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Jun 30, 2023
Gibraltar Q2 2023 Earnings Report
Reported second quarter earnings with GAAP EPS up 11% and Adjusted EPS up 23% on flat sales.
Key Takeaways
Gibraltar Industries reported flat net sales but increased profitability in Q2 2023. Adjusted operating income improved 18%, EPS improved 23%, and the company generated 20% free cash flow. The company is raising its adjusted EPS guidance range 12% - 13% and reaffirming its net sales outlook.
Net sales were flat, impacted by market price adjustments and project delays.
GAAP earnings increased to $30.7 million, or $1.00 per share.
Adjusted net income increased 15.2% to $36.3 million, or $1.18 per share.
Free cash flow to net sales was 20.0%, driven by improved margin performance and working capital management.
Revenue by Segment
Forward Guidance
Gibraltar is raising its EPS guide and reaffirming its 2023 net sales outlook, and expects to deliver growth, improved profitability, and better cash flow versus last year.
Positive Outlook
- GAAP EPS is now expected to range between $3.46 and $3.66, compared to $2.56 in 2022.
- Adjusted EPS is now expected to range between $3.90 and $4.10, compared to $3.40 in 2022.
- The outlook for consolidated net sales is unchanged, between $1.36 billion and $1.41 billion.
- Net sales are expected to be between $1.36 billion and $1.41 billion.
- Expect continued strong cash flow generation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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