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Mar 31, 2023
Gibraltar Q1 2023 Earnings Report
Gibraltar's first quarter results demonstrated a strong start to the year with improved adjusted operating income and strong free cash flow generation.
Key Takeaways
Gibraltar Industries reported a decrease in net sales by 8%, but GAAP EPS increased by 45% and adjusted EPS increased by 17%. The company generated strong free cash flow and reaffirmed its 2023 net sales, EPS, and cash flow growth outlook.
Adjusted operating income improved by 14% despite an 8% decrease in net sales.
Free cash flow exceeded 12% of net sales, enabling debt reduction and share repurchases.
Renewables segment bookings nearly doubled sequentially, leading to a 34% increase in backlog.
Infrastructure segment experienced strong demand, with net sales and backlog increasing by 8.7% and 38%, respectively.
Revenue by Segment
Forward Guidance
Gibraltar is reiterating its guidance for net sales and earnings for the full year 2023.
Positive Outlook
- Consolidated net sales is expected to range between $1.36 billion and $1.41 billion.
- GAAP EPS is expected to range between $3.04 and $3.24.
- Adjusted EPS is expected to range between $3.46 and $3.66.
- Customer bookings and demand across the business is shaping up as anticipated.
- Businesses are on track for a solid second quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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