Gibraltar Industries, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Gibraltar Industries, Inc. has filed its annual 10-K report for the fiscal year 2023, detailing its financial performance and business operations.</b>

AI Summary

GIBRALTAR INDUSTRIES, INC. (ROCK) filed a Annual Report (10-K) with the SEC on February 21, 2024. Gibraltar Industries, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in Buffalo, NY. The filing covers the period from January 1, 2023, to December 31, 2023. The SIC code for Gibraltar Industries is 3310 (Steel Works, Blast Furnaces & Rolling & Finishing Mills). The company was formerly known as Gibraltar Steel Corp.

Why It Matters

For investors and stakeholders tracking GIBRALTAR INDUSTRIES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gibraltar Industries' financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's value and future prospects. Understanding the details within this report, such as financial statements, risk factors, and executive compensation, allows stakeholders to make informed investment decisions and gauge the company's competitive positioning within the steel and manufacturing industry.

Risk Assessment

Risk Level: medium — GIBRALTAR INDUSTRIES, INC. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of information, including financial data and risk factors, but lacks specific forward-looking guidance or immediate material events that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand Gibraltar Industries' performance and potential challenges in the steel and manufacturing sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-21 — Filing Date (Date the report was filed)
• 2023-01-01 — Fiscal Year Start (Start date of the reporting period)
• 1993-09-24 — Name Change Date (Date of former company name change)

Key Players & Entities

• GIBRALTAR INDUSTRIES, INC. (company) — Filer name
• ROCK (company) — Ticker symbol
• BUFFALO, NY (location) — Business and mailing address city and state
• DE (location) — State of incorporation
• 3310 (industry) — Standard Industrial Classification code
• GIBRALTAR STEEL CORP (company) — Former company name

FAQ

Industry Context

Gibraltar Industries operates within the steel works, blast furnaces, and rolling & finishing mills sector, a segment of the broader manufacturing industry.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports to the SEC.

What Investors Should Do

1. Analyze the financial statements and disclosures in the 10-K for Gibraltar Industries' fiscal year 2023.
2. Identify any significant risk factors or business changes mentioned in the report.
3. Compare key financial metrics from this 10-K with previous filings to assess trends.

Key Dates

• 2024-02-21: 10-K Filing — Annual report filing for fiscal year 2023

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Gibraltar Industries, Inc.)

SIC Code

Standard Industrial Classification code, a system used to classify business establishments by the type of activity in which they are engaged. (Helps categorize Gibraltar Industries within the broader steel and manufacturing sector.)

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Previous filings would be needed for comparison.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share ROCK NASDAQ Stock M
• $495.5 m — r 31, 2023, the Company's liquidity was $495.5 million, including $99.4 million of cash
• $99.4 million — liquidity was $495.5 million, including $99.4 million of cash and $396.1 million of availabil
• $396.1 million — on, including $99.4 million of cash and $396.1 million of availability under its revolving cre
• $8.0 million — hird party and received net proceeds of $8.0 million. On July 5, 2023, the Company acquired
• $10.4 million — oof flashing and accessory products for $10.4 million. Customers and Products The Company's

Filing Documents

• rock-20231231.htm (10-K) — 1996KB
• q42023exhibit211.htm (EX-21.1) — 14KB
• q42023exhibit231-eyconsent.htm (EX-23.1) — 5KB
• q42023exhibit311.htm (EX-31.1) — 10KB
• q42023exhibit312.htm (EX-31.2) — 10KB
• q42023exhibit321.htm (EX-32.1) — 4KB
• q42023exhibit322.htm (EX-32.2) — 4KB
• exhibit97policyfortherecov.htm (EX-97) — 43KB
• rock-20231231_g1.jpg (GRAPHIC) — 144KB
• rock-20231231_g2.jpg (GRAPHIC) — 1KB
• 0000912562-24-000012.txt (&nbsp;) — 11924KB
• rock-20231231.xsd (EX-101.SCH) — 76KB
• rock-20231231_cal.xml (EX-101.CAL) — 107KB
• rock-20231231_def.xml (EX-101.DEF) — 381KB
• rock-20231231_lab.xml (EX-101.LAB) — 921KB
• rock-20231231_pre.xml (EX-101.PRE) — 657KB
• rock-20231231_htm.xml (XML) — 1972KB

Risk Factors

Item 1A Risk Factors 12

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 20

Cybersecurity

Item 1C Cybersecurity 20

Properties

Item 2 Properties 21

Legal Proceedings

Item 3 Legal Proceedings 21

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 21 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 31

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 33

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67

Controls and Procedures

Item 9A Controls and Procedures 67

Other Information

Item 9B Other Information 70

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 71

Executive Compensation

Item 11 Executive Compensation 71

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 71

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 71 PART IV

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 72

Form 10-K Summary

Item 16 Form 10-K Summary 75

SIGNATURES

SIGNATURES 2 Table of Contents Safe Harbor Statement Certain information set forth herein includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and, therefore, are, or may be deemed to be, "forward-looking statements." These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may," "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, competition, strategies and the particular markets in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in Item 1A "Risk Factors." Those factors should not be construed as exhaustive and should be read with the other cautionary statements herein. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity and the development of the particular markets in which we operate may differ materially from those made in or suggested by the forward-looking statements contained herein. In addition, even if our results of operations, financial condition and liquidity and the development of the particular markets in which we ope

Business

Item 1. Business The Company Gibraltar Industries, Inc. (the "Company") is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets. The Company's mission is to make life better for people and the planet, fueled by advancing the disciplines of engineering, science, and technology. The Company is innovating to reshape critical markets in sustainable power, comfortable and efficient living, and productive growing throughout North America. Furthermore, the Company strives to create compounding and sustainable value for its stockholders and stakeholders with strong and relevant leadership positions in higher growth, profitable end markets focused on addressing some of the world's most challenging opportunities. The foundation of the Company's strategy is built on three core pillars: Business System, Portfolio Management, and Organization Development. 1. Business System reflects the necessary systems, processes, and management tools required to deliver consistent and continuous performance improvement, every day. The Company's business system is a critical enabler to grow, scale, and deliver its plans. The Company's focus is on deploying effective tools to drive growth, improve operating performance, and develop the organization utilizing 80/20 and lean quote-to-cash initiatives along with digital systems for speed, agility and responsiveness. The Business System pillar challenges existing operating paradigms, drives day-to-day performance, forces prioritization of resources, tests the Company's business models, and drives new product and services innovation. 2. Portfolio Management is focused on optimizing the Company's business portfolio in higher growth markets with leadership positions while ensuring its financial capital and human resources are effectively and efficiently deployed to deliver sustainable, profitable growth while increasing its relevance with customers and shaping its ma

View Full Filing

View this 10-K filing on SEC EDGAR