **Total** | **$309,517** | **$273,624** | **+13.1%** | Segment Profit (Loss) (Three Months Ended June 30, in thousands) | Segment | 2025 Segment Profit (Loss) | 2024 Segment Profit | Change (%) | | :-------------- | :------------------------- | :------------------ | :--------- | | Residential | $43,611 | $43,313 | **+0.7%** | | Agtech | $(494) | $2,282 | **-121.6%** | | Infrastructure | $7,083 | $6,215 | **+13.9%** | Net Sales by Reportable Segment (Six Months Ended June 30, in thousands) | Segment | 2025 Net Sales | 2024 Net Sales | Change (%) | | :-------------- | :------------- | :------------- | :--------- | | Residential | $410,252 | $399,427 | **+2.7%** | | Agtech | $99,132 | $68,535 | **+44.6%** | | Infrastructure | $46,490 | $46,672 | **-0.4%** | | **Total** | **$555,874** | **$514,634** | **+8.0%** | Segment Profit (Six Months Ended June 30, in thousands) | Segment | 2025 Segment Profit | 2024 Segment Profit | Change (%) | | :-------------- | :------------------ | :------------------ | :--------- | | Residential | $74,871 | $77,659 | **-3.6%** | | Agtech | $2,891 | $4,890 | **-40.9%** | | Infrastructure | $12,341 | $11,111 | **+11.1%** | - Agtech segment's organic sales decreased due to delayed project starts, despite acquisition-driven revenue growth[100](index=100&type=chunk)[115](index=115&type=chunk) - Infrastructure segment demonstrated strong execution and demand, leading to improved operating margin[101](index=101&type=chunk)[107](index=107&type=chunk)[116](index=116&type=chunk)[121](index=121&type=chunk) [(13) DISCONTINUED OPERATIONS](index=20&type=section&id=(13)%20DISCONTINUED%20OPERATIONS) - In June 2025, the Renewables business was classified as held for sale and discontinued operations, reflecting a strategic shift to focus on Residential, Agtech, and Infrastructure segments[74](index=74&type=chunk) (Loss) Income before Taxes from Discontinued Operations (in thousands) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | (Loss) income before taxes | $(5,381) | $1,486 | $(8,544) | $3,799 | Assets and Liabilities of Discontinued Operations (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :-------------------------------------- | :-------------- | :---------------- | | Total assets classified as discontinued operations | $369,736 | $391,436 | | Total liabilities classified as discontinued operations | $93,948 | $92,866 | - No impairment adjustment was recognized for the Renewables business as its fair value less cost to sell was greater than its carrying amount[75](index=75&type=chunk) [(14) SUBSEQUENT EVENT](index=21&type=section&id=(14)%20SUBSEQUENT%20EVENT) - On July 31, 2025, the Company acquired a privately held metal roofing systems manufacturer for **$16.0 million** in cash, to be reported within the Residential segment[79](index=79&type=chunk) - The U.S. enacted the 'One Big Beautiful Bill Act of 2025' on July 4, 2025, but the Company does not expect any material change to its ongoing tax rate as a result of this legislation[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, condition, and outlook, covering business overview, trends, results, liquidity, and accounting estimates [Overview](index=22&type=section&id=Overview) - Gibraltar Industries, Inc. is a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets, primarily in North America[83](index=83&type=chunk) - The Company's continuing operations are supported by 36 facilities (31 manufacturing, 5 offices) located in 19 states, Canada, and China[84](index=84&type=chunk) - The Company's business strategy is built on three core pillars: Business System, Portfolio Management, and Organization Development, aimed at driving growth, improving operating performance, and developing talent[88](index=88&type=chunk)[91](index=91&type=chunk) [Recent Trends](index=23&type=section&id=Recent%20Trends) - The Company is closely monitoring macroeconomic conditions, including potential impacts from tariffs on raw materials (steel and aluminum), and volatility in demand, material costs, and logistics[86](index=86&type=chunk)[87](index=87&type=chunk) - In June 2025, the Company committed to selling its Renewables business, a strategic shift to focus its asset portfolio and resources on its Residential, Agtech, and Infrastructure segments[92](index=92&type=chunk) - A new share repurchase program of up to **$200 million** was authorized in April 2025, with a three-year duration[93](index=93&type=chunk) - In Q1 2025, the Company completed two significant acquisitions: Lane Supply for **$117 million** (Agtech segment) and two metal roofing manufacturers for **$90 million** (Residential segment)[94](index=94&type=chunk)[95](index=95&type=chunk) - The Company sold its electronic locker business within the Residential segment in December 2024 for net proceeds of **$28 million**[96](index=96&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) [Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024](index=24&type=section&id=Three%20Months%20Ended%20June%2030,%202025%20Compared%20to%20the%20Three%20Months%20Ended%20June%2030,%202024) Consolidated Financial Performance (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change (%) | | :-------------------------------------- | :----------- | :----------- | :--------- | | Net sales | $309,517 | $273,624 | **+13.1%** | | Gross profit | $87,835 | $83,328 | +5.4% | | Gross margin | 28.4% | 30.5% | -2.1 pp | | Selling, general, and administrative expense | $48,329 | $42,506 | +13.7% | | Income from operations | $39,506 | $40,822 | -3.2% | | Operating margin | 12.8% | 14.9% | -2.1 pp | - Consolidated net sales increased by **$35.9 million (13.1%)**, driven by **$50.0 million** from Q1 2025 acquisitions, partially offset by a **4% decrease** in organic revenue due to delayed Agtech projects and the prior year's electronic locker business sale[98](index=98&type=chunk) - Agtech segment operating margin declined to **(0.9)% from 6.6%** due to costs related to the Lane Supply acquisition and the impact of shifting large projects to the second half of the year[106](index=106&type=chunk) - Infrastructure segment operating margin improved to **28.1% from 25.1%**, driven by strong execution, supply chain management, and product line mix[107](index=107&type=chunk) [Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024](index=27&type=section&id=Six%20Months%20Ended%20June%2030,%202025%20Compared%20to%20the%20Six%20Months%20Ended%20June%2030,%202024) Consolidated Financial Performance (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change (%) | | :-------------------------------------- | :----------- | :----------- | :--------- | | Net sales | $555,874 | $514,634 | **+8.0%** | | Gross profit | $157,688 | $155,415 | +1.5% | | Gross margin | 28.4% | 30.2% | -1.8 pp | | Selling, general, and administrative expense | $89,527 | $84,501 | +5.9% | | Income from operations | $68,161 | $70,914 | -3.9% | | Operating margin | 12.3% | 13.8% | -1.5 pp | - Consolidated net sales increased by **$41.2 million (8.0%)**, driven by **$65.3 million** from current year acquisitions, partially offset by a **3.6% decrease** in organic revenue[113](index=113&type=chunk) - Residential segment operating margin declined to **18.3% from 19.4%** due to product mix and lower volume[119](index=119&type=chunk) - Agtech segment operating margin declined to **2.9% from 7.1%** due to acquisition costs and the impact of shifting large projects to the second half of the year[120](index=120&type=chunk) - Infrastructure segment operating margin improved to **26.5% from 23.8%** due to strong execution, supply chain management, and product line mix[121](index=121&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) [Sources of Liquidity](index=29&type=section&id=Sources%20of%20Liquidity) Liquidity Position (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $43,291 | $269,480 | | Availability on revolving credit facility | $394,946 | $395,069 | | **Total Liquidity** | **$438,237** | **$664,549** | - The Company's primary sources of liquidity are cash on hand and its **$400 million** revolving credit facility, with **$394.9 million** available as of June 30, 2025[127](index=127&type=chunk) [Uses of Cash / Cash Requirements](index=29&type=section&id=Uses%20of%20Cash%20/%20Cash%20Requirements) - Short-term cash requirements include accounts payable, employee and retiree benefit obligations, operating lease obligations, capital expenditures, and other purchase obligations[130](index=130&type=chunk) - Long-term capital requirements are for funding working capital, capital improvements, acquisitions, and strategically allocating capital through share repurchases[130](index=130&type=chunk) - A new **$200 million** share repurchase program was authorized in April 2025, with a three-year duration[131](index=131&type=chunk) [Cash Flows](index=30&type=section&id=Cash%20Flows) Cash Flow Summary (Six Months Ended June 30, in thousands) | Activity | 2025 | 2024 | Change (%) | | :-------------------------------------- | :----------- | :----------- | :--------- | | Operating activities of continuing operations | $48,630 | $90,411 | **-46.2%** | | Investing activities of continuing operations | $(221,554) | $(7,326) | **-2924.4%** | | Financing activities | $(62,499) | $(1,447) | **-4218.5%** | | Discontinued operations | $8,954 | $(1,789) | **+599.4%** | | Net (decrease) increase in cash and cash equivalents | $(226,189) | $79,676 | **-384.0%** | - Net cash provided by operating activities of continuing operations decreased significantly due to **$26.7 million** invested in working capital, primarily from increases in accounts receivable and inventory[136](index=136&type=chunk) - Net cash used in investing activities increased substantially due to **$192.9 million** for acquisitions and **$29.0 million** for capital expenditures[138](index=138&type=chunk) - Net cash used in financing activities increased significantly due to **$60.0 million** in common stock repurchases[140](index=140&type=chunk) [Critical Accounting Estimates](index=31&type=section&id=Critical%20Accounting%20Estimates) - The Company reinstated critical accounting estimates related to measuring and recognizing the fair value of assets acquired and liabilities assumed in significant business combinations due to the **three businesses acquired in 2025**[142](index=142&type=chunk) - Significant judgment and the use of independent valuation specialists are necessary to determine the fair value of long-lived assets and identified intangible assets in business combinations, using discounted cash flow methods, market appraisals, and other valuation techniques[143](index=143&type=chunk)[144](index=144&type=chunk) [Recent Accounting Pronouncements](index=31&type=section&id=Recent%20Accounting%20Pronouncements) - The Company determined that the adoption of recent accounting pronouncements would not have a material effect on its financial position, results of operations, or cash flows[28](index=28&type=chunk)[145](index=145&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Company faces market risks from economic conditions, competition, interest rates, foreign exchange, and raw material pricing, with no material changes - The Company is exposed to market risks including changes in general economic conditions, competition, interest rates, foreign exchange rates, and raw materials pricing and availability[146](index=146&type=chunk) - No material changes in market risk disclosures have occurred since December 31, 2024[146](index=146&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective as of June 30, 2025, with 2025 acquisitions excluded and a new ERP system implemented in Residential - The Company's disclosure controls and procedures were effective as of June 30, 2025[147](index=147&type=chunk) - The 2025 acquisitions (Lane Supply, Inc. and two metal roofing related businesses) will be excluded from management's annual report on internal control over financial reporting for the year ending December 31, 2025[148](index=148&type=chunk) - A new Enterprise Resource Planning (ERP) system was implemented for two operating units in the Residential segment, expected to improve user access security and automate accounting and reporting processes[148](index=148&type=chunk)[149](index=149&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The Company is involved in routine litigation, not expecting material adverse effects, with no material resolutions this quarter - The Company does not believe that the ultimate outcome of any pending litigation will have a material effect on its consolidated financial condition, results of operations, or liquidity[150](index=150&type=chunk) - No material legal proceedings were terminated, settled, or otherwise resolved during the quarter ended June 30, 2025[151](index=151&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the prior Form 10-Q and Annual Report on Form 10-K - No material changes from the risk factors previously disclosed in the Company's Form 10-Q for the quarter ended March 31, 2025, and the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[152](index=152&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) A new **$200 million** share repurchase program was authorized in April 2025, replacing the expired program, with no purchases or unregistered sales this quarter - A new share repurchase program of up to **$200 million** of common stock was authorized in April 2025, with a duration of three years, ending April 30, 2028[153](index=153&type=chunk) - The previously authorized share repurchase program expired on May 2, 2025[154](index=154&type=chunk) - The Company did not purchase shares during the quarter ended June 30, 2025, under the new program[154](index=154&type=chunk) [Item 3. Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the Company for the reporting period - Not applicable[155](index=155&type=chunk) [Item 4. Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company for the reporting period - Not applicable[156](index=156&type=chunk) [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or officers this quarter - None of the Company's directors or officers adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" during the quarter ended June 30, 2025[157](index=157&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance, Sarbanes-Oxley certifications, and XBRL files - Exhibits include amendments to the Certificate of Incorporation, Second Amended and Restated By-Laws, certifications by the CEO and CFO under Sections 302 and 906 of the Sarbanes–Oxley Act of 2002, and Inline XBRL documents[158](index=158&type=chunk) [SIGNATURES](index=34&type=section&id=SIGNATURES) The Quarterly Report on Form 10-Q was signed by the Chairman, President, CEO, and CFO on August 6, 2025 - The report was signed by William T. Bosway (Chairman of the Board, President and Chief Executive Officer) and Joseph A. Lovechio (Vice President and Chief Financial Officer) on August 6, 2025[161](index=161&type=chunk)

[Second Quarter 2025 Financial Highlights](index=1&type=section&id=second-quarter-2025-financial-highlights) [Overview of Performance](index=1&type=section&id=overview-of-performance) Gibraltar reported strong Q2 2025 with adjusted net sales up 14% and EPS up 11%, affirming full-year outlook - Adjusted Net Sales increased by **14%** and Adjusted EPS increased by **11%** in Q2 2025[3](index=3&type=chunk) - Generated **$44 million** of operating cash flow[3](index=3&type=chunk) - Backlog increased **43%** year-over-year in project-based businesses across Agtech and Infrastructure segments[3](index=3&type=chunk) - Gibraltar announced a plan to sell its Renewables business to focus on residential, agtech, and infrastructure segments[4](index=4&type=chunk) [Consolidated Results from Continuing Operations](index=1&type=section&id=consolidated-results-from-continuing-operations) Q2 2025 continuing operations reported GAAP net sales up 13.1% to $309.5 million and adjusted diluted EPS up 10.8% to $1.13 | Metric | 2025 ($Millions) | 2024 ($Millions) | Change | | :--- | :--- | :--- | :--- | | Net Sales (GAAP) | $309.5 | $273.6 | 13.1% | | Adjusted Net Sales | $309.5 | $270.8 | 14.3% | | Net Income (GAAP) | $29.4 | $31.0 | (5.2)% | | Adjusted Net Income | $33.6 | $31.4 | 7.0% | | Diluted EPS (GAAP) | $0.99 | $1.01 | (2.0)% | | Adjusted Diluted EPS | $1.13 | $1.02 | 10.8% | - GAAP net income decreased **5.2%** primarily due to acquisition integration-related costs[8](index=8&type=chunk) [Second Quarter Segment Results](index=2&type=section&id=second-quarter-segment-results) [Residential Segment](index=2&type=section&id=residential-segment) Residential adjusted net sales increased 8.9% to $230.3 million, driven by acquisitions and organic growth, boosting operating income | Metric | 2025 ($Millions) | 2024 ($Millions) | Change | | :--- | :--- | :--- | :--- | | Net Sales (GAAP) | $230.3 | $214.3 | 7.5% | | Adjusted Net Sales | $230.3 | $211.5 | 8.9% | | Operating Income (GAAP) | $43.6 | $43.3 | 0.7% | | Adjusted Operating Income | $45.0 | $43.1 | 4.4% | | Operating Margin (GAAP) | 18.9% | 20.2% | (130) bps | | Adjusted Operating Margin | 19.5% | 20.4% | (90) bps | - Organic growth in the building accessories business was **2.3%** in a market estimated to be down approximately **4% - 5%**[9](index=9&type=chunk) - Growth in metal roofing acquisitions and building accessories offset a slowing market for the mail and package business[9](index=9&type=chunk) [Agtech Segment](index=2&type=section&id=agtech-segment) Agtech adjusted net sales surged 56.8% to $54.1 million due to acquisition, with backlog up 71% despite project delays | Metric | 2025 ($Millions) | 2024 ($Millions) | Change | | :--- | :--- | :--- | :--- | | Net Sales (GAAP) | $54.1 | $34.5 | 56.8% | | Adjusted Net Sales | $54.1 | $34.5 | 56.8% | | Operating (Loss) / Income (GAAP) | $(0.5) | $2.3 | NMF | | Adjusted Operating Income | $3.0 | $2.3 | 30.4% | | Operating Margin (GAAP) | (0.9)% | 6.6% | (750) bps | | Adjusted Operating Margin | 5.6% | 6.6% | (100) bps | - Sales growth benefited from the acquisition of Lane Supply, offsetting delays in three larger controlled environment agriculture (CEA) projects[13](index=13&type=chunk) - Backlog increased **71%** year-over-year, with organic backlog increasing **33%** excluding Lane Supply[13](index=13&type=chunk) - GAAP operating loss was driven by acquisition integration-related costs associated with Lane Supply[14](index=14&type=chunk) [Infrastructure Segment](index=3&type=section&id=infrastructure-segment) Infrastructure net sales increased 1.6% to $25.2 million, with operating margins up 300 bps to 28.1% due to strong execution | Metric | 2025 ($Millions) | 2024 ($Millions) | Change | | :--- | :--- | :--- | :--- | | Net Sales (GAAP) | $25.2 | $24.8 | 1.6% | | Adjusted Net Sales | $25.2 | $24.8 | 1.6% | | Operating Income (GAAP) | $7.1 | $6.2 | 14.5% | | Adjusted Operating Income | $7.1 | $6.2 | 14.5% | | Operating Margin (GAAP) | 28.1% | 25.1% | 300 bps | | Adjusted Operating Margin | 28.1% | 25.1% | 300 bps | - Net sales and backlog increased **1.6%** and **3.0%** respectively, driven by strong execution, demand, and new project quoting activity[15](index=15&type=chunk) - Operating margins increased **300 basis points** due to strong execution, supply chain management, and product line mix[16](index=16&type=chunk) [Business Outlook](index=3&type=section&id=business-outlook) [2025 Full Year Guidance](index=3&type=section&id=2025-full-year-guidance) Gibraltar's 2025 full-year guidance projects consolidated net sales of $1.15-$1.20 billion and adjusted EPS of $4.20-$4.45 - 2025 full year outlook for continuing operations remains on track for solid revenue, margin, and cash flow performance[17](index=17&type=chunk) | Metric | 2025 Guidance | 2024 Actual (Recast) | | :--- | :--- | :--- | | Consolidated Net Sales | $1.15 billion - $1.20 billion | $1.02 billion (GAAP), $1.01 billion (Adjusted) | | GAAP EPS | $3.67 - $3.91 | $4.58 (included gain on sale) | | Adjusted EPS | $4.20 - $4.45 | $3.82 | - Company plans to deploy resources for organic growth and M&A opportunities, and opportunistically execute its share repurchase program[17](index=17&type=chunk) [Company Information & Disclosures](index=4&type=section&id=company-information-disclosures) [Conference Call Details](index=4&type=section&id=conference-call-details) A conference call for Q2 2025 results is scheduled for August 6, 2025, at 9:00 a.m. ET, accessible via webcast or dial-in - Conference call to review Q2 2025 results on **August 6, 2025, at 9:00 a.m. ET**[20](index=20&type=chunk) - Webcast accessible through the Investors section of www.gibraltar1.com; call also accessible by dialing **(888) 396-8049** or **(416) 764-8646**[20](index=20&type=chunk) [About Gibraltar](index=4&type=section&id=about-gibraltar) Gibraltar is a leading manufacturer for residential, agtech, and infrastructure markets, aiming to improve life through engineering and technology - Gibraltar is a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets[21](index=21&type=chunk) - Mission: to make life better for people and the planet, fueled by advancing engineering, science, and technology[21](index=21&type=chunk) [Forward-Looking Statements](index=5&type=section&id=forward-looking-statements) Forward-looking statements are subject to risks and uncertainties, including economic conditions and supply chain issues, investors advised to review Form 10-K - Statements are forward-looking and subject to risks, uncertainties, and assumptions that could cause actual results to differ materially[23](index=23&type=chunk) - Risk factors include tariffs, economic conditions, raw material availability and pricing, supply chain challenges, loss of key customers, inflation, competitive factors, and the ability to realize synergies from newly acquired businesses[23](index=23&type=chunk) - Investors are strongly advised to read the "Risk Factors" section in the most recent annual report on Form 10-K[23](index=23&type=chunk) [Adjusted Financial Measures Explanation](index=5&type=section&id=adjusted-financial-measures-explanation) Gibraltar uses non-GAAP adjusted financial measures to supplement GAAP results, excluding special charges and discontinued operations, to show core performance - Non-GAAP financial measures include adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted EPS, free cash flow, and Adjusted EBITDA[24](index=24&type=chunk) - Adjustments exclude special charges such as restructuring costs, senior leadership transition costs, acquisition-related costs, and portfolio management items, and include the impact of classifying the Renewables segment as a discontinued operation[24](index=24&type=chunk)[26](index=26&type=chunk) - These adjusted measures provide meaningful supplemental data to investors and management, indicative of core operating results, and facilitate comparison across periods and with other companies[26](index=26&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=consolidated-financial-statements) [Consolidated Statements of Income](index=7&type=section&id=consolidated-statements-of-income) Consolidated statements of income detail revenues, costs, and profits for Q2 and H1 2025 and 2024, distinguishing continuing and discontinued operations | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $309,517 | $273,624 | $555,874 | $514,634 | | Gross profit | $87,835 | $83,328 | $157,688 | $155,415 | | Operating income | $39,506 | $40,822 | $68,161 | $70,914 | | Income from continuing operations | $29,438 | $30,984 | $52,553 | $53,938 | | (Loss) income from discontinued operations | $(3,434) | $1,214 | $(5,430) | $3,206 | | Net income | $26,004 | $32,198 | $47,123 | $57,144 | | Diluted EPS from continuing operations | $0.99 | $1.01 | $1.74 | $1.75 | | Diluted Net income per share | $0.87 | $1.05 | $1.56 | $1.86 | [Consolidated Balance Sheets](index=8&type=section&id=consolidated-balance-sheets) Consolidated balance sheets present assets, liabilities, and equity as of June 30, 2025, and December 31, 2024, highlighting changes in cash and discontinued operations | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $43,291 | $269,480 | | Total current assets | $753,509 | $651,332 | | Property, plant, and equipment, net | $121,053 | $87,079 | | Goodwill | $410,777 | $323,189 | | Acquired intangibles | $135,754 | $55,420 | | Total Assets | $1,482,752 | $1,419,410 | | Total current liabilities | $296,278 | $254,862 | | Total stockholders' equity | $1,041,180 | $1,048,034 | [Consolidated Statements of Cash Flows](index=9&type=section&id=consolidated-statements-of-cash-flows) Consolidated statements of cash flows detail cash from operating, investing, and financing activities for H1 2025 and 2024, showing decreased operating cash and increased investing outflows | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities of continuing operations | $48,630 | $90,411 | | Net cash provided by (used in) operating activities of discontinued operations | $9,928 | $(758) | | Net cash provided by operating activities | $58,558 | $89,653 | | Net cash used in investing activities of continuing operations | $(221,554) | $(7,326) | | Net cash used in investing activities of discontinued operations | $(974) | $(1,031) | | Net cash used in investing activities | $(222,528) | $(8,357) | | Net cash used in financing activities | $(62,499) | $(1,447) | | Net (decrease) increase in cash and cash equivalents | $(226,189) | $79,676 | | Cash and cash equivalents at end of period | $43,291 | $179,102 | - Acquisitions, net of cash acquired, resulted in a cash outflow of **$192,946 thousand** in the first six months of 2025[38](index=38&type=chunk) - Purchase of common stock at market prices increased significantly to **$62,499 thousand** in the first six months of 2025[38](index=38&type=chunk) [Reconciliation of GAAP and Adjusted Financial Measures](index=10&type=section&id=reconciliation-of-gaap-and-adjusted-financial-measures) [Three Months Ended June 30, 2025](index=10&type=section&id=three-months-ended-june-30-2025) This section reconciles GAAP to adjusted financial measures for Q2 2025, detailing adjustments for restructuring and acquisition costs across consolidated and segment income and margins [Income and EPS Reconciliation](index=10&type=section&id=income-and-eps-reconciliation-q2-2025) | Metric | GAAP (in thousands) | Adjustments (in thousands) | Adjusted (in thousands) | | :--- | :--- | :--- | :--- | | Income before taxes | $39,257 | $1,582 (Restructuring) + $3,849 (Acquisition Costs) | $44,688 | | Provision for income taxes | $9,819 | $337 (Restructuring) + $893 (Acquisition Costs) | $11,049 | | Net income from continuing operations | $29,438 | $1,245 (Restructuring) + $2,956 (Acquisition Costs) | $33,639 | | Net income from continuing operations per share - diluted | $0.99 | $0.04 (Restructuring) + $0.10 (Acquisition Costs) | $1.13 | [Operating Income and Margin Reconciliation](index=10&type=section&id=operating-income-and-margin-reconciliation-q2-2025) | Metric | GAAP Operating Margin | Restructuring Charges | Acquisition Related Costs | Adjusted Operating Margin | | :--- | :--- | :--- | :--- | :--- | | Consolidated | 12.8 % | 0.5 % | 1.2 % | 14.5 % | | Residential | 18.9 % | 0.5 % | — % | 19.5 % | | Agtech | (0.9)% | 0.7 % | 5.9 % | 5.6 % | | Infrastructure | 28.1 % | — % | — % | 28.1 % | | Metric (in thousands) | GAAP Income from Operations | Restructuring Charges | Acquisition Related Costs | Adjusted Income from Operations | | :--- | :--- | :--- | :--- | :--- | | Consolidated | $39,506 | $1,582 | $3,849 | $44,937 | | Residential | $43,611 | $1,218 | $132 | $44,961 | | Agtech | $(494) | $364 | $3,170 | $3,040 | | Infrastructure | $7,083 | — | — | $7,083 | [Detailed Adjusted Measures](index=15&type=section&id=detailed-adjusted-measures-q2-2025) | Metric (in thousands) | Consolidated | Residential | Agtech | Infrastructure | | :--- | :--- | :--- | :--- | :--- | | Adjusted Operating Profit | $44,937 | $44,961 | $3,040 | $7,083 | | Adjusted Operating Margin | 14.5 % | 19.5 % | 5.6 % | 28.1 % | | Adjusted EBITDA | $55,063 | $48,821 | $5,116 | $7,858 | | Adjusted EBITDA Margin | 17.8 % | 21.2 % | 9.5 % | 31.2 % | | Free Cash Flow | $25,342 | | | | | Free Cash Flow - % of Adjusted Net Sales | 8.2 % | | | | [Three Months Ended June 30, 2024](index=11&type=section&id=three-months-ended-june-30-2024) This section reconciles GAAP to adjusted financial measures for Q2 2024, including adjustments for discontinued operations, restructuring, and portfolio management [Income and EPS Reconciliation](index=11&type=section&id=income-and-eps-reconciliation-q2-2024) | Metric | GAAP (in thousands) | Adjustments (in thousands) | Adjusted (in thousands) | | :--- | :--- | :--- | :--- | | Income before taxes | $42,131 | $580 (Restructuring) - $370 (Portfolio Mgmt) | $42,341 | | Provision for income taxes | $11,147 | $(79) (Restructuring) - $89 (Portfolio Mgmt) | $10,979 | | Net income from continuing operations | $30,984 | $659 (Restructuring) - $281 (Portfolio Mgmt) | $31,362 | | Net income from continuing operations per share - diluted | $1.01 | $0.02 (Restructuring) - $0.01 (Portfolio Mgmt) | $1.02 | [Operating Income and Margin Reconciliation](index=11&type=section&id=operating-income-and-margin-reconciliation-q2-2024) | Metric | GAAP Operating Margin | Restructuring & Other Charges | Portfolio Management | Adjusted Operating Margin Recast | | :--- | :--- | :--- | :--- | :--- | | Consolidated | 14.9 % | 0.1 % | (0.1)% | 15.0 % | | Residential | 20.2 % | 0.1 % | (0.2)% | 20.4 % | | Agtech | 6.6 % | — % | — % | 6.6 % | | Infrastructure | 25.1 % | — % | — % | 25.1 % | | Metric (in thousands) | GAAP Income from Operations | Restructuring & Other Charges | Portfolio Management | Adjusted Income from Operations Recast | | :--- | :--- | :--- | :--- | :--- | | Consolidated | $40,822 | $256 | $(370) | $40,708 | | Residential | $43,313 | $145 | $(370) | $43,088 | | Agtech | $2,282 | $11 | — | $2,293 | | Infrastructure | $6,215 | — | — | $6,215 | [Detailed Adjusted Measures](index=16&type=section&id=detailed-adjusted-measures-q2-2024) | Metric (in thousands) | Consolidated | Residential | Agtech | Infrastructure | | :--- | :--- | :--- | :--- | :--- | | Adjusted Net Sales Recast | $270,816 | $211,508 | $34,508 | $24,800 | | Adjusted Operating Profit | $40,708 | $43,088 | $2,293 | $6,215 | | Adjusted Operating Margin | 15.0 % | 20.4 % | 6.6 % | 25.1 % | | Adjusted EBITDA Recast | $48,985 | $46,010 | $3,195 | $7,026 | | Adjusted EBITDA Margin Recast | 18.1 % | 21.8 % | 9.3 % | 28.3 % | | Free Cash Flow | $43,138 | | | | | Free Cash Flow - % of Adjusted Net Sales | 15.9 % | | | | [Six Months Ended June 30, 2025](index=12&type=section&id=six-months-ended-june-30-2025) This section reconciles GAAP to adjusted financial measures for H1 2025, detailing adjustments for restructuring and acquisition costs across consolidated and segment income and margins [Income and EPS Reconciliation](index=12&type=section&id=income-and-eps-reconciliation-h1-2025) | Metric | GAAP (in thousands) | Adjustments (in thousands) | Adjusted (in thousands) | | :--- | :--- | :--- | :--- | | Income before taxes | $69,473 | $2,818 (Restructuring) + $8,104 (Acquisition Costs) | $80,395 | | Provision for income taxes | $16,920 | $637 (Restructuring) + $1,891 (Acquisition Costs) | $19,448 | | Net income from continuing operations | $52,553 | $2,181 (Restructuring) + $6,213 (Acquisition Costs) | $60,947 | | Net income from continuing operations per share - diluted | $1.74 | $0.07 (Restructuring) + $0.21 (Acquisition Costs) | $2.02 | [Operating Income and Margin Reconciliation](index=12&type=section&id=operating-income-and-margin-reconciliation-h1-2025) | Metric | GAAP Operating Margin | Restructuring Charges | Acquisition Related Costs | Adjusted Operating Margin | | :--- | :--- | :--- | :--- | :--- | | Consolidated | 12.3 % | 0.5 % | 1.4 % | 14.2 % | | Residential | 18.3 % | 0.6 % | — % | 18.9 % | | Agtech | 2.9 % | 0.4 % | 4.6 % | 8.0 % | | Infrastructure | 26.5 % | — % | — % | 26.5 % | | Metric (in thousands) | GAAP Income from Operations | Restructuring Charges | Acquisition Related Costs | Adjusted Income from Operations | | :--- | :--- | :--- | :--- | :--- | | Consolidated | $68,161 | $2,818 | $8,115 | $79,094 | | Residential | $74,871 | $2,355 | $132 | $77,358 | | Agtech | $2,891 | $432 | $4,589 | $7,912 | | Infrastructure | $12,341 | — | — | $12,341 | [Detailed Adjusted Measures](index=17&type=section&id=detailed-adjusted-measures-h1-2025) | Metric (in thousands) | Consolidated | Residential | Agtech | Infrastructure | | :--- | :--- | :--- | :--- | :--- | | Adjusted Operating Profit | $79,094 | $77,358 | $7,912 | $12,341 | | Adjusted Operating Margin | 14.2 % | 18.9 % | 8.0 % | 26.5 % | | Adjusted EBITDA | $97,298 | $84,197 | $11,464 | $13,880 | | Adjusted EBITDA Margin | 17.5 % | 20.5 % | 11.6 % | 29.9 % | | Free Cash Flow | $19,670 | | | | | Free Cash Flow - % of Adjusted Net Sales | 3.5 % | | | | [Six Months Ended June 30, 2024](index=13&type=section&id=six-months-ended-june-30-2024) This section reconciles GAAP to adjusted financial measures for H1 2024, including adjustments for discontinued operations, restructuring, and portfolio management [Income and EPS Reconciliation](index=13&type=section&id=income-and-eps-reconciliation-h1-2024) | Metric | GAAP (in thousands) | Adjustments (in thousands) | Adjusted (in thousands) | | :--- | :--- | :--- | :--- | | Income before taxes | $73,325 | $674 (Restructuring) - $298 (Portfolio Mgmt) | $73,701 | | Provision for income taxes | $19,387 | $(306) (Restructuring) - $72 (Portfolio Mgmt) | $19,009 | | Net income from continuing operations | $53,938 | $980 (Restructuring) - $226 (Portfolio Mgmt) | $54,692 | | Net income from continuing operations per share - diluted | $1.75 | $0.04 (Restructuring) - $0.01 (Portfolio Mgmt) | $1.78 | [Operating Income and Margin Reconciliation](index=13&type=section&id=operating-income-and-margin-reconciliation-h1-2024) | Metric | GAAP Operating Margin | Restructuring & Other Charges | Portfolio Management | Adjusted Operating Margin Recast | | :--- | :--- | :--- | :--- | :--- | | Consolidated | 13.8 % | — % | (0.1)% | 14.0 % | | Residential | 19.4 % | — % | (0.1)% | 19.7 % | | Agtech | 7.1 % | 0.2 % | — % | 7.4 % | | Infrastructure | 23.8 % | — % | — % | 23.8 % | | Metric (in thousands) | GAAP Income from Operations | Restructuring & Other Charges | Portfolio Management | Adjusted Income from Operations Recast | | :--- | :--- | :--- | :--- | :--- | | Consolidated | $70,914 | $453 | $(298) | $71,069 | | Residential | $77,659 | $73 | $(298) | $77,434 | | Agtech | $4,890 | $149 | — | $5,039 | | Infrastructure | $11,111 | — | — | $11,111 | [Detailed Adjusted Measures](index=18&type=section&id=detailed-adjusted-measures-h1-2024) | Metric (in thousands) | Consolidated | Residential | Agtech | Infrastructure | | :--- | :--- | :--- | :--- | :--- | | Adjusted Net Sales Recast | $509,081 | $393,874 | $68,535 | $46,672 | | Adjusted Operating Profit | $71,069 | $77,434 | $5,039 | $11,111 | | Adjusted Operating Margin | 14.0 % | 19.7 % | 7.4 % | 23.8 % | | Adjusted EBITDA Recast | $86,674 | $83,252 | $6,865 | $12,721 | | Adjusted EBITDA Margin Recast | 17.0 % | 21.1 % | 10.0 % | 27.3 % | | Free Cash Flow | $83,085 | | | | | Free Cash Flow - % of Adjusted Net Sales | 16.3 % | | | | [Year Ended December 31, 2024](index=14&type=section&id=year-ended-december-31-2024) This section reconciles GAAP to adjusted financial measures for FY 2024, including adjustments for discontinued operations, restructuring, and portfolio management [Income and EPS Reconciliation](index=14&type=section&id=income-and-eps-reconciliation-fy-2024) | Metric | GAAP (in thousands) | Adjustments (in thousands) | Adjusted (in thousands) | | :--- | :--- | :--- | :--- | | Income before taxes | $178,556 | $2,350 (Restructuring) - $26,005 (Portfolio Mgmt) | $154,901 | | Provision for income taxes | $37,770 | $138 (Restructuring) - $421 (Portfolio Mgmt) | $37,487 | | Net income from continuing operations | $140,786 | $2,212 (Restructuring) - $25,584 (Portfolio Mgmt) | $117,414 | | Net income from continuing operations per share - diluted | $4.58 | $0.07 (Restructuring) - $0.83 (Portfolio Mgmt) | $3.82 | [Operating Income and Margin Reconciliation](index=14&type=section&id=operating-income-and-margin-reconciliation-fy-2024) | Metric | GAAP Operating Margin | Restructuring & Other Charges | Portfolio Management | Adjusted Operating Margin Recast | | :--- | :--- | :--- | :--- | :--- | | Consolidated | 13.6 % | 0.9 % | (0.1)% | 14.7 % | | Residential | 19.0 % | 0.1 % | (0.1)% | 19.3 % | | Agtech | 7.2 % | 4.2 % | — % | 11.5 % | | Infrastructure | 24.2 % | — % | — % | 24.2 % | | Metric (in thousands) | GAAP Income from Operations | Restructuring & Other Charges | Portfolio Management | Adjusted Income from Operations Recast | | :--- | :--- | :--- | :--- | :--- | | Consolidated | $139,674 | $9,568 | $(740) | $148,502 | | Residential | $148,784 | $801 | $(740) | $148,845 | | Agtech | $11,040 | $6,477 | — | $17,517 | | Infrastructure | $21,295 | — | — | $21,295 |

Vancouver, BC, July 29, 2025 (GLOBE NEWSWIRE) -- Trident Resources Corp. (TSX-V: ROCK) (OTCQB: TRDTF) ("Trident" or the "Company" or the "Optionee") is pleased to announce that it has signed an option agreement (the "Agreement") with an individual land owner ("Optionor") pursuant to which the Company has optioned a property (the "Project") that borders one of Trident's core high-grade gold assets. The Company can earn a 100% interest in the Project which is made up of 6,902 hectares of claims with prospecti ...

Core Viewpoint - Trident Resources Corp. has disposed of its entire holding of 4,500,000 common shares in Lincoln Gold Mining Inc., representing approximately 19.9% of Lincoln's total shares, for a total consideration of $900,000 at a price of $0.20 per share [2][4]. Group 1: Transaction Details - On July 14 and 15, 2025, Trident sold 4,500,000 common shares of Lincoln, resulting in a decrease in its ownership from 19.9% to 0% [2][3]. - The shares were sold for an aggregate amount of $900,000, equating to a price of $0.20 per share [4]. Group 2: Company Overview - Trident Resources Corp. is a Canadian public mineral exploration company focused on gold and copper projects in Saskatchewan, Canada [6]. - The company is advancing its 100% owned Contact Lake and Greywacke Lake projects, which contain significant historical gold resources, as well as the Knife Lake copper project with a historical copper resource [6].

Core Viewpoint - Gibraltar Industries, Inc. (ROCK) has approved the divestiture of its Renewables business to sharpen operational focus and streamline resource allocation [1][7] Strategic Realignment - The company is conducting a strategic assessment of its portfolio, focusing on long-term potential and capital allocation towards areas with better growth prospects [2] - Gibraltar plans to simplify its portfolio by concentrating on building products and structures, which is expected to enhance growth, margin improvement, and cash flow [2] Discontinued Operations - The Renewables segment has been reclassified as discontinued operations, with management planning to update 2025 guidance and restate historical results excluding this segment [3][7] Performance Impact - The divestiture is anticipated to reduce exposure to policy and trade-related challenges, as the Renewables segment experienced a 15.1% decline in net sales to $43.7 million in Q1 2025, with a 23% drop in order backlog [4] - Exiting the Renewables segment allows the company to focus on more stable and profitable areas, supporting better capital allocation and strengthening core businesses [5] Market Position - Shares of Gibraltar have increased by 1% over the past six months, contrasting with a 6.8% decline in the Zacks Building Products - Miscellaneous industry [8] - The company is well-positioned to navigate market uncertainties, emphasizing margin expansion and effective portfolio management [8]

Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-earnings (P/E) and price-to-sales (P/S) ratios, is a strategic approach to identify potential investment opportunities [1][3] - The P/S ratio is especially useful for evaluating unprofitable companies or those in early growth stages, as it reflects the value of revenue generated [3][4] Group 1: Price-to-Sales Ratio - A P/S ratio below 1 indicates that investors are paying less than a dollar for each dollar of revenue, making it a favorable investment [4] - The P/S ratio is preferred over the P/E ratio because sales figures are less susceptible to manipulation compared to earnings [5] - A company with high debt and a low P/S ratio may not be an ideal investment due to potential future financial obligations [5][6] Group 2: Screening Parameters - Companies should have a P/S ratio less than the median for their industry, a low P/E ratio, and a price above $5 to qualify as attractive investments [7][8] - Additional metrics such as Price/Book and Debt/Equity ratios should also be analyzed to ensure a comprehensive evaluation [6] Group 3: Company Highlights - JAKKS Pacific (JAKK) has a strong focus on innovation and partnerships, benefiting from acquisitions and a solid international presence, currently holding a Zacks Rank 2 and a Value Score of A [10][11] - Green Dot (GDOT) is positioned for growth with a strong balance sheet and partnerships with major companies like Walmart, also holding a Zacks Rank 2 and a Value Score of B [12][13] - Signet Jewelers (SIG) demonstrates strength in inventory management and strategic restructuring, leading to improved financial performance, currently holding a Value Score of A and a Zacks Rank 2 [14][15] - Gibraltar Industries (ROCK) focuses on operational improvements and has a solid growth outlook due to high demand in its Residential segment, currently holding a Value Score of B and a Zacks Rank 2 [16][17] - PCB Bancorp (PCB) is strategically expanding its services and optimizing its branch network, positioning itself for sustained growth, currently holding a Value Score of B and a Zacks Rank 2 [18][19]

Core Points - Trident Resources Corp. has successfully closed a non-brokered private placement financing, raising total gross proceeds of CAD $2,250,000 [1][2] - The financing involved the issuance of 3,000,000 units at a price of CAD $0.75 per unit, each unit consisting of one flow-through common share and one-half of a transferable warrant [2] - The proceeds will be utilized for exploration and drilling programs at the company's Saskatchewan Gold Projects [3] Financial Details - The company has paid finder's fees of CAD $90,000 to an arm's-length party in relation to the private placement [2] - Trident currently has over CAD $10 million in its treasury, which includes cash and cash-equivalent assets [4] Project Focus - The company plans to focus on exploration work, including drilling at Contact Lake to confirm high-grade potential resources and test the extension of the trend [4] - The exploration efforts are set to generate extensive news flow from assay results expected in the second half of 2025 [4] Regulatory and Tax Considerations - The private placement is subject to final approval from the TSX Venture Exchange, and all securities issued will be subject to a four-month-and-one-day hold period [3] - The gross proceeds from the sale of flow-through shares will be used to incur eligible Canadian exploration expenses, which will be renounced in favor of the subscribers effective December 31, 2025 [4] Company Overview - Trident Resources Corp. is a Canadian public mineral exploration company focused on gold and copper projects in Saskatchewan, including the Contact Lake and Greywacke Lake projects [6]

Company Performance - Gibraltar Industries (ROCK) has gained approximately 0.3% year-to-date, outperforming the average loss of 2.4% in the Construction sector [4] - The Zacks Consensus Estimate for Gibraltar Industries' full-year earnings has increased by 0.2% over the past quarter, indicating improved analyst sentiment [4] - Gibraltar Industries is currently ranked 2 (Buy) in the Zacks Rank system, suggesting a positive outlook for the stock [3] Industry Context - Gibraltar Industries is part of the Building Products - Miscellaneous industry, which consists of 30 companies and currently ranks 61 in the Zacks Industry Rank [6] - The average performance of the Building Products - Miscellaneous industry has seen a decline of 9% year-to-date, highlighting Gibraltar Industries' relative strength [6] - Another notable stock in the Construction sector, Southland Holdings (SLND), has increased by 14.5% year-to-date and also holds a Zacks Rank of 2 (Buy) [5]

Core Insights - Gibraltar Industries, Inc. (ROCK) is currently trading at a forward P/E ratio of 11.24X, which is below the industry average of 17.71X and the S&P 500 index's valuation of 21.82X, indicating a promising valuation for investors [1][7] - The company is focused on optimizing its business portfolio, expanding margins, and ensuring shareholder value, which are expected to drive performance in the upcoming period [2][9] - Despite macro risks such as tariffs and inflation, Gibraltar has shown resilience, with its share price increasing by 0.5% year-to-date, outperforming several peers [3][4][8] Business Strategy - Gibraltar is committed to portfolio optimization and management, enhancing its business portfolio through both inorganic and organic initiatives [9] - The company completed two significant acquisitions in the metal roofing sector for approximately $90 million and $120 million, which are expected to contribute to growth in 2025 and beyond [10] - Efforts to expand margins include strategic in-house initiatives and effective price/cost management, resulting in a 120 basis point increase in adjusted operating margin and a 170 basis point increase in adjusted EBITDA year-over-year in Q1 2025 [11][12] Financial Outlook - For 2025, Gibraltar expects total net sales between $1.4 billion and $1.45 billion, reflecting a year-over-year growth of 6.9% to 10.7%, with adjusted EPS projected between $4.80 and $5.05, indicating a growth range of 12.9% to 18.8% [13] - Analysts have revised 2025 EPS estimates upward by 0.2% to $4.92, suggesting a year-over-year growth of 15.8%, with 2026 estimates also showing a positive trend [14][15] Market Position - Gibraltar has outperformed peers such as United Rentals, Owens Corning, and TopBuild Corp. year-to-date, indicating a strong market position [4][8] - The company's focus on margin expansion and effective portfolio management positions it well to navigate ongoing market uncertainties [16]