Gibraltar Industries Files Q3 2024 10-Q

TL;DR

Gibraltar Industries dropped its Q3 2024 10-Q. Check financials.

AI Summary

Gibraltar Industries, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial results and operational insights for Gibraltar Industries, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial and operational information that can impact stock price.

Key Numbers

• 2024 Q3 — Reporting Period (Third quarter of 2024 financial results)
• 2024-09-30 — As of Date (End of the reporting period)
• 2023-09-30 — Prior Year Period (Comparison point for Q3 2024 performance)

Key Players & Entities

• GIBRALTAR INDUSTRIES, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241030 (date) — Filing Date
• BUFFALO (location) — Company Headquarters City
• 161445150 (identifier) — IRS Number

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-20240930.htm (10-Q) — 1115KB
• q32024exhibit311.htm (EX-31.1) — 10KB
• q32024exhibit312.htm (EX-31.2) — 10KB
• q32024exhibit321.htm (EX-32.1) — 4KB
• q32024exhibit322.htm (EX-32.2) — 4KB
• rock-20240930_g1.jpg (GRAPHIC) — 144KB
• 0000912562-24-000061.txt ( ) — 5971KB
• rock-20240930.xsd (EX-101.SCH) — 38KB
• rock-20240930_cal.xml (EX-101.CAL) — 47KB
• rock-20240930_def.xml (EX-101.DEF) — 163KB
• rock-20240930_lab.xml (EX-101.LAB) — 404KB
• rock-20240930_pre.xml (EX-101.PRE) — 295KB
• rock-20240930_htm.xml (XML) — 902KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 5 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 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 26

Controls and Procedures

Item 4. Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 361,196 $ 390,744 $ 1,006,707 $ 1,048,925 Cost of sales 267,670 285,360 732,920 769,873 Gross profit 93,526 105,384 273,787 279,052 Selling, general, and administrative expense 49,528 52,194 155,584 153,415 Income from operations 43,998 53,190 118,203 125,637 Interest (income) expense ( 1,931 ) 417 ( 4,176 ) 3,216 Other expense (income) 455 ( 1,040 ) ( 219 ) ( 1,946 ) Income before taxes 45,474 53,813 122,598 124,367 Provision for income taxes 11,435 14,536 31,415 33,268 Net income $ 34,039 $ 39,277 $ 91,183 $ 91,099 Net earnings per share: Basic $ 1.11 $ 1.29 $ 2.98 $ 2.97 Diluted $ 1.11 $ 1.28 $ 2.96 $ 2.96 Weighted average shares outstanding: Basic 30,530 30,485 30,564 30,638 Diluted 30,750 30,715 30,788 30,808 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 34,039 $ 39,277 $ 91,183 $ 91,099 Other comprehensive income (loss): Foreign currency translation adjustment 703 ( 1,368 ) ( 679 ) ( 2,051 ) Total comprehensive income $ 34,742 $ 37,909 $ 90,504 $ 89,048 See accompanying notes to consolidated financial statements. 4 Table of Contents GIBRALTAR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) September 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 228,879 $ 99,426 Trade receivables, net of allowance of $ 5,418 and $ 5,351 , respectively 206,842 172,736 Costs in excess of billings, net 41,603 51,814 Inventories, net 138,171 120,503 Prepaid expenses and other c

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. The Company has presented net costs in excess of billings separately on its consolidated balance sheet as of December 31, 2023 to conform with current year presentation. 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. (

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