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    Gibraltar Announces First Quarter 2025 Financial Results

    4/30/25 7:30:00 AM ET
    $ROCK
    Steel/Iron Ore
    Industrials
    Get the next $ROCK alert in real time by email

    Net Sales: GAAP Down Slightly, Adjusted Flat; EPS: GAAP -14.8%, Adjusted +18.8%

    Backlog reached $434M, up 30% to Record Level

    Generated Operating Cash Flow of $14 Million

    Invested $90M in Two Strategic Metal Roofing Acquisitions

    Reiterating 2025 Outlook

    Board Approves New $200M, 3-Year Repurchase Program

    Gibraltar Industries, Inc. (NASDAQ:ROCK), a leading manufacturer and provider of products and services for the residential, agtech, renewable energy and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2025.

    "Our first quarter performance reflects a solid start to the year with our businesses executing close to plan and end market demand remaining consistent with expectations going into the quarter. Adjusted net sales were flat and adjusted EPS increased 18.8%. Backlog reached a record level $434 million, up 30%. During the quarter, the Lane Supply acquisition also delivered solid performance, we executed restructuring initiatives, and we invested in two additional acquisitions which further expands our presence in the metal roofing market in our Residential segment."

    "Although the current macro environment remains dynamic, we are reiterating our guidance for earnings for the full year 2025. We developed a tariff playbook for each business in January and continue to closely monitor end market and customer demand dynamics. In reaffirming our outlook, we have factored in our current order input rates across each business, order backlog strength in our project-based businesses, the impact of tariffs and mitigating actions, and incremental revenue and margin from our recent acquisitions. We have also lowered our Renewables plan as the industry awaits clarity of potential modifications to existing benefits provided by the IRA bill."

    First Quarter 2025 Consolidated Results

    ($Millions, except EPS)

    Three Months Ended March 31, 

     

     

    2025

    2024

    Change

     

    2025

    2024

    Change

    Net Sales

    $290.0

    $292.5

    (0.9)%

    Adjusted Net Sales

    $290.0

    $289.8

    0.1%

    Net Income

    $21.1

    $24.9

    (15.3)%

    Adjusted Net Income

    $28.8

    $24.6

    17.1%

    Diluted EPS

    $0.69

    $0.81

    (14.8)%

    Adjusted Diluted EPS

    $0.95

    $0.80

    18.8%

    Net sales were positively impacted by the Lane acquisition which helped offset market softness in the Renewables segment. Order activity in the quarter remained positive and versus last year, backlog increased 30% to $434 million, a record level for Gibraltar.

    GAAP net income decreased 15.3% to $21.1 million, primarily impacted by costs for both recent acquisitions and restructuring initiatives to optimize our operations. Adjusted net income, which excludes the aforementioned costs, increased 17.1% to $28.8 million, or $0.95 per share.

    Adjusted measures are further described in the appended reconciliation of adjusted financial measures.

    First Quarter Segment Results

    Residential

    ($Millions)

     

    Three Months Ended March 31,

     

    2025

    2024

    Change

     

    2025

    2024

    Change

    Net Sales

    $180.0

    $185.1

    (2.8)%

    Adjusted Net Sales

    $180.0

    $182.4

    (1.3)%

    Operating Income

    $31.3

    $34.3

    (8.7)%

    Adjusted Operating Income

    $32.4

    $34.3

    (5.5)%

    Operating Margin

    17.4%

    18.6%

    (120) bps

    Adjusted Operating Margin

    18.0%

    18.8%

    (80) bps

    The Residential market remained soft with total retail end market point-of-sale sales as well as mail and package product sales, which are driven mainly by new construction starts from the previous year and sold through our dealer channel, down in the quarter. However, building accessories product sales increased solidly driven by participation gains and new product penetration.

    Operating margin remained strong but impacted by product line mix and volume in our mail and package business during the quarter.

    Agtech

    ($Millions)

    Three Months Ended March 31,

     

    2025

    2024

    Change

     

    2025

    2024

    Change

    Net Sales

    $45.0

    $34.0

    32.4%

    Adjusted Net Sales

    $45.0

    $34.0

    32.4%

    Operating Income

    $3.4

    $2.6

    30.8%

    Adjusted Operating Income

    $4.9

    $2.7

    81.5%

    Operating Margin

    7.5%

    7.7%

    (20) bps

    Adjusted Operating Margin

    10.8%

    8.1%

    270 bps

    Sales were driven by the contribution of new revenue from the acquisition of Lane Supply. Organic sales were down 12.6% related to project start delays for two Produce projects waiting on permit approval. Both projects are expected to have permits finalized and start construction around the end of the second quarter. Organic bookings were very strong in the quarter, and with the addition of Lane Supply order uptake, overall backlog increased 226% over last year.

    GAAP and adjusted operating income increased 30.8% and 81.5% respectively, and while GAAP margin was slightly down, adjusted operating margin improved 270 basis points to 10.8% driven by productivity, project mix, and project execution.

    Renewables

    ($Millions)

    Three Months Ended March 31,

     

    2025

    2024

    Change

     

    2025

    2024

    Change

    Net Sales

    $43.7

    $51.5

    (15.1)%

    Adjusted Net Sales

    $43.7

    $51.5

    (15.1)%

    Operating Income

    $(3.1)

    $1.6

    NMF

    Adjusted Operating Income

    $1.5

    $2.0

    (25.0)%

    Operating Margin

    (7.2)%

    3.2%

    (1040)bps

    Adjusted Operating Margin

    3.4%

    3.9%

    (50)bps

    Sales were impacted by slower second half 2024 bookings impacted by the December 2024 panel installation deadline. While order backlog is down as expected year over year by 23%, bookings accelerated as anticipated in the first quarter, increasing backlog 30% sequentially.

    Operating margins were impacted by lower volume and field inefficiencies related to the introduction and ramp of the 1P tracker technology. GAAP margins were further impacted by the aforementioned restructuring initiatives including costs related to the discontinuation of the Company's legacy tracker solution.

    Infrastructure

    ($Millions)

    Three Months Ended March 31,

     

    2025

    2024

    Change

     

    2025

    2024

    Change

    Net Sales

    $21.3

    $21.9

    (2.7)%

    Adjusted Net Sales

    $21.3

    $21.9

    (2.7)%

    Operating Income

    $5.3

    $4.9

    8.2%

    Adjusted Operating Income

    $5.3

    $4.9

    8.2%

    Operating Margin

    24.7%

    22.4%

    230 bps

    Adjusted Operating Margin

    24.7%

    22.4%

    230 bps

    Sales were driven by project delays that pushed some shipments into the second quarter. Demand remains strong with backlog increasing 11% as more design bids were awarded and converted into new bookings and backlog. Quoting activity remains robust and is supported by ongoing investment and funding at both federal and state levels.

    Operating margins increased 230 basis points driven by strong execution, supply chain management, and product line mix.

    Gibraltar Expands Presence in Residential's Metal Roofing Business

    On March 31, 2025, Gibraltar completed the acquisition of two businesses in the Residential segment that primarily specialize in the manufacturing of metal roofing systems, along with metal wall panels, siding and trim products serving both Southeast and Rocky Mountain regions.

    The considerations paid for these two businesses totaled approximately $90 million in cash. During 2024, these acquired businesses recorded combined revenue of $73 million and adjusted EBITDA of approximately $13 million, and these transactions are expected to be immediately accretive to earnings.

    Business Outlook

    Mr. Bosway concluded, "For the year, we continue to expect overall growth, solid margin expansion, and strong cash flow generation with our organic forecast somewhat tempered and contributions from newly acquired businesses helping to drive results. We will continue to monitor the macro environment and make adjustments to our outlook should this be warranted."

    Gibraltar is reiterating its guidance for earnings for the full year 2025. Consolidated net sales are expected to range between $1.40 billion and $1.45 billion, compared to $1.31 billion in 2024. GAAP EPS is expected to range between $4.25 and $4.50, compared to $4.46 in 2024, and adjusted EPS is expected to range between $4.80 and $5.05, compared to $4.25 in 2024.

    Board of Directors Approves New Stock Repurchase Program

    Gibraltar's Board of Directors has approved a new repurchase program of up to an additional $200 million of common stock. This program succeeds the current program, which will end on May 2, 2025, and has a duration of an additional three years, ending April 30, 2028.

    Common stock repurchases will be funded with available cash generated from operations opportunistically supplemented by borrowing under the existing credit facility. Gibraltar may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The method, timing and amount of future repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. The share repurchase program does not obligate the Company to purchase any particular amount of common stock, and the program may be suspended or terminated by Gibraltar at any time at its discretion without prior notice.

    First Quarter 2025 Conference Call Details

    Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2025. Interested parties may access the webcast through the Investors section of the Company's website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company's website for one year.

    About Gibraltar

    Gibraltar is a leading manufacturer and provider of products and services for the residential, agtech, renewable energy and infrastructure markets. Gibraltar's mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.

    Forward-Looking Statements

    Certain information set forth in this news release, other than historical statements, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company's business, and management's beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, , tariffs and retaliatory tariffs imposed by the United States or other countries on imported goods, including raw materials used in the manufacturing of the Company's products; changes to economic conditions and customer demand for the Company's products; the availability and pricing of principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, the ability to continue to improve operating margins, the ability to generate order flow and sales and increase backlog; the ability to translate backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, the ability to develop and launch new products in a cost-effective manner, the ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of trade and regulation (including the latest Department of Commerce's solar panel anti-circumvention investigation, the Auxin Solar challenge to the Presidential waiver of tariffs, rebates, credits and incentives and variations in government spending and ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding the company, we strongly advise you to read the section entitled "Risk Factors" in the most recent annual report on Form 10-K which can be accessed under the "SEC Filings" link of the "Investor Info" page of the website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

    Adjusted Financial Measures

    To supplement Gibraltar's consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Adjusted net sales reflects the removal of net sales associated with the residential electronic locker business, which was sold on December 17, 2024. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs (primarily comprised of exit activities costs and impairment of both tangible and intangible assets associated with 80/20 simplification, lean initiatives and / or discontinued products), senior leadership transition costs (associated with new and / or terminated senior executive roles), acquisition related costs (legal and consulting fees for recent business acquisitions), and portfolio management (which includes the gain on sale of and operating results generated by the residential electronic locker business which was sold in 2024). These special charges are excluded since they may not be considered directly related to the Company's ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors, as well as management, that are indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company's ability to service debt and adjusted EBITDA is one of the measures used for determining the Company's debt covenant compliance.

    Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company's GAAP results and may be different than adjusted measures used by other companies and the Company's presentation of non-GAAP financial measures should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items.

    Reconciliations of non-GAAP measures related to full-year 2025 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.

     

    GIBRALTAR INDUSTRIES, INC.

    CONSOLIDATED STATEMENTS OF INCOME

    (in thousands, except per share data)

    (unaudited)

     

     

    Three Months Ended

    March 31,

     

     

    2025

     

     

     

    2024

     

    Net sales

    $

    290,015

     

     

    $

    292,506

     

    Cost of sales

     

    212,315

     

     

     

    208,118

     

    Gross profit

     

    77,700

     

     

     

    84,388

     

    Selling, general, and administrative expense

     

    52,190

     

     

     

    52,652

     

    Income from operations

     

    25,510

     

     

     

    31,736

     

    Interest income, net

     

    (1,637

    )

     

     

    (750

    )

    Other expense (income), net

     

    94

     

     

     

    (1,021

    )

    Income before taxes

     

    27,053

     

     

     

    33,507

     

    Provision for income taxes

     

    5,934

     

     

     

    8,561

     

    Net income

    $

    21,119

     

     

    $

    24,946

     

     

     

     

     

    Net earnings per share:

     

     

     

    Basic

    $

    0.70

     

     

    $

    0.82

     

    Diluted

    $

    0.69

     

     

    $

    0.81

     

    Weighted average shares outstanding:

     

     

     

    Basic

     

    30,252

     

     

     

    30,572

     

    Diluted

     

    30,474

     

     

     

    30,793

     

     

    GIBRALTAR INDUSTRIES, INC.

    CONSOLIDATED BALANCE SHEETS

    (in thousands, except per share data)

     

     

    March 31,

    2025

     

    December 31,

    2024

     

    (unaudited)

     

     

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    25,114

     

     

    $

    269,480

     

    Trade receivables, net of allowance of $2,805 and $3,394, respectively

     

    195,192

     

     

     

    169,350

     

    Costs in excess of billings, net

     

    41,648

     

     

     

    34,570

     

    Inventories, net

     

    170,304

     

     

     

    138,140

     

    Prepaid expenses and other current assets

     

    41,228

     

     

     

    39,792

     

    Total current assets

     

    473,486

     

     

     

    651,332

     

    Property, plant, and equipment, net

     

    128,671

     

     

     

    109,820

     

    Operating lease assets

     

    56,712

     

     

     

    45,021

     

    Goodwill

     

    594,620

     

     

     

    507,419

     

    Acquired intangibles

     

    181,690

     

     

     

    103,882

     

    Other assets

     

    4,239

     

     

     

    1,936

     

     

    $

    1,439,418

     

     

    $

    1,419,410

     

    Liabilities and Stockholders' Equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    137,970

     

     

    $

    117,408

     

    Accrued expenses

     

    98,428

     

     

     

    95,664

     

    Billings in excess of costs

     

    40,230

     

     

     

    41,790

     

    Total current liabilities

     

    276,628

     

     

     

    254,862

     

    Deferred income taxes

     

    75,505

     

     

     

    56,655

     

    Non-current operating lease liabilities

     

    46,317

     

     

     

    35,125

     

    Other non-current liabilities

     

    31,630

     

     

     

    24,734

     

    Stockholders' equity:

     

     

     

    Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding

     

    —

     

     

     

    —

     

    Common stock, $0.01 par value; authorized 100,000 shares; 34,401 and 34,313 shares issued and outstanding in 2025 and 2024

     

    344

     

     

     

    343

     

    Additional paid-in capital

     

    346,653

     

     

     

    343,583

     

    Retained earnings

     

    896,970

     

     

     

    875,851

     

    Accumulated other comprehensive loss

     

    (5,277

    )

     

     

    (5,326

    )

    Cost of 4,911 and 3,960 common shares held in treasury in 2025 and 2024

     

    (229,352

    )

     

     

    (166,417

    )

    Total stockholders' equity

     

    1,009,338

     

     

     

    1,048,034

     

     

    $

    1,439,418

     

     

    $

    1,419,410

     

     

    GIBRALTAR INDUSTRIES, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

     

     

    Three Months Ended

    March 31,

     

     

    2025

     

     

     

    2024

     

    Cash Flows from Operating Activities

     

     

     

    Net income

    $

    21,119

     

     

    $

    24,946

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    9,086

     

     

     

    6,663

     

    Stock compensation expense

     

    3,071

     

     

     

    2,639

     

    Other, net

     

    244

     

     

     

    1,619

     

    Changes in operating assets and liabilities net of effects from acquisitions:

     

     

     

    Trade receivables and costs in excess of billings

     

    (7,362

    )

     

     

    (6,950

    )

    Inventories

     

    (12,347

    )

     

     

    (17,231

    )

    Other current assets and other assets

     

    2,492

     

     

     

    453

     

    Accounts payable

     

    12,416

     

     

     

    35,455

     

    Accrued expenses and other non-current liabilities

     

    (15,035

    )

     

     

    5,587

     

    Net cash provided by operating activities

     

    13,684

     

     

     

    53,181

     

    Cash Flows from Investing Activities

     

     

     

    Acquisitions, net of cash acquired

     

    (184,585

    )

     

     

    —

     

    Purchases of property, plant, and equipment, net

     

    (11,431

    )

     

     

    (4,366

    )

    Net proceeds from sale of business

     

    352

     

     

     

    —

     

    Net cash used in investing activities

     

    (195,664

    )

     

     

    (4,366

    )

    Cash Flows from Financing Activities

     

     

     

    Purchase of common stock at market prices

     

    (62,394

    )

     

     

    (1,434

    )

    Net cash used in financing activities

     

    (62,394

    )

     

     

    (1,434

    )

    Effect of exchange rate changes on cash

     

    8

     

     

     

    (142

    )

    Net (decrease) increase in cash and cash equivalents

     

    (244,366

    )

     

     

    47,239

     

    Cash and cash equivalents at beginning of year

     

    269,480

     

     

     

    99,426

     

    Cash and cash equivalents at end of period

    $

    25,114

     

     

    $

    146,665

     

    GIBRALTAR INDUSTRIES, INC.

    Reconciliation of GAAP and Adjusted Financial Measures

    (in thousands, except per share data)

    (unaudited)

     

    Three Months Ended March 31, 2025

     

     

     

    Income before

    taxes

     

    Provision for

    income taxes

     

    Net income

     

    Net income

    per share - diluted

     

     

     

     

    As Reported in GAAP Statements

     

    $

    27,053

     

     

    $

    5,934

     

     

    $

    21,119

     

     

    $

    0.69

     

     

     

     

     

    Restructuring Charges (1)

     

     

    5,847

     

     

     

    1,397

     

     

     

    4,450

     

     

     

    0.15

     

     

     

     

     

    Acquisition Related Costs (2)

     

     

    4,255

     

     

     

    998

     

     

     

    3,257

     

     

     

    0.11

     

     

     

     

     

    Adjusted Financial Measures

     

    $

    37,155

     

     

    $

    8,329

     

     

    $

    28,826

     

     

    $

    0.95

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Residential

     

    Agtech

     

    Renewables

     

    Infrastructure

     

    Corporate

     

    Consolidated

    Operating Margin

     

     

    17.4

    %

     

     

    7.5

    %

     

     

    (7.2

    )%

     

     

    24.7

    %

     

     

    n/a

     

     

     

    8.8

    %

    Restructuring Charges (1)

     

     

    0.6

    %

     

     

    0.2

    %

     

     

    10.6

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    2.0

    %

    Acquisition Related Costs (2)

     

     

    —

    %

     

     

    3.2

    %

     

     

    —

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    1.5

    %

    Adjusted Operating Margin

     

     

    18.0

    %

     

     

    10.8

    %

     

     

    3.4

    %

     

     

    24.7

    %

     

     

    n/a

     

     

     

    12.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income from Operations

     

    $

    31,260

     

     

    $

    3,385

     

     

    $

    (3,145

    )

     

    $

    5,258

     

     

    $

    (11,248

    )

     

    $

    25,510

     

    Restructuring Charges (1)

     

     

    1,137

     

     

     

    68

     

     

     

    4,611

     

     

     

    —

     

     

     

    31

     

     

     

    5,847

     

    Acquisition Related Costs (2)

     

     

    —

     

     

     

    1,419

     

     

     

    —

     

     

     

    —

     

     

     

    2,847

     

     

     

    4,266

     

    Adjusted Income from Operations

     

    $

    32,397

     

     

    $

    4,872

     

     

    $

    1,466

     

     

    $

    5,258

     

     

    $

    (8,370

    )

     

    $

    35,623

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Sales & Adjusted Net Sales (3)

     

    $

    179,994

     

     

    $

    45,040

     

     

    $

    43,658

     

     

    $

    21,323

     

     

    $

    —

     

     

    $

    290,015

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Comprised primarily of exit activities costs associated with 80/20 simplification, lean initiatives and / or discontinued operations.

    (2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations.

    (3) There were no Non-GAAP adjustments to Net Sales in 2025.

    GIBRALTAR INDUSTRIES, INC.

    Reconciliation of GAAP and Adjusted Financial Measures

    (in thousands, except per share data)

    (unaudited)

     

    Three Months Ended March 31, 2024

     

     

     

    Income before

    taxes

     

    Provision for

    income taxes

     

    Net income

     

    Net income

    per share - diluted

     

     

     

     

    As Reported in GAAP Statements

     

    $

    33,507

     

     

    $

    8,561

     

     

    $

    24,946

     

     

    $

    0.81

     

     

     

     

     

    Restructuring Charges (1)

     

     

    445

     

     

     

    (162

    )

     

     

    607

     

     

     

    0.02

     

     

     

     

     

    Acquisition Related Items (2)

     

     

    133

     

     

     

    34

     

     

     

    99

     

     

     

    —

     

     

     

     

     

    Portfolio Management (3)

     

     

    (1,145

    )

     

     

    (21

    )

     

     

    (1,124

    )

     

     

    (0.03

    )

     

     

     

     

    Adjusted Financial Measures Previously Reported

     

    $

    32,940

     

     

    $

    8,412

     

     

    $

    24,528

     

     

    $

    0.80

     

     

     

     

     

    Portfolio Management (5)

     

     

    72

     

     

     

    —

     

     

     

    72

     

     

     

    —

     

     

     

     

     

    Adjusted Financial Measures Recast

     

    $

    33,012

     

     

    $

    8,412

     

     

    $

    24,600

     

     

    $

    0.80

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Residential

     

    Agtech

     

    Renewables

     

    Infrastructure

     

    Corporate

     

    Consolidated

    Operating Margin

     

     

    18.6

    %

     

     

    7.7

    %

     

     

    3.2

    %

     

     

    22.4

    %

     

     

    n/a

     

     

     

    10.8

    %

    Restructuring Charges (1)

     

     

    —

    %

     

     

    0.4

    %

     

     

    0.5

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    0.1

    %

    Acquisition Related Items (2)

     

     

    —

    %

     

     

    —

    %

     

     

    0.2

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    —

    %

    Portfolio Management (3)

     

     

    —

    %

     

     

    —

    %

     

     

    —

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    —

    %

    Adjusted Operating Margin Previously Reported

     

     

    18.5

    %

     

     

    8.1

    %

     

     

    3.9

    %

     

     

    22.4

    %

     

     

    n/a

     

     

     

    11.1

    %

    Portfolio Management (5)

     

     

    0.3

    %

     

     

    —

    %

     

     

    —

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    0.1

    %

    Adjusted Operating Margin Recast

     

     

    18.8

    %

     

     

    8.1

    %

     

     

    3.9

    %

     

     

    22.4

    %

     

     

    n/a

     

     

     

    11.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income from Operations

     

    $

    34,346

     

     

    $

    2,608

     

     

    $

    1,644

     

     

    $

    4,896

     

     

    $

    (11,758

    )

     

    $

    31,736

     

    Restructuring Charges (1)

     

     

    (72

    )

     

     

    138

     

     

     

    269

     

     

     

    —

     

     

     

    110

     

     

     

    445

     

    Acquisition Related Items (2)

     

     

    —

     

     

     

    —

     

     

     

    120

     

     

     

    —

     

     

     

    13

     

     

     

    133

     

    Portfolio Management (3)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    8

     

     

     

    8

     

    Adjusted Income from Operations Previously Reported

     

    $

    34,274

     

     

    $

    2,746

     

     

    $

    2,033

     

     

    $

    4,896

     

     

    $

    (11,627

    )

     

    $

    32,322

     

    Portfolio Management (5)

     

     

    72

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    72

     

    Adjusted Income from Operations Recast

     

    $

    34,346

     

     

    $

    2,746

     

     

    $

    2,033

     

     

    $

    4,896

     

     

    $

    (11,627

    )

     

    $

    32,394

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Sales & Adjusted Net Sales Previously Reported (4)

     

    $

    185,111

     

     

    $

    34,027

     

     

    $

    51,496

     

     

    $

    21,872

     

     

    $

    —

     

     

    $

    292,506

     

    Portfolio Management (5)

     

     

    (2,745

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2,745

    )

    Adjusted Net Sales Recast

     

    $

    182,366

     

     

    $

    34,027

     

     

    $

    51,496

     

     

    $

    21,872

     

     

    $

    —

     

     

    $

    289,761

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations and costs associated with new and / or terminated senior leadership positions.

    (2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations.

    (3) Represents the results generated by the Company's Japan renewables business sold in 2023 and the Company's processing business liquidated in 2023.

    (4) There were no adjustments to Net Sales previously reported in 2024.

    (5) Represents the results generated by the Company's electronic locker business sold in 2024.

    GIBRALTAR INDUSTRIES, INC.

    Reconciliation of GAAP and Adjusted Financial Measures

    (in thousands, except per share data)

    (unaudited)

     

    Year Ended December 31, 2024

     

     

     

    Income

    before taxes

     

    Provision for

    income taxes

     

    Net income

     

    Net income

    per share - diluted

     

     

     

     

    As Reported in GAAP Statements

     

    $

    173,925

     

     

    $

    36,585

     

     

    $

    137,340

     

     

    $

    4.46

     

     

     

     

     

    Restructuring Charges (1)

     

     

    11,061

     

     

     

    2,738

     

     

     

    8,323

     

     

     

    0.27

     

     

     

     

     

    Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2)

     

     

    (23,329

    )

     

     

    8

     

     

     

    (23,337

    )

     

     

    (0.76

    )

     

     

     

     

    Intangible Asset Impairment (3)

     

     

    11,300

     

     

     

    2,825

     

     

     

    8,475

     

     

     

    0.28

     

     

     

     

     

    Adjusted Financial Measures Previously Reported

     

    $

    172,957

     

     

    $

    42,156

     

     

    $

    130,801

     

     

    $

    4.25

     

     

     

     

     

    Portfolio Management (5)

     

     

    (740

    )

     

     

    (55

    )

     

     

    (685

    )

     

     

    (0.02

    )

     

     

     

     

    Adjusted Financial Measures Recast

     

    $

    172,217

     

     

    $

    42,101

     

     

    $

    130,116

     

     

    $

    4.23

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Residential

     

    Agtech

     

    Renewables

     

    Infrastructure

     

    Corporate

     

    Consolidated

    Operating Margin

     

     

    19.0

    %

     

     

    7.2

    %

     

     

    1.2

    %

     

     

    24.2

    %

     

     

    n/a

     

     

     

    10.9

    %

    Restructuring Charges (1)

     

     

    0.1

    %

     

     

    0.3

    %

     

     

    3.5

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    0.8

    %

    Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2)

     

     

    —

    %

     

     

    —

    %

     

     

    0.1

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    0.1

    %

    Intangible Asset Impairment (3)

     

     

    —

    %

     

     

    3.9

    %

     

     

    1.9

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    0.9

    %

    Adjusted Operating Margin Previously Reported

     

     

    19.1

    %

     

     

    11.5

    %

     

     

    6.6

    %

     

     

    24.2

    %

     

     

    n/a

     

     

     

    12.8

    %

    Portfolio Management (5)

     

     

    0.2

    %

     

     

    —

    %

     

     

    —

    %

     

     

    —

    %

     

     

    n/a

     

     

     

    0.1

    %

    Adjusted Operating Margin Recast

     

     

    19.3

    %

     

     

    11.5

    %

     

     

    6.6

    %

     

     

    24.2

    %

     

     

    n/a

     

     

     

    12.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income from Operations

     

    $

    148,784

     

     

    $

    11,040

     

     

    $

    3,349

     

     

    $

    21,295

     

     

    $

    (41,445

    )

     

    $

    143,023

     

    Restructuring Charges (1)

     

     

    606

     

     

     

    477

     

     

     

    9,895

     

     

     

    —

     

     

     

    83

     

     

     

    11,061

     

    Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2)

     

     

    195

     

     

     

    —

     

     

     

    233

     

     

     

    —

     

     

     

    2,207

     

     

     

    2,635

     

    Intangible Asset Impairment (3)

     

     

    —

     

     

     

    6,000

     

     

     

    5,300

     

     

     

    —

     

     

     

    —

     

     

     

    11,300

     

    Adjusted Income from Operations Previously Reported

     

    $

    149,585

     

     

    $

    17,517

     

     

    $

    18,777

     

     

    $

    21,295

     

     

    $

    (39,155

    )

     

    $

    168,019

     

    Portfolio Management (5)

     

     

    (740

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (740

    )

    Adjusted Income from Operations Recast

     

    $

    148,845

     

     

    $

    17,517

     

     

    $

    18,777

     

     

    $

    21,295

     

     

    $

    (39,155

    )

     

    $

    167,279

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Sales & Adjusted Net Sales Previously Reported (4)

     

    $

    782,519

     

     

    $

    152,811

     

     

    $

    285,405

     

     

    $

    88,029

     

     

    $

    —

     

     

    $

    1,308,764

     

    Portfolio Management (5)

     

     

    (10,379

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (10,379

    )

    Adjusted Net Sales Recast

     

    $

    772,140

     

     

    $

    152,811

     

     

    $

    285,405

     

     

    $

    88,029

     

     

    $

    —

     

     

    $

    1,298,385

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations.

    (2) Represents senior leadership transition costs associated with changes in leadership positions, acquisition-related expenses including due diligence costs and portfolio management costs resulting from terminated or liquidated businesses, including the ($25.3M) gain on sale of the residential electronic locker business.

    (3) Represents write-off of indefinite-lived trademarks.

    (4) There were no adjustments to Net Sales previously reported in 2024.

    (5) Represents the results generated by the residential electronic locker business sold in 2024.

    GIBRALTAR INDUSTRIES, INC.

    Reconciliation of Adjusted Financial Measures

    (in thousands)

    (unaudited)

     

    Three Months Ended March 31, 2025

     

     

     

    Consolidated

     

    Residential

     

    Agtech

     

    Renewables

     

    Infrastructure

     

     

     

     

     

     

     

     

     

     

     

    Adjusted Net Sales

     

    $

    290,015

     

     

    $

    179,994

     

     

    $

    45,040

     

     

    $

    43,658

     

     

    $

    21,323

     

     

     

     

     

     

     

     

     

     

     

     

    Net Income

     

     

    21,119

     

     

     

     

     

     

     

     

     

    Provision for Income Taxes

     

     

    5,934

     

     

     

     

     

     

     

     

     

    Interest Income

     

     

    (1,637

    )

     

     

     

     

     

     

     

     

    Other Expense

     

     

    94

     

     

     

     

     

     

     

     

     

    Operating Profit

     

     

    25,510

     

     

     

    31,260

     

     

     

    3,385

     

     

     

    (3,145

    )

     

     

    5,258

     

    Adjusted Measures*

     

     

    10,113

     

     

     

    1,137

     

     

     

    1,487

     

     

     

    4,611

     

     

     

    —

     

    Adjusted Operating Profit

     

     

    35,623

     

     

     

    32,397

     

     

     

    4,872

     

     

     

    1,466

     

     

     

    5,258

     

    Adjusted Operating Margin

     

     

    12.3

    %

     

     

    18.0

    %

     

     

    10.8

    %

     

     

    3.4

    %

     

     

    24.7

    %

    Adjusted Other Expense

     

     

    105

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Depreciation & Amortization

     

     

    9,086

     

     

     

    2,527

     

     

     

    2,760

     

     

     

    2,280

     

     

     

    701

     

    Less: Acquisition-related amortization

     

     

    (1,419

    )

     

     

    —

     

     

     

    (1,419

    )

     

     

    —

     

     

     

    —

     

    Adjusted Depreciation & Amortization

     

     

    7,667

     

     

     

    2,527

     

     

     

    1,341

     

     

     

    2,280

     

     

     

    701

     

    Stock Compensation Expense

     

     

    3,071

     

     

     

    452

     

     

     

    135

     

     

     

    211

     

     

     

    63

     

    Less: SLT Related Stock Compensation Expense

     

     

    (82

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Adjusted Stock Compensation Expense

     

     

    2,989

     

     

     

    452

     

     

     

    135

     

     

     

    211

     

     

     

    63

     

    Adjusted EBITDA

     

    $

    46,174

     

     

    $

    35,376

     

     

    $

    6,348

     

     

    $

    3,957

     

     

    $

    6,022

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA Margin

     

     

    15.9

    %

     

     

    19.7

    %

     

     

    14.1

    %

     

     

    9.1

    %

     

     

    28.2

    %

     

     

     

     

     

     

     

     

     

     

     

    Cash Flow - Operating Activities

     

     

    13,684

     

     

     

     

     

     

     

     

     

    Purchase of PPE, Net

     

     

    (11,431

    )

     

     

     

     

     

     

     

     

    Free Cash Flow

     

     

    2,253

     

     

     

     

     

     

     

     

     

    Free Cash Flow - % of Adjusted Net Sales

     

     

    0.8

    %

     

     

     

     

     

     

     

     

     

    *Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures

    GIBRALTAR INDUSTRIES, INC.

    Reconciliation of Adjusted Financial Measures

    (in thousands)

    (unaudited)

     

    Three Months Ended March 31, 2024

     

     

     

    Consolidated

     

    Residential

     

    Agtech

     

    Renewables

     

    Infrastructure

     

     

     

     

     

     

     

     

     

     

     

    Adjusted Net Sales Recast*

     

    $

    289,761

     

     

    $

    182,366

     

     

    $

    34,027

     

     

    $

    51,496

     

     

    $

    21,872

     

     

     

     

     

     

     

     

     

     

     

     

    Net Income

     

     

    24,946

     

     

     

     

     

     

     

     

     

    Provision for Income Taxes

     

     

    8,561

     

     

     

     

     

     

     

     

     

    Interest Income

     

     

    (750

    )

     

     

     

     

     

     

     

     

    Other Income

     

     

    (1,021

    )

     

     

     

     

     

     

     

     

    Operating Profit

     

     

    31,736

     

     

     

    34,346

     

     

     

    2,608

     

     

     

    1,644

     

     

     

    4,896

     

    Adjusted Measures*

     

     

    658

     

     

     

    —

     

     

     

    138

     

     

     

    389

     

     

     

    —

     

    Adjusted Operating Profit

     

     

    32,394

     

     

     

    34,346

     

     

     

    2,746

     

     

     

    2,033

     

     

     

    4,896

     

    Adjusted Operating Margin

     

     

    11.2

    %

     

     

    18.8

    %

     

     

    8.1

    %

     

     

    3.9

    %

     

     

    22.4

    %

    Adjusted Other Expense

     

     

    132

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Adjusted Depreciation & Amortization (1)

     

     

    6,570

     

     

     

    2,498

     

     

     

    830

     

     

     

    1,900

     

     

     

    745

     

    Adjusted Stock Compensation Expense (2)

     

     

    2,624

     

     

     

    398

     

     

     

    94

     

     

     

    215

     

     

     

    54

     

    Adjusted EBITDA Recast**

     

    $

    41,456

     

     

    $

    37,242

     

     

    $

    3,670

     

     

    $

    4,148

     

     

    $

    5,695

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA Margin Recast**

     

     

    14.3

    %

     

     

    20.4

    %

     

     

    10.8

    %

     

     

    8.1

    %

     

     

    26.0

    %

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA Previously Reported

     

    $

    41,492

     

     

    $

    37,278

     

     

    $

    3,670

     

     

    $

    4,148

     

     

    $

    5,695

     

    Adjusted EBITDA Margin Previously Reported

     

     

    14.2

    %

     

     

    20.1

    %

     

     

    10.8

    %

     

     

    8.1

    %

     

     

    26.0

    %

     

     

     

     

     

     

     

     

     

     

     

    Cash Flow - Operating Activities

     

     

    53,181

     

     

     

     

     

     

     

     

     

    Purchase of PPE, Net

     

     

    (4,366

    )

     

     

     

     

     

     

     

     

    Free Cash Flow

     

     

    48,815

     

     

     

     

     

     

     

     

     

    Free Cash Flow - % of Adjusted Net Sales

     

     

    16.7

    %

     

     

     

     

     

     

     

     

     

    *Details of recast amounts for the sale of the electronic locker business within the Residential segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures

    **Recast to exclude sale of electronic locker business within the Residential segment

    (1) Recast for impact of ($93k) Depreciation & Amortization from sale of electronic locker business within the Residential segment

    (2) Recast for impact of ($15k) Stock Compensation Expense from the sale of electronic locker business within the Residential segment.

    GIBRALTAR INDUSTRIES, INC.

    Reconciliation of Adjusted Financial Measures

    (in thousands)

    (unaudited)

     

    Year Ended December 31, 2024

     

     

     

    Consolidated

     

    Residential

     

    Agtech

     

    Renewables

     

    Infrastructure

     

     

     

     

     

     

     

     

     

     

     

    Adjusted Net Sales Recast *

     

    $

    1,298,385

     

     

    $

    772,140

     

     

    $

    152,811

     

     

    $

    285,405

     

     

    $

    88,029

     

     

     

     

     

     

     

     

     

     

     

     

    Net Income

     

     

    137,340

     

     

     

     

     

     

     

     

     

    Provision for Income Taxes

     

     

    36,585

     

     

     

     

     

     

     

     

     

    Interest Income

     

     

    (6,171

    )

     

     

     

     

     

     

     

     

    Other Income

     

     

    (24,731

    )

     

     

     

     

     

     

     

     

    Operating Profit

     

     

    143,023

     

     

     

    148,784

     

     

     

    11,040

     

     

     

    3,349

     

     

     

    21,295

     

    Adjusted Measures*

     

     

    24,256

     

     

     

    61

     

     

     

    6,477

     

     

     

    15,428

     

     

     

    —

     

    Adjusted Operating Profit

     

     

    167,279

     

     

     

    148,845

     

     

     

    17,517

     

     

     

    18,777

     

     

     

    21,295

     

    Adjusted Operating Margin

     

     

    12.9

    %

     

     

    19.3

    %

     

     

    11.5

    %

     

     

    6.6

    %

     

     

    24.2

    %

    Adjusted Other Expense

     

     

    1,233

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Adjusted Depreciation & Amortization (1)

     

     

    27,073

     

     

     

    10,177

     

     

     

    3,165

     

     

     

    8,192

     

     

     

    2,972

     

    Adjusted Stock Compensation Expense (2)

     

     

    10,757

     

     

     

    1,746

     

     

     

    377

     

     

     

    918

     

     

     

    244

     

    Adjusted EBITDA Recast**

     

    $

    203,876

     

     

    $

    160,768

     

     

    $

    21,059

     

     

    $

    27,887

     

     

    $

    24,511

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA Margin Recast**

     

     

    15.7

    %

     

     

    20.8

    %

     

     

    13.8

    %

     

     

    9.8

    %

     

     

    27.8

    %

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA Previously Reported

     

    $

    204,909

     

     

    $

    161,801

     

     

    $

    21,059

     

     

    $

    27,887

     

     

    $

    24,511

     

    Adjusted EBITDA Margin Previously Reported

     

     

    15.7

    %

     

     

    20.7

    %

     

     

    13.8

    %

     

     

    9.8

    %

     

     

    27.8

    %

     

     

     

     

     

     

     

     

     

     

     

    Cash Flow - Operating Activities

     

     

    174,264

     

     

     

     

     

     

     

     

     

    Purchase of PPE, Net

     

     

    (19,930

    )

     

     

     

     

     

     

     

     

    Free Cash Flow

     

     

    154,334

     

     

     

     

     

     

     

     

     

    Free Cash Flow - % of Adjusted Net Sales

     

     

    11.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    *Details of recast amounts for the sale of the electronic locker business within the Residential segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures

    **Recast to exclude sale of electronic locker business within the Residential segment

    (1) Recast for impact of ($239k) Depreciation & Amortization from sale of electronic locker business within the Residential segment

    (2) Recast for impact of ($54k) Stock Compensation Expense from the sale of electronic locker business within the Residential segment.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250430437842/en/

    Alliance Advisors Investor Relations

    Jody Burfening/Carolyn Capaccio

    (212) 838-3777

    [email protected]

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