Gibraltar Q1 adjusted EPS up 17% to $0.70; reaffirms FY 2023 guidance

GIBRALTAR INDUSTRIES, INC.

GAAP net income $21.1M ($0.68 diluted EPS), up 36% YoY; adjusted net income $21.8M ($0.70 adjusted EPS).
Net sales $293.3M, down 7.7% GAAP / 8.0% adjusted vs Q1 2022, driven by Renewables and Agtech segments.
Renewables segment net sales -24.9% due to UFLPA panel import issues and winter weather; backlog up 34% sequentially.
Free cash flow 12.3% of net sales; used to pay down revolver and support share repurchases.
Full-year 2023 guidance reaffirmed: net sales $1.36–$1.41B, GAAP EPS $3.04–$3.24, adjusted EPS $3.46–$3.66.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GIBRALTAR INDUSTRIES, INC. updated its the three-month period ended March 31, 2023 guidance (reaffirmed).

Period: the three-month period ended March 31, 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On May 3, 2023, Gibraltar Industries, Inc. (the "Company") issued a news release and will hold a conference call regarding financial results for the three months ended March 31, 2023. A copy of the news release (the "Release") is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

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Source: SEC EDGAR

accession 0000912562-23-000023

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