Gibraltar Industries(ROCK) - 2025 Q1 - Quarterly Report

Financial Performance - Consolidated net sales decreased by $2.5 million, or 0.9%, to $290.0 million for the three months ended March 31, 2025, compared to $292.5 million for the same period in 2024[83] - The Company's consolidated gross margin decreased to 26.8% for the three months ended March 31, 2025, down from 28.9% for the same period in 2024[89] - Net income for the three months ended March 31, 2025, was $21.1 million, a decrease from $24.9 million for the same period in 2024[83] - The consolidated income from operations for the three months ended March 31, 2025, was $25.5 million, representing an 8.8% margin, down from $31.7 million and a 10.8% margin in the prior year[91] - Selling, general, and administrative expenses decreased by $0.5 million, or 0.9%, to $52.2 million for the three months ended March 31, 2025[90] - Unallocated corporate expenses decreased by $0.5 million to $11.2 million, primarily due to lower performance-based compensation[95] Segment Performance - Net sales in the Agtech segment increased by 32.4%, or $11.0 million, to $45.0 million for the three months ended March 31, 2025, compared to $34.0 million for the same period in 2024[86] - Net sales in the Renewables segment decreased by $7.8 million, or 15.1%, to $43.7 million for the three months ended March 31, 2025[87] - The Residential segment reported an operating income of $31.3 million with a margin of 17.4%, a decrease from 18.6% in the previous year, attributed to product mix and lower volume[91] - The Agtech segment's operating margin decreased to 7.5% from 7.7% year-over-year, impacted by a product mix shift and costs from the acquisition of Lane Supply[92] - The Renewables segment experienced a significant decline in operating margin to (7.2)% from 3.2%, affected by lower volume and inefficiencies related to the launch of new technology[93] - The Infrastructure segment improved its operating margin to 24.7% from 22.4%, driven by strong execution and supply chain management[94] Cash Flow and Investments - Net cash provided by operating activities was $13.7 million for the three months ended March 31, 2025, down from $53.2 million in the prior year[108] - Net cash used in investing activities was $195.7 million, primarily due to acquisitions totaling $184.6 million[111] Acquisitions and Corporate Actions - The Company acquired two privately held businesses specializing in metal roofing systems for a combined preliminary purchase consideration of $90 million in cash[80] - The Company purchased Lane Supply for $117 million in cash, which is expected to enhance its Agtech segment[81] - The company authorized a new share repurchase program of up to $200 million, with a duration of three years[78] - The company authorized a new share repurchase program of up to $200 million, set to last until April 30, 2028[104] Backlog and Interest Income - The backlog increased by 30% year over year to $434 million as of March 31, 2025[83] - The company recorded interest income of $1.6 million for the three months ended March 31, 2025, compared to $0.8 million in the prior year[96]