Gibraltar Industries Q2 2024 10-Q Filing

TL;DR

Gibraltar Industries filed its Q2 2024 10-Q. Financials and operations detailed.

AI Summary

Gibraltar Industries, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and business segments are presented, along with disclosures required for public companies.

Why It Matters

This filing provides investors with a detailed look at Gibraltar Industries' financial health and operational status during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial and operational information that can reveal performance trends and potential challenges.

Key Numbers

• 20240630 — Period End Date (Fiscal quarter ended June 30, 2024)
• 20240731 — Filing Date (Date the 10-Q was filed with the SEC)

Key Players & Entities

• GIBRALTAR INDUSTRIES, INC. (company) — Filer
• 0000912562 (company) — Central Index Key
• 3556 LAKE SHORE ROAD (location) — Business Address
• BUFFALO (location) — Business City
• NY (location) — Business State
• 14219-0228 (location) — Business Zip

FAQ

Key Financial Figures

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

Filing Documents

• rock-20240630.htm (10-Q) — 1104KB
• q22024exhibit311.htm (EX-31.1) — 10KB
• q22024exhibit312.htm (EX-31.2) — 10KB
• q22024exhibit321.htm (EX-32.1) — 4KB
• q22024exhibit322.htm (EX-32.2) — 4KB
• rock-20240630_g1.jpg (GRAPHIC) — 144KB
• 0000912562-24-000045.txt ( ) — 6006KB
• rock-20240630.xsd (EX-101.SCH) — 38KB
• rock-20240630_cal.xml (EX-101.CAL) — 49KB
• rock-20240630_def.xml (EX-101.DEF) — 162KB
• rock-20240630_lab.xml (EX-101.LAB) — 405KB
• rock-20240630_pre.xml (EX-101.PRE) — 297KB
• rock-20240630_htm.xml (XML) — 917KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Statements of Income for the Three and Six Months Ended Ju ne 30 , 2024 and 2023 (unaudited) 3 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30 , 2024 and 2023 (unaudited) 4 Consolidated Balance Sheets as of June 30 , 2024 (unaudited) and December 31, 2023 5 Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 (unaudited) 6 Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30 , 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9

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 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29

SIGNATURES

SIGNATURES 30 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 353,005 $ 364,914 $ 645,511 $ 658,181 Cost of sales 257,132 268,175 465,250 484,513 Gross profit 95,873 96,739 180,261 173,668 Selling, general, and administrative expense 53,404 53,662 106,056 101,221 Income from operations 42,469 43,077 74,205 72,447 Interest (income) expense ( 1,495 ) 1,308 ( 2,245 ) 2,799 Other expense (income) 347 ( 509 ) ( 674 ) ( 906 ) Income before taxes 43,617 42,278 77,124 70,554 Provision for income taxes 11,419 11,555 19,980 18,732 Net income $ 32,198 $ 30,723 $ 57,144 $ 51,822 Net earnings per share: Basic $ 1.05 $ 1.01 $ 1.87 $ 1.69 Diluted $ 1.05 $ 1.00 $ 1.86 $ 1.68 Weighted average shares outstanding: Basic 30,588 30,554 30,580 30,725 Diluted 30,791 30,684 30,801 30,846 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 32,198 $ 30,723 $ 57,144 $ 51,822 Other comprehensive loss: Foreign currency translation adjustment ( 418 ) ( 576 ) ( 1,382 ) ( 683 ) Total comprehensive income $ 31,780 $ 30,147 $ 55,762 $ 51,139 See accompanying notes to consolidated financial statements. 4 Table of Contents GIBRALTAR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) June 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 179,102 $ 99,426 Accounts receivable, net of allowance of $ 5,563 and $ 5,572 , respectively 259,358 224,550 Inventories, net 134,493 120,503 Prepaid expenses and other current assets 18,912 17,772 Total current assets 591,865 462,251 Property, plant, and eq

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): June 30, 2024 December 31, 2023 Trade accounts receivable $ 226,066 $ 178,0

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