Gibraltar Industries, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Gibraltar Industries, Inc. (ROCK) filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial data and company information.</b>

AI Summary

GIBRALTAR INDUSTRIES, INC. (ROCK) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Filing is a 10-Q for Gibraltar Industries, Inc. (ROCK) for the period ending March 31, 2024. The company's fiscal year ends on December 31. Filed as of date is May 1, 2024. Previous company name was Gibraltar Steel Corp, with a name change date of September 24, 1993. The filing includes data related to common stock, additional paid-in capital, retained earnings, accumulated other comprehensive income, and treasury stock for various periods.

Why It Matters

For investors and stakeholders tracking GIBRALTAR INDUSTRIES, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Gibraltar Industries, Inc. for the first quarter of 2024. The detailed financial statements and disclosures within this report are crucial for understanding the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — GIBRALTAR INDUSTRIES, INC. shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess Gibraltar Industries' Q1 2024 results and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 12/31 — Fiscal Year End (Fiscal year end)
• 1993-09-24 — Name Change Date (Former company name date of change)

Key Players & Entities

• GIBRALTAR INDUSTRIES, INC. (company) — Filer name
• ROCK (company) — Ticker symbol
• 10-Q (filing) — Form type
• 2024-03-31 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date
• 161445150 (company) — IRS number
• DE (jurisdiction) — State of incorporation
• GIBRALTAR STEEL CORP (company) — Former company name

FAQ

Industry Context

Gibraltar Industries operates within the manufacturing sector, specifically in steel works, blast furnaces, and rolling and finishing mills.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the SEC for publicly traded companies to disclose financial and operational information.

What Investors Should Do

1. Analyze the financial statements for Q1 2024 to understand revenue, net income, and other key financial metrics.
2. Review any disclosures regarding business segments, such as Renewable Energy and Conservation, Residential Products, Agtech, and Infrastructure.
3. Examine the balance sheet and cash flow statement for insights into the company's liquidity and financial health.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, and no prior filing data for this specific period is available within this document.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share ROCK NASDAQ Stock M

Filing Documents

• rock-20240331.htm (10-Q) — 807KB
• q12024exhibit311.htm (EX-31.1) — 10KB
• q12024exhibit312.htm (EX-31.2) — 10KB
• q12024exhibit321.htm (EX-32.1) — 4KB
• q12024exhibit322.htm (EX-32.2) — 4KB
• rock-20240331_g1.jpg (GRAPHIC) — 144KB
• 0000912562-24-000028.txt (&nbsp;) — 5178KB
• rock-20240331.xsd (EX-101.SCH) — 38KB
• rock-20240331_cal.xml (EX-101.CAL) — 49KB
• rock-20240331_def.xml (EX-101.DEF) — 160KB
• rock-20240331_lab.xml (EX-101.LAB) — 399KB
• rock-20240331_pre.xml (EX-101.PRE) — 294KB
• rock-20240331_htm.xml (XML) — 677KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Statements of Income for the Three Months Ended Mar ch 3 1 , 202 4 and 202 3 (unaudited) 3 Consolidated Statements of Comprehensive Income for the Three Months Ended Ma rch 31 , 202 4 and 202 3 (unaudited) 4 Consolidated Balance Sheets as of March 3 1 , 202 4 (unaudited) and December 31, 20 23 5 Consolidated Statements of Cash Flows for the Three Months Ended March 31 , 202 4 and 202 3 (unaudited) 6 Consolidated Statement s of Stockholders' Equity for the Three Months Ended March 31 , 202 4 and 202 3 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 24

SIGNATURES

SIGNATURES 25 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GIBRALTAR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2024 2023 Net sales $ 292,506 $ 293,267 Cost of sales 208,118 216,338 Gross profit 84,388 76,929 Selling, general, and administrative expense 52,652 47,559 Income from operations 31,736 29,370 Interest (income) expense ( 750 ) 1,491 Other income ( 1,021 ) ( 397 ) Income before taxes 33,507 28,276 Provision for income taxes 8,561 7,177 Net income $ 24,946 $ 21,099 Net earnings per share: Basic $ 0.82 $ 0.68 Diluted $ 0.81 $ 0.68 Weighted average shares outstanding: Basic 30,572 30,897 Diluted 30,793 31,024 See accompanying notes to consolidated financial statements. 3 Table of Contents GIBRALTAR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (unaudited) Three Months Ended March 31, 2024 2023 Net income $ 24,946 $ 21,099 Other comprehensive loss: Foreign currency translation adjustment ( 964 ) ( 107 ) Total comprehensive income $ 23,982 $ 20,992 See accompanying notes to consolidated financial statements. 4 Table of Contents GIBRALTAR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 146,665 $ 99,426 Accounts receivable, net of allowance of $ 5,578 and $ 5,572 , respectively 230,971 224,550 Inventories, net 137,878 120,503 Prepaid expenses and other current assets 15,205 17,772 Total current assets 530,719 462,251 Property, plant, and equipment, net 108,028 107,603 Operating lease assets 42,592 44,918 Goodwill 511,797 513,383 Acquired intangibles 124,257 125,980 Other assets 2,464 2,316 $ 1,319,857 $ 1,256,451 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 127,533 $ 92,124 Accrued expenses 82,805 88,719 Billings in excess of cost 53,261 4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (1) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Gibraltar Industries, Inc. (the "Company") have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair presentation of results for the interim period have been included. The Company's operations are seasonal; for this and other reasons financial results for any interim period are not necessarily indicative of the results expected for any subsequent interim period or for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2023. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. Recent Accounting Pronouncements The Company evaluated all recent Accounting Standard Updates, including those that are currently effective in or after 2024, and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. There have been no material changes from the recent accounting pronouncements previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. (2) ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following (in thousands): March 31, 2024 December 31, 2023 Trade accounts receivable $ 194,343 $ 178,

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View this 10-Q filing on SEC EDGAR