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Sep 30, 2021
Gibraltar Q3 2021 Earnings Report
Reported solid results despite significant acceleration of inflation and supply chain disruption.
Key Takeaways
Gibraltar Industries reported a 24.5% increase in net sales to $369.4 million, driven by organic growth and acquisitions. GAAP EPS decreased by 11.6% to $0.84, while adjusted EPS decreased by 7.1% to $0.91. The company's order backlog increased by 10% to $385 million, driven by renewables.
Net sales increased 24.5% to $369.4 million, with organic growth contributing 3.9% and acquisitions 20.6%.
GAAP earnings decreased 10.9% to $27.9 million, or $0.84 per share.
Adjusted earnings decreased 6.5% to $30.2 million, or $0.91 per share.
Order backlog increased 10% to $385 million.
Revenue by Segment
Forward Guidance
Gibraltar is adjusting its full year guidance as follows: consolidated revenue is expected to range between $1.31 billion and $1.35 billion; GAAP EPS from continuing operations is now expected to range from $2.45 and $2.56 compared to $2.53 in 2020; adjusted EPS from continuing operations is expected to range between $2.95 and $3.06 compared to $2.73 in 2020.
Positive Outlook
- Strong demand across the business
- Well positioned with strong backlog
- Increasing customer orders
- Healthy balance sheet
- Continued focus on daily execution, acquisition integrations, and further strengthening our operating systems
Challenges Ahead
- Effects of the current environment
- Current cost environment and supply chain disruption (material, labor, transportation) remain elevated throughout the fourth quarter
- Incremental costs and potential labor and productivity impacts associated with administering upcoming COVID mandates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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