Gibraltar Industries, Inc. (ROCK) Bundle
A Brief History of Gibraltar Industries, Inc.
Gibraltar Industries, Inc. (NASDAQ: ROCK) has a rich history in the manufacturing and distribution of products for residential and commercial markets. As of 2024, the company continues to evolve, focusing on innovation and efficiency across its various sectors.
Financial Overview
As of September 30, 2024, Gibraltar reported net sales of $1.006 billion for the first nine months, a decrease of 4.0% compared to $1.049 billion for the same period in 2023. The net income for the same period was $91.2 million, slightly up from $91.1 million in 2023.
| Metric | 2024 | 2023 |
|---|---|---|
| Net Sales | $1,006,707 | $1,048,925 |
| Net Income | $91,183 | $91,099 |
| Gross Margin | 27.2% | 26.6% |
| SG&A Expenses | $155,584 | $153,415 |
Segment Performance
The decline in net sales is attributed primarily to the Residential and Renewables segments. The Residential segment saw a decrease in net sales to $611.8 million, down from $635.5 million. The Renewables segment reported net sales of $214.9 million, a drop of 11.6% from $243.0 million.
| Segment | 2024 Net Sales | 2023 Net Sales |
|---|---|---|
| Residential | $611,790 | $635,476 |
| Renewables | $214,941 | $243,026 |
| Agtech | $110,062 | $102,546 |
| Infrastructure | $69,914 | $67,877 |
Operational Efficiency
Gibraltar's gross margin increased to 27.2%, driven by improved price-to-material cost alignment and operational efficiencies. Selling, general, and administrative (SG&A) expenses rose slightly to $155.6 million, reflecting increased performance-based compensation costs.
| Operational Metric | 2024 | 2023 |
|---|---|---|
| Gross Margin | 27.2% | 26.6% |
| SG&A Expenses | $155,584 | $153,415 |
Cash Flow and Investments
For the nine months ended September 30, 2024, Gibraltar reported cash provided by operating activities of $154.3 million, a decrease from $206.7 million in 2023. The net cash used in investing activities was $14.0 million, primarily due to capital expenditures.
| Cash Flow Metric | 2024 | 2023 |
|---|---|---|
| Cash from Operating Activities | $154,335 | $206,656 |
| Cash Used in Investing Activities | $13,976 | $17,839 |
| Cash Used in Financing Activities | $10,940 | $120,182 |
Future Outlook
Looking ahead, Gibraltar Industries is focusing on strengthening its market position through strategic acquisitions and enhancing operational efficiencies. The company anticipates further growth in its Agtech and Infrastructure segments, supported by ongoing investments and favorable market dynamics.
A Who Owns Gibraltar Industries, Inc. (ROCK)
Shareholder Composition
As of 2024, the ownership structure of Gibraltar Industries, Inc. (ROCK) is characterized by a mix of institutional and retail investors. Key details regarding the significant shareholders include:
| Shareholder Type | Percentage Ownership | Notable Shareholders |
|---|---|---|
| Institutional Investors | 85% | BlackRock, Vanguard Group, State Street Corporation |
| Retail Investors | 15% | Individual shareholders |
Top Institutional Shareholders
The following table outlines the top institutional shareholders of Gibraltar Industries, Inc. as of 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 3,200,000 | 9.2% |
| The Vanguard Group, Inc. | 2,900,000 | 8.3% |
| State Street Corporation | 2,500,000 | 7.2% |
| Wellington Management Company, LLP | 1,800,000 | 5.2% |
| Invesco Ltd. | 1,500,000 | 4.3% |
Recent Stock Performance
As of September 30, 2024, Gibraltar Industries, Inc. reported the following key financial metrics:
| Metric | Value |
|---|---|
| Stock Price | $64.45 |
| Market Capitalization | $2.1 billion |
| Shares Outstanding | 34,298,000 |
| Net Income (Last Quarter) | $34.04 million |
Insider Ownership
Insider ownership plays a crucial role in aligning management interests with those of shareholders. As of 2024, the following statistics reflect insider ownership:
| Insider | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Bill Bosway | CEO | 100,000 | 0.29% |
| Richard W. D. B. Cummings | CFO | 50,000 | 0.15% |
| Other Executives | Various | 200,000 | 0.58% |
Stock Buyback Program
Gibraltar Industries has also implemented a stock buyback program as part of its capital allocation strategy. The details are as follows:
| Period | Total Shares Repurchased | Average Price Paid | Remaining Authorization |
|---|---|---|---|
| 2024 | 139,427 | $64.45 | $79.96 million |
Gibraltar Industries, Inc. (ROCK) Mission Statement
The mission of Gibraltar Industries, Inc. is to provide innovative and sustainable solutions in the building products and renewable energy sectors. The company focuses on enhancing the performance and efficiency of its products while contributing positively to the environment. Gibraltar aims to create value for its stakeholders, including customers, employees, and shareholders, through operational excellence and strategic growth initiatives.
Financial Overview
As of September 30, 2024, Gibraltar Industries reported the following financial results:
| Metric | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Sales | $1,006,707 | $1,048,925 |
| Cost of Sales | $732,920 | $769,873 |
| Gross Profit | $273,787 | $279,052 |
| Selling, General, and Administrative Expense | $155,584 | $153,415 |
| Income from Operations | $118,203 | $125,637 |
| Net Income | $91,183 | $91,099 |
Segment Performance
Gibraltar operates through several reportable segments, each contributing to the overall financial performance:
| Segment | 2024 Net Sales (in thousands) | 2023 Net Sales (in thousands) |
|---|---|---|
| Residential | $611,790 | $635,476 |
| Renewables | $214,941 | $243,026 |
| Agtech | $110,062 | $102,546 |
| Infrastructure | $69,914 | $67,877 |
Market Trends and Challenges
In 2024, Gibraltar faced several market challenges, particularly in the Renewables segment, which saw a decrease in net sales by 11.6% due to regulatory headwinds and trade issues. Conversely, the Agtech segment demonstrated growth, increasing by 7.3% driven by project acceleration in the produce division.
Operational Efficiency
The company's gross margin for the nine months ended September 30, 2024, was reported at 27.2%, an increase from 26.6% in the previous year. This improvement reflects effective cost management and operational efficiencies.
| Metric | 2024 | 2023 |
|---|---|---|
| Gross Margin | 27.2% | 26.6% |
| SG&A as % of Net Sales | 15.5% | 14.6% |
| Income from Operations Margin | 11.7% | 12.0% |
Stockholder Equity and Cash Flow
As of September 30, 2024, Gibraltar's total stockholders' equity stood at $1,003,233,000, reflecting a strong capital position. The company reported net cash provided by operating activities of $154,335,000 for the nine months ended September 30, 2024.
| Metric | Value (in thousands) |
|---|---|
| Total Stockholders' Equity | $1,003,233 |
| Net Cash Provided by Operating Activities | $154,335 |
Conclusion of Financial Performance
Gibraltar Industries continues to navigate a complex market landscape while focusing on its mission to deliver sustainable solutions. The financial metrics indicate a resilient operational framework, despite challenges in specific segments.
How Gibraltar Industries, Inc. (ROCK) Works
Company Overview
Gibraltar Industries, Inc. operates as a manufacturer and distributor of products for the residential, renewables, agtech, and infrastructure markets. As of September 30, 2024, the company reported total assets of $1.424 billion, up from $1.256 billion in December 2023.
Financial Performance
For the nine months ended September 30, 2024, Gibraltar Industries reported consolidated net sales of $1.007 billion, a decrease of 4.0% compared to $1.049 billion for the same period in 2023. The net income for the same period was $91.183 million.
| Financial Metric | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Net Sales | $1,006,707 | $1,048,925 | ($42,218) |
| Net Income | $91,183 | $91,099 | $84 |
| Gross Profit | $273,787 | $279,052 | ($5,265) |
| Operating Income | $118,203 | $125,637 | ($7,434) |
Segment Performance
The company operates through four reportable segments: Residential, Renewables, Agtech, and Infrastructure. The following table summarizes the net sales by segment for the nine months ended September 30, 2024:
| Segment | Net Sales 2024 | Net Sales 2023 | Change |
|---|---|---|---|
| Residential | $611,790 | $635,476 | ($23,686) |
| Renewables | $214,941 | $243,026 | ($28,085) |
| Agtech | $110,062 | $102,546 | $7,516 |
| Infrastructure | $69,914 | $67,877 | $2,037 |
Gross Margin and Operating Expenses
The company's consolidated gross margin was 27.2% for the nine months ended September 30, 2024, compared to 26.6% for the same period in 2023. Selling, general, and administrative expenses increased to $155.584 million from $153.415 million year-over-year, representing 15.5% of net sales.
Liquidity Position
As of September 30, 2024, Gibraltar Industries had cash and cash equivalents totaling $228.879 million. The company also had $395.055 million available on its revolving credit facility.
Recent Developments
On December 1, 2023, Gibraltar Industries sold its Japan-based solar racking business for net proceeds of $8.0 million, further diversifying its operational focus.
Income Statement Overview
The consolidated income statement for the three months ended September 30, 2024, compared to the same period in 2023 is presented below:
| Financial Metric | 2024 (Q3) | 2023 (Q3) |
|---|---|---|
| Net Sales | $361,196 | $390,744 |
| Gross Profit | $93,526 | $105,384 |
| Net Income | $34,039 | $39,277 |
Conclusion
The company continues to navigate various challenges while maintaining a solid performance across its segments, focusing on operational efficiencies and strategic growth initiatives.
How Gibraltar Industries, Inc. (ROCK) Makes Money
Revenue Segmentation
As of the nine months ended September 30, 2024, Gibraltar Industries reported total net sales of $1,006,707 thousand, a decrease from $1,048,925 thousand in the same period of 2023. The revenue breakdown by segment is as follows:
| Segment | 2024 Net Sales (in thousands) | 2023 Net Sales (in thousands) | Change (in thousands) |
|---|---|---|---|
| Residential | $611,790 | $635,476 | $(23,686) |
| Renewables | $214,941 | $243,026 | $(28,085) |
| Agtech | $110,062 | $102,546 | $7,516 |
| Infrastructure | $69,914 | $67,877 | $2,037 |
| Total | $1,006,707 | $1,048,925 | $(42,218) |
Cost of Sales and Gross Profit
The cost of sales for the nine months ended September 30, 2024, was $732,920 thousand, resulting in a gross profit of $273,787 thousand. The gross margin increased to 27.2% from 26.6% in the prior year. The cost of sales as a percentage of net sales decreased from 73.4% to 72.8%.
Operating Income
Income from operations for the nine months ended September 30, 2024, was $118,203 thousand, a decline from $125,637 thousand in the previous year. The operating margin was 11.7%, down from 12.0%.
Segment Operating Performance
Operating income by segment for the nine months ended September 30, 2024, is displayed below:
| Segment | Operating Income (in thousands) | Operating Margin (%) |
|---|---|---|
| Residential | $119,714 | 19.6% |
| Renewables | $4,116 | 1.9% |
| Agtech | $8,743 | 7.9% |
| Infrastructure | $17,605 | 25.2% |
| Total | $118,203 | 11.7% |
Net Income
For the nine months ended September 30, 2024, Gibraltar Industries reported a net income of $91,183 thousand, slightly higher than $91,099 thousand in 2023. The effective tax rate for 2024 was 25.6% compared to 26.7% in 2023.
Cash Flow and Liquidity
Cash provided by operating activities for the nine months ended September 30, 2024, was $154,335 thousand, down from $206,656 thousand in the previous year. The company's cash and cash equivalents increased to $228,879 thousand as of September 30, 2024, compared to $99,426 thousand at the end of 2023.
Debt and Equity Management
As of September 30, 2024, Gibraltar had total stockholders' equity of $1,003,233 thousand, an increase from $914,998 thousand at the end of 2023. The company repurchased common stock totaling $10,940 thousand during the nine months ended September 30, 2024.
Recent Acquisitions
On July 5, 2023, Gibraltar acquired a privately held Utah-based company for $10.4 million, enhancing its Residential segment. The acquisition contributed $3.5 million in revenue in 2024.
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Article updated on 8 Nov 2024
Resources:
- Gibraltar Industries, Inc. (ROCK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Gibraltar Industries, Inc. (ROCK)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Gibraltar Industries, Inc. (ROCK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.