Gibraltar takes $14M non-cash charge; GAAP EPS guidance cut to $2.50-$2.60

GIBRALTAR INDUSTRIES, INC.

Non-cash charge of $14M ($0.35/share) to write down processing equipment assets held for sale.
GAAP EPS range lowered to $2.50-$2.60 from prior $2.90-$3.00 for FY 2022.
Revenue range of $1.38-1.43B and adjusted EPS range of $3.30-$3.40 unchanged.
Charge driven by depressed cannabis/hemp processing equipment market; divestiture ongoing.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

GIBRALTAR INDUSTRIES, INC. reported year ended December 31, 2022 results: revenue $1.38 billion to $1.43 billion, EPS GAAP $2.50 to $2.60; adjusted $3.30 to $3.40. Guidance lowered.

Period: year ended December 31, 2022
Revenue: $1.38 billion to $1.43 billion
EPS: GAAP $2.50 to $2.60; adjusted $3.30 to $3.40
Guidance: lowered
Result: preliminary results

Exact text from the filing

As a result, the Company now expects GAAP earnings per share for the year ended December 31, 2022 to be in the range of $2.50 to $2.60, down from the prior estimated range of $2.90 to $3.00. The revenue range of $1.38 billion to $1.43 billion and adjusted EPS range of $3.30 to $3.40 for the year ended December 31, 2022 are unaffected by the write-down.

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Source: SEC EDGAR

accession 0000912562-23-000004

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