Gibraltar Reports First-Quarter 2016 Financial Results
Adjusted EPS Increases YOY to $0.24 from $0.06; Sales Grow 17%
Confirms Full-Year 2016 Guidance of $1.30 to $1.40 Adjusted EPS
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of building products for industrial,
infrastructure, residential, and renewable energy and conservation markets, today reported its financial results for the
three-month period ended March 31, 2016. All financial metrics in this release reflect only the Company’s continuing operations
unless otherwise noted.
First-quarter Consolidated Results
Gibraltar’s net sales for the first quarter of 2016 increased 17 percent to $233.7 million, compared with $200.6 million in the
first quarter of 2015. First-quarter adjusted net income was $7.6 million, or $0.24 per diluted share, compared with $1.8 million,
or $0.06 per diluted share, in the first quarter of 2015. The adjusted first-quarter 2016 results exclude special items with an
after-tax net charge totaling $1.1 million, or $0.04 per diluted share, resulting primarily from business restructuring under the
80/20 simplification initiative. The adjusted first-quarter 2015 results excluded special items with an after-tax net benefit
totaling $3.7 million, or $0.12 per diluted share, resulting primarily from a gain on the sale of a facility, partially offset by
costs related to the Company’s senior leadership transition. Including these items in the respective periods, the Company’s
first-quarter 2016 GAAP net income was $6.5 million, or $0.20 per diluted share, compared with a net income of $5.5 million, or
$0.18 per diluted share, in the first quarter of 2015.
Management Comments
“Gibraltar began 2016 with a strong first-quarter performance as we exceeded our guidance on both the top and bottom lines,”
said Chief Executive Officer Frank Heard. “We reported an over 300 percent increase in adjusted net income on a 17 percent increase
in sales as a result of significant gains from our value creation strategy and the benefits of our June 2015 acquisition of Rough
Brothers Inc. (RBI). RBI continues to leverage solid top-line growth into strong profitability.
“Our positive financial results in recent quarters reflect a rapid culture transformation at Gibraltar, which has led to
significant operational improvements across the organization. We have made excellent progress in re-focusing our resources and
increasing efficiencies. As a result, we have delivered increased profitability out of our base businesses despite market
headwinds,” Heard said.
First-quarter Segment Results
Residential Products
First-quarter 2016 net sales in Gibraltar’s Residential Products segment decreased 6 percent to $100.1 million, compared with
$106.8 million for the first quarter of 2015, reflecting the completion of a significant contract for centralized mailboxes as of
December 2015. First-quarter 2016 adjusted operating margin increased to 13.2 percent compared to 7.7 percent in the prior-year
period. The segment’s adjusted operating margin reflected the benefit of improved operational efficiencies and early contributions
from the 80/20 simplification initiative.
Industrial and Infrastructure Products
First-quarter 2016 net sales in Gibraltar’s Industrial & Infrastructure Products segment decreased 15 percent to $79.7
million, compared with $93.8 million for the first quarter of 2015. However, adjusted operating margin doubled to 5.0 percent as
the combination of improved manufacturing efficiencies, tighter management of raw material costs, and initial benefits from 80/20
simplification helped offset the effect of the revenue decrease. Sales in this segment reflected lower shipment volumes plus the
effect of lower steel costs on customer pricing. First-quarter volume was lower year-over-year by 9 percent as domestic energy and
mining activity declined, in part, due to the effects of reduced oil prices.
Renewable Energy and Conservation
This newly named segment contains the results of RBI, an acquisition the Company completed on June 9, 2015. RBI has established
itself during the past six years as North America’s fastest-growing provider of solar racking solutions. RBI was accretive to the
Company’s results, adding adjusted earnings of $0.09 per diluted share to the first quarter, on revenues of $53.9 million.
The first-quarter 2016 net sales of $53.9 million represent an increase of 35 percent, compared to $39.9 million for the first
quarter of 2015 (prior to the acquisition by Gibraltar). Sales growth in this segment reflected continued strong demand for RBI’s
ground-mounted solar racking products as well its commercial greenhouse products.
Business Outlook
“Looking ahead in 2016, we will build on our previous successes to advance our four pillar strategy, which includes operational
improvement, portfolio management, product innovation plus accretive acquisitions which serve as strategic accelerators to growth.
As a result, even with continued softness in certain end markets, we expect to achieve our key financial objectives for 2016:
increasing earnings, making more efficient use of our capital, and delivering higher shareholder returns than we did in 2015.”
Gibraltar expects 2016 total revenues in the range of $1.04 billion to $1.06 billion, an increase of approximately 1 percent
compared with $1.04 billion in 2015, led by continuing growth in sales of solar racking. This revenue range for 2016 is lower than
previous guidance due to the Company’s divestiture in April 2016 of its European industrial business that contributed $36 million
in revenues with breakeven profitability to our Industrial & Infrastructure Products segment in 2015. Despite expected modest
revenue growth this year, Gibraltar is confirming its guidance for higher adjusted earnings for full year 2016. Adjusted earnings
for 2016 are expected in the range of $1.30 to $1.40 per diluted share, compared with $1.09 per diluted share in 2015.
For the second quarter of 2016, revenues are expected to increase 7 to 8 percent and adjusted EPS are expected to be between
$0.36 and $0.41, compared with $0.25 for the second quarter of 2015, as a result of the income from the Renewable Energy and
Conservation segment and continuing operational efficiencies.
First-quarter Conference Call Details
Gibraltar has scheduled a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2016.
Interested parties may access the call by dialing (877) 407-5790 or (201) 689-8328. The presentation slides that will be discussed
in the conference call are expected to be available this morning, prior to the start of the call. The slides may be downloaded from
the Gibraltar website: www.gibraltar1.com. A webcast replay of the conference call and a copy of the transcript will be available on
the website following the call.
About Gibraltar
Gibraltar Industries is a leading manufacturer and distributor of building products for industrial, infrastructure, residential,
and renewable energy and conservation markets. With a four-pillar strategy focused on operational improvement, product innovation,
acquisitions and portfolio management, Gibraltar’s mission is to drive best-in-class performance. Gibraltar serves customers
worldwide through facilities in the United States, Canada, Germany, China, and Japan. Comprehensive information about Gibraltar can
be found on its website at www.gibraltar1.com.
Safe Harbor Statement
Information contained in this news release, other than historical information, contains forward-looking statements and is
subject to a number of risk factors, uncertainties, and assumptions. Risk factors that could affect these statements include, but
are not limited to, the following: the availability of raw materials and the effects of changing raw material prices on the
Company’s results of operations; energy prices and usage; changing demand for the Company’s products and services; changes in the
liquidity of the capital and credit markets; risks associated with the integration and performance of acquisitions; and changes in
interest and tax rates. In addition, such forward-looking statements could also be affected by general industry and market
conditions, as well as general economic and political conditions. 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.
Non-GAAP Financial Data
To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted
financial data in this news release. Adjusted financial data excluded special charges consisting of gains / losses on sales of
assets, restructuring primarily associated with the 80/20 simplification initiative, acquisition-related items, and other
reclassifications. These adjustments are shown in the non-GAAP reconciliation of adjusted operating results excluding special
charges provided in the financial schedules that accompany this news release. The Company believes that the presentation of results
excluding special charges 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. Special charges are excluded since they may not be considered directly related to our ongoing business
operations. These adjusted measures should not be viewed as a substitute for our GAAP results, and may be different than adjusted
measures used by other companies.
Next Earnings Announcement
Gibraltar expects to release its financial results for the three-month period ending June 30, 2016, on Thursday, July 28, 2016,
and hold its earnings conference call later that morning, starting at 9:00 a.m. ET.
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2016 |
|
|
2015 |
Net Sales |
|
|
|
|
$ |
233,677 |
|
|
|
$ |
200,615 |
|
Cost of sales |
|
|
|
|
183,521 |
|
|
|
170,700 |
|
Gross profit |
|
|
|
|
50,156 |
|
|
|
29,915 |
|
Selling, general, and administrative expense |
|
|
|
|
36,549 |
|
|
|
20,945 |
|
Income from operations |
|
|
|
|
13,607 |
|
|
|
8,970 |
|
Interest expense |
|
|
|
|
3,691 |
|
|
|
3,700 |
|
Other income |
|
|
|
|
(195 |
) |
|
|
(3,559 |
) |
Income before taxes |
|
|
|
|
10,111 |
|
|
|
8,829 |
|
Provision for income taxes |
|
|
|
|
3,618 |
|
|
|
3,292 |
|
Income from continuing operations |
|
|
|
|
6,493 |
|
|
|
5,537 |
|
Discontinued operations: |
|
|
|
|
|
|
|
|
Loss before taxes |
|
|
|
|
— |
|
|
|
(44 |
) |
Benefit of income taxes |
|
|
|
|
— |
|
|
|
(16 |
) |
Loss from discontinued operations |
|
|
|
|
— |
|
|
|
(28 |
) |
Net income |
|
|
|
|
$ |
6,493 |
|
|
|
$ |
5,509 |
|
Net earnings per share – Basic: |
|
|
|
|
|
|
|
|
Income from continuing operations |
|
|
|
|
$ |
0.21 |
|
|
|
$ |
0.18 |
|
Loss from discontinued operations |
|
|
|
|
— |
|
|
|
— |
|
Net income |
|
|
|
|
$ |
0.21 |
|
|
|
$ |
0.18 |
|
Weighted average shares outstanding – Basic |
|
|
|
|
31,423 |
|
|
|
31,191 |
|
Net earnings per share – Diluted: |
|
|
|
|
|
|
|
|
Income from continuing operations |
|
|
|
|
$ |
0.20 |
|
|
|
$ |
0.18 |
|
Loss from discontinued operations |
|
|
|
|
— |
|
|
|
— |
|
Net income |
|
|
|
|
$ |
0.20 |
|
|
|
$ |
0.18 |
|
Weighted average shares outstanding – Diluted |
|
|
|
|
31,790 |
|
|
|
31,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2016 |
|
|
December 31,
2015 |
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
$ |
82,627 |
|
|
|
$ |
68,858 |
|
Accounts receivable, net |
|
|
|
|
149,458 |
|
|
|
164,969 |
|
Inventories |
|
|
|
|
106,406 |
|
|
|
107,058 |
|
Other current assets |
|
|
|
|
9,852 |
|
|
|
10,537 |
|
Total current assets |
|
|
|
|
348,343 |
|
|
|
351,422 |
|
Property, plant, and equipment, net |
|
|
|
|
116,681 |
|
|
|
118,932 |
|
Goodwill |
|
|
|
|
293,664 |
|
|
|
292,390 |
|
Acquired intangibles |
|
|
|
|
121,649 |
|
|
|
123,013 |
|
Other assets |
|
|
|
|
4,112 |
|
|
|
4,015 |
|
|
|
|
|
|
$ |
884,449 |
|
|
|
$ |
889,772 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
$ |
83,994 |
|
|
|
$ |
89,204 |
|
Accrued expenses |
|
|
|
|
50,615 |
|
|
|
67,605 |
|
Billings in excess of cost |
|
|
|
|
31,523 |
|
|
|
28,186 |
|
Current maturities of long-term debt |
|
|
|
|
400 |
|
|
|
400 |
|
Total current liabilities |
|
|
|
|
166,532 |
|
|
|
185,395 |
|
Long-term debt |
|
|
|
|
209,032 |
|
|
|
208,882 |
|
Deferred income taxes |
|
|
|
|
42,964 |
|
|
|
42,654 |
|
Other non-current liabilities |
|
|
|
|
44,973 |
|
|
|
42,755 |
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
|
|
|
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value; authorized 50,000 shares; 31,827 and 31,779
shares issued in 2016 and 2015
|
|
|
|
|
318 |
|
|
|
317 |
|
Additional paid-in capital |
|
|
|
|
255,125 |
|
|
|
253,458 |
|
Retained earnings |
|
|
|
|
184,566 |
|
|
|
178,073 |
|
Accumulated other comprehensive loss |
|
|
|
|
(12,301 |
) |
|
|
(15,416 |
) |
Cost of 500 and 484 common shares held in treasury in 2016 and 2015 |
|
|
|
|
(6,760 |
) |
|
|
(6,346 |
) |
Total shareholders’ equity |
|
|
|
|
420,948 |
|
|
|
410,086 |
|
|
|
|
|
|
$ |
884,449 |
|
|
|
$ |
889,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2016 |
|
|
2015 |
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
$ |
6,493 |
|
|
|
$ |
5,509 |
|
Loss from discontinued operations |
|
|
|
|
— |
|
|
|
(28 |
) |
Income from continuing operations |
|
|
|
|
6,493 |
|
|
|
5,537 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
6,054 |
|
|
|
6,149 |
|
Stock compensation expense |
|
|
|
|
1,348 |
|
|
|
568 |
|
Net gain on sale of assets |
|
|
|
|
(189 |
) |
|
|
(8,141 |
) |
Restructuring charges, non-cash |
|
|
|
|
910 |
|
|
|
108 |
|
Other, net |
|
|
|
|
(407) |
|
|
|
(1,647 |
) |
Changes in operating assets and liabilities, excluding the effects of
acquisitions: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
14,880 |
|
|
|
(15,332 |
) |
Inventories |
|
|
|
|
117 |
|
|
|
(5,361 |
) |
Other current assets and other assets |
|
|
|
|
(254 |
) |
|
|
1,786 |
|
Accounts payable |
|
|
|
|
(5,101 |
) |
|
|
8,450 |
|
Accrued expenses and other non-current liabilities |
|
|
|
|
(8,497 |
) |
|
|
(6,869 |
) |
Net cash provided by (used in) operating activities |
|
|
|
|
15,354 |
|
|
|
(14,752 |
) |
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
Cash paid for acquisitions |
|
|
|
|
(2,314 |
) |
|
|
— |
|
Net proceeds from sale of property and equipment |
|
|
|
|
57 |
|
|
|
26,181 |
|
Purchases of property, plant, and equipment |
|
|
|
|
(1,501 |
) |
|
|
(2,022 |
) |
Other, net |
|
|
|
|
1,118 |
|
|
|
(61 |
) |
Net cash (used in) provided by investing activities |
|
|
|
|
(2,640 |
) |
|
|
24,098 |
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
Payment of debt issuance costs |
|
|
|
|
(54 |
) |
|
|
— |
|
Purchase of treasury stock at market prices |
|
|
|
|
(414 |
) |
|
|
(356 |
) |
Net proceeds from issuance of common stock |
|
|
|
|
133 |
|
|
|
9 |
|
Excess tax benefit from stock compensation |
|
|
|
|
187 |
|
|
|
18 |
|
Net cash used in financing activities |
|
|
|
|
(148 |
) |
|
|
(329 |
) |
Effect of exchange rate changes on cash |
|
|
|
|
1,203 |
|
|
|
(1,327 |
) |
Net increase in cash and cash equivalents |
|
|
|
|
13,769 |
|
|
|
7,690 |
|
Cash and cash equivalents at beginning of year |
|
|
|
|
68,858 |
|
|
|
110,610 |
|
Cash and cash equivalents at end of period |
|
|
|
|
$ |
82,627 |
|
|
|
$ |
118,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statements of Operations
(in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016 |
|
|
|
|
|
As
Reported
In GAAP
Statements
|
|
|
Acquisition
Related
Items
|
|
|
Restructuring
Costs
|
|
|
Adjusted
Statement of
Operations
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products |
|
|
|
|
$ |
100,147 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
100,147 |
|
Industrial & Infrastructure Products |
|
|
|
|
80,017 |
|
|
|
— |
|
|
|
— |
|
|
|
80,017 |
|
Less Inter-Segment Sales |
|
|
|
|
(367 |
) |
|
|
— |
|
|
|
— |
|
|
|
(367 |
) |
|
|
|
|
|
79,650 |
|
|
|
— |
|
|
|
— |
|
|
|
79,650 |
|
Renewable Energy & Conservation |
|
|
|
|
53,880 |
|
|
|
— |
|
|
|
— |
|
|
|
53,880 |
|
Consolidated sales |
|
|
|
|
233,677 |
|
|
|
— |
|
|
|
— |
|
|
|
233,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products |
|
|
|
|
12,231 |
|
|
|
— |
|
|
|
1,018 |
|
|
|
13,249 |
|
Industrial & Infrastructure Products |
|
|
|
|
3,326 |
|
|
|
— |
|
|
|
680 |
|
|
|
4,006 |
|
Renewable Energy & Conservation |
|
|
|
|
4,313 |
|
|
|
— |
|
|
|
— |
|
|
|
4,313 |
|
Segment Income |
|
|
|
|
19,870 |
|
|
|
— |
|
|
|
1,698 |
|
|
|
21,568 |
|
Unallocated corporate expense |
|
|
|
|
(6,263 |
) |
|
|
31 |
|
|
|
— |
|
|
|
(6,232 |
) |
Consolidated income from operations |
|
|
|
|
13,607 |
|
|
|
31 |
|
|
|
1,698 |
|
|
|
15,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
3,691 |
|
|
|
— |
|
|
|
— |
|
|
|
3,691 |
|
Other income |
|
|
|
|
(195 |
) |
|
|
— |
|
|
|
— |
|
|
|
(195 |
) |
Income before income taxes |
|
|
|
|
10,111 |
|
|
|
31 |
|
|
|
1,698 |
|
|
|
11,840 |
|
Provision for income taxes |
|
|
|
|
3,618 |
|
|
|
11 |
|
|
|
620 |
|
|
|
4,249 |
|
Income from continuing operations |
|
|
|
|
$ |
6,493 |
|
|
|
$ |
20 |
|
|
|
$ |
1,078 |
|
|
|
$ |
7,591 |
|
Income from continuing operations per share – diluted |
|
|
|
|
$ |
0.20 |
|
|
|
$ |
— |
|
|
|
$ |
0.04 |
|
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products |
|
|
|
|
12.2 |
% |
|
|
— |
% |
|
|
1.0 |
% |
|
|
13.2 |
% |
Industrial & Infrastructure Products |
|
|
|
|
4.2 |
% |
|
|
— |
% |
|
|
0.9 |
% |
|
|
5.0 |
% |
Renewable Energy & Conservation |
|
|
|
|
8.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
8.0 |
% |
Segments Margin |
|
|
|
|
8.5 |
% |
|
|
— |
% |
|
|
0.7 |
% |
|
|
9.2 |
% |
Consolidated |
|
|
|
|
5.8 |
% |
|
|
— |
% |
|
|
0.7 |
% |
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC. |
Non-GAAP Reconciliation of Adjusted Statements of Operations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
Three Months Ended
March 31, 2015 |
|
|
|
As
Reported In
GAAP
Statements
|
|
|
Gain on
Sale of
Facility
|
|
|
Reclass of
Hedging
Activity
|
|
|
Acquisition
Related
Items
|
|
|
Restructuring
Costs
|
|
|
Adjusted
Statement of
Operations
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products |
|
|
$ |
106,795 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
106,795 |
|
Industrial & Infrastructure Products |
|
|
94,285 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
94,285 |
|
Less Inter-Segment Sales |
|
|
(465 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(465 |
) |
|
|
|
93,820 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
93,820 |
|
Consolidated sales |
|
|
200,615 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
200,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products |
|
|
12,133 |
|
|
|
(6,799 |
) |
|
|
2,723 |
|
|
|
— |
|
|
|
219 |
|
|
|
8,276 |
|
Industrial & Infrastructure Products |
|
|
2,006 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
364 |
|
|
|
2,370 |
|
Segment Income |
|
|
14,139 |
|
|
|
(6,799 |
) |
|
|
2,723 |
|
|
|
— |
|
|
|
583 |
|
|
|
10,646 |
|
Unallocated corporate expense |
|
|
(5,169 |
) |
|
|
— |
|
|
|
— |
|
|
|
(228 |
) |
|
|
517 |
|
|
|
(4,880 |
) |
Consolidated income from operations |
|
|
8,970 |
|
|
|
(6,799 |
) |
|
|
2,723 |
|
|
|
(228 |
) |
|
|
1,100 |
|
|
|
5,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
3,700 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,700 |
|
Other income |
|
|
(3,559 |
) |
|
|
— |
|
|
|
2,723 |
|
|
|
— |
|
|
|
— |
|
|
|
(836 |
) |
Income before income taxes |
|
|
8,829 |
|
|
|
(6,799 |
) |
|
|
— |
|
|
|
(228 |
) |
|
|
1,100 |
|
|
|
2,902 |
|
Provision for income taxes |
|
|
3,292 |
|
|
|
(2,526 |
) |
|
|
— |
|
|
|
(85 |
) |
|
|
408 |
|
|
|
1,089 |
|
Income from continuing operations |
|
|
$ |
5,537 |
|
|
|
$ |
(4,273 |
) |
|
|
$ |
— |
|
|
|
$ |
(143 |
) |
|
|
$ |
692 |
|
|
|
$ |
1,813 |
|
Income from continuing
operations per share – diluted
|
|
|
$ |
0.18 |
|
|
|
$ |
(0.14 |
) |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
0.02 |
|
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products |
|
|
11.4 |
% |
|
|
(6.4 |
)% |
|
|
2.5 |
% |
|
|
— |
% |
|
|
0.2 |
% |
|
|
7.7 |
% |
Industrial & Infrastructure
Products
|
|
|
2.1 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.4 |
% |
|
|
2.5 |
% |
Segments Margin |
|
|
7.0 |
% |
|
|
(3.4 |
)% |
|
|
1.4 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
5.3 |
% |
Consolidated |
|
|
4.5 |
% |
|
|
(3.4 |
)% |
|
|
1.4 |
% |
|
|
(0.1 |
)%
|
|
|
0.5 |
% |
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gibraltar Industries, Inc.
Kenneth Smith, 716-826-6500 ext. 3217
Chief Financial Officer
kwsmith@gibraltar1.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160506005319/en/