Delaware | 0-22462 | 16-1445150 | ||
(State or other jurisdiction of incorporation ) | (Commission File Number) | (IRS Employer Identification No.) |
Item 2.02 Results of Operations and Financial Condition | 3 | |||||
Item 7.01 Regulation FD Disclosure | 3 | |||||
Item 9.01 Financial Statements and Exhibits | 3 | |||||
SIGNATURE | 4 | |||||
EX - 99.1 |
Exhibit No. | Description | |
Earnings Release issued by Gibraltar Industries, Inc. on February 22, 2018 |
GIBRALTAR INDUSTRIES, INC. | ||||
Date: | February 23, 2018 | |||
By: | /s/ Jeffrey J. Watorek | |||
Jeffrey J. Watorek | ||||
Vice President, Treasurer and Secretary |
• | Exceeds top and bottom line guidance for quarter and full year |
◦ | 4Q revenues of $258 million, GAAP EPS of $0.78 and adjusted EPS of $0.41 |
◦ | Full-year revenues of $987 million, GAAP EPS of $1.95 and adjusted EPS of $1.71 |
◦ | 4Q GAAP income tax benefit from U.S. tax reform of $12.5 million, or $0.39 per share |
• | ROIC rises to 12.6% from 11.7% PY |
Three Months Ended December 31, | |||||||
Dollars in millions, except EPS | GAAP | Adjusted | |||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||
Net Sales | $258.1 | $231.8 | 11% | $258.1 | $231.8 | 11% | |
Net Income | $25.2 | $(7.7) | nmf* | $13.2 | $9.5 | 39% | |
Diluted EPS | $0.78 | $(0.24) | nmf* | $0.41 | $0.30 | 37% | |
*not meaningful |
Three Months Ended December 31, | |||||||
Dollars in millions | GAAP | Adjusted | |||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||
Net Sales | $105.3 | $92.9 | 13% | $105.3 | $92.9 | 13% | |
Operating Margin | 14.2% | 13.9% | 30 bps | 14.3% | 14.9% | (60) bps |
Three Months Ended December 31, | |||||||
Dollars in millions | GAAP | Adjusted | |||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||
Net Sales | $49.1 | $61.6 | (20)% | $49.1 | $61.6 | (20)% | |
Operating Margin | 4.6% | (16.4)% | nmf* | 4.3% | 3.1% | 120 bps | |
*not meaningful |
Three Months Ended December 31, | |||||||
Dollars in millions | GAAP | Adjusted | |||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||
Net Sales | $103.7 | $77.4 | 34% | $103.7 | $77.4 | 34% | |
Operating Margin | 11.4% | 10.7% | 70 bps | 12.0% | 17.8% | (580) bps |
FY 2018 Guidance Reconciliation | |||||||||||||||||||||||
Gibraltar Industries | |||||||||||||||||||||||
Dollars in millions, except EPS | Operating | Income | Net | Diluted Earnings | |||||||||||||||||||
Income | Margin | Taxes | Income | Per Share | |||||||||||||||||||
GAAP Measures | $ | 93-99 | 9.2-9.6 % | $ | 22-23 | $ | 56-60 | $ | 1.75-1.87 | ||||||||||||||
Restructuring Costs | 10 | 1% | 3 | 7 | 0.21 | ||||||||||||||||||
Adjusted Measures | $ | 103-109 | 10.2-10.6% | $ | 25-26 | $ | 63-67 | $ | 1.96-2.08 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net sales | $ | 258,112 | $ | 231,838 | $ | 986,918 | $ | 1,007,981 | |||||||
Cost of sales | 201,383 | 177,956 | 750,374 | 763,219 | |||||||||||
Gross profit | 56,729 | 53,882 | 236,544 | 244,762 | |||||||||||
Selling, general, and administrative expense | 34,135 | 43,078 | 143,448 | 161,099 | |||||||||||
Intangible asset impairment | 47 | 10,175 | 247 | 10,175 | |||||||||||
Income from operations | 22,547 | 629 | 92,849 | 73,488 | |||||||||||
Interest expense | 3,420 | 3,595 | 14,032 | 14,577 | |||||||||||
Other expense | 98 | 609 | 909 | 8,928 | |||||||||||
Income (loss) before taxes | 19,029 | (3,575 | ) | 77,908 | 49,983 | ||||||||||
(Benefit of) provision for income taxes | (6,147 | ) | 4,133 | 14,943 | 16,264 | ||||||||||
Income (loss) from continuing operations | 25,176 | (7,708 | ) | 62,965 | 33,719 | ||||||||||
Discontinued operations: | |||||||||||||||
Loss before taxes | — | (70 | ) | (644 | ) | (70 | ) | ||||||||
Benefit of income taxes | — | (26 | ) | (239 | ) | (26 | ) | ||||||||
Loss from discontinued operations | — | (44 | ) | (405 | ) | (44 | ) | ||||||||
Net Income (loss) | $ | 25,176 | $ | (7,752 | ) | $ | 62,560 | $ | 33,675 | ||||||
Net earnings per share – Basic: | |||||||||||||||
Income (loss) from continuing operations | $ | 0.79 | $ | (0.24 | ) | $ | 1.98 | $ | 1.07 | ||||||
Loss from discontinued operations | — | — | (0.01 | ) | — | ||||||||||
Net income (loss) | $ | 0.79 | $ | (0.24 | ) | $ | 1.97 | $ | 1.07 | ||||||
Weighted average shares outstanding – Basic | 31,771 | 31,648 | 31,701 | 31,536 | |||||||||||
Net earnings per share – Diluted: | |||||||||||||||
Income (loss) from continuing operations | $ | 0.78 | $ | (0.24 | ) | $ | 1.95 | $ | 1.05 | ||||||
Loss from discontinued operations | — | — | (0.01 | ) | — | ||||||||||
Net income (loss) | $ | 0.78 | $ | (0.24 | ) | $ | 1.94 | $ | 1.05 | ||||||
Weighted average shares outstanding – Diluted | 32,420 | 31,648 | 32,250 | 32,069 |
December 31, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 222,280 | $ | 170,177 | |||
Accounts receivable, net | 145,385 | 124,072 | |||||
Inventories | 86,372 | 89,612 | |||||
Other current assets | 8,727 | 7,336 | |||||
Total current assets | 462,764 | 391,197 | |||||
Property, plant, and equipment, net | 97,098 | 108,304 | |||||
Goodwill | 321,074 | 304,032 | |||||
Acquired intangibles | 105,768 | 110,790 | |||||
Other assets | 4,681 | 3,922 | |||||
$ | 991,385 | $ | 918,245 | ||||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 82,387 | $ | 69,944 | |||
Accrued expenses | 75,467 | 70,392 | |||||
Billings in excess of cost | 12,779 | 11,352 | |||||
Current maturities of long-term debt | 400 | 400 | |||||
Total current liabilities | 171,033 | 152,088 | |||||
Long-term debt | 209,621 | 209,237 | |||||
Deferred income taxes | 31,237 | 38,002 | |||||
Other non-current liabilities | 47,775 | 58,038 | |||||
Shareholders’ equity: | |||||||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding | — | — | |||||
Common stock, $0.01 par value; authorized 50,000 shares; 32,332 and 32,085 shares outstanding in 2017 and 2016 | 323 | 320 | |||||
Additional paid-in capital | 271,957 | 264,418 | |||||
Retained earnings | 274,562 | 211,748 | |||||
Accumulated other comprehensive loss | (4,366 | ) | (7,721 | ) | |||
Cost of 615 and 530 common shares held in treasury in 2017 and 2016 | (10,757 | ) | (7,885 | ) | |||
Total shareholders’ equity | 531,719 | 460,880 | |||||
$ | 991,385 | $ | 918,245 |
Twelve Months Ended | |||||||
December 31, | |||||||
2017 | 2016 | ||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 62,560 | $ | 33,675 | |||
Loss from discontinued operations | (405 | ) | (44 | ) | |||
Income from continuing operations | 62,965 | 33,719 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 21,690 | 24,114 | |||||
Intangible asset impairment | 247 | 10,175 | |||||
Loss on sale of business | — | 8,763 | |||||
Stock compensation expense | 7,122 | 6,373 | |||||
Net gain on sale of assets | (123 | ) | (42 | ) | |||
Exit activity (recoveries) costs, non-cash | (1,877 | ) | 7,530 | ||||
Benefit of deferred income taxes | (7,105 | ) | (4,893 | ) | |||
Other, net | 2,118 | 1,934 | |||||
Changes in operating assets and liabilities (excluding the effects of acquisitions): | |||||||
Accounts receivable | (21,806 | ) | 37,828 | ||||
Inventories | 870 | 11,782 | |||||
Other current assets and other assets | (2,629 | ) | 2,511 | ||||
Accounts payable | 11,332 | (17,060 | ) | ||||
Accrued expenses and other non-current liabilities | (2,734 | ) | 1,253 | ||||
Net cash provided by operating activities | 70,070 | 123,987 | |||||
Cash Flows from Investing Activities | |||||||
Purchases of property, plant, and equipment | (11,399 | ) | (10,779 | ) | |||
Acquisitions, net of cash acquired | (18,494 | ) | (23,412 | ) | |||
Net proceeds from sale of property and equipment | 13,096 | 953 | |||||
Net proceeds from sale of business | — | 8,250 | |||||
Other, net | — | 1,118 | |||||
Net cash used in investing activities | (16,797 | ) | (23,870 | ) | |||
Cash Flows from Financing Activities | |||||||
Long-term debt payments | (400 | ) | (400 | ) | |||
Payment of debt issuance costs | — | (54 | ) | ||||
Purchase of treasury stock at market prices | (2,872 | ) | (1,539 | ) | |||
Net proceeds from issuance of common stock | 674 | 3,341 | |||||
Net cash (used in) provided by financing activities | (2,598 | ) | 1,348 | ||||
Effect of exchange rate changes on cash | 1,428 | (146 | ) | ||||
Net increase in cash and cash equivalents | 52,103 | 101,319 | |||||
Cash and cash equivalents at beginning of year | 170,177 | 68,858 | |||||
Cash and cash equivalents at end of year | $ | 222,280 | $ | 170,177 |
Three Months Ended December 31, 2017 | ||||||||||||||||||||||||
As Reported In GAAP Statements | Restructuring & Acquisition Related Items | Senior Leadership Transition Costs | Portfolio Management | Tax Reform | Adjusted Financial Measures | |||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
Residential Products | $ | 105,299 | $ | — | $ | — | $ | — | $ | — | $ | 105,299 | ||||||||||||
Industrial & Infrastructure Products | 49,405 | — | — | — | — | 49,405 | ||||||||||||||||||
Less Inter-Segment Sales | (253 | ) | — | — | — | — | (253 | ) | ||||||||||||||||
49,152 | — | — | — | — | 49,152 | |||||||||||||||||||
Renewable Energy & Conservation | 103,661 | — | — | — | — | 103,661 | ||||||||||||||||||
Consolidated sales | 258,112 | — | — | — | — | 258,112 | ||||||||||||||||||
Income from operations | ||||||||||||||||||||||||
Residential Products | 14,909 | 150 | — | — | — | 15,059 | ||||||||||||||||||
Industrial & Infrastructure Products | 2,245 | 64 | — | (195 | ) | — | 2,114 | |||||||||||||||||
Renewable Energy & Conservation | 11,837 | 621 | — | (2 | ) | — | 12,456 | |||||||||||||||||
Segment income | 28,991 | 835 | — | (197 | ) | — | 29,629 | |||||||||||||||||
Unallocated corporate expense | (6,444 | ) | 82 | 535 | — | — | (5,827 | ) | ||||||||||||||||
Consolidated income from operations | 22,547 | 917 | 535 | (197 | ) | — | 23,802 | |||||||||||||||||
Interest expense | 3,420 | — | — | — | — | 3,420 | ||||||||||||||||||
Other expense | 98 | — | — | — | — | 98 | ||||||||||||||||||
Income before income taxes | 19,029 | 917 | 535 | (197 | ) | — | 20,284 | |||||||||||||||||
(Benefit of) provision for income taxes | (6,147 | ) | 305 | 203 | 150 | 12,535 | 7,046 | |||||||||||||||||
Income from continuing operations | $ | 25,176 | $ | 612 | $ | 332 | $ | (347 | ) | $ | (12,535 | ) | $ | 13,238 | ||||||||||
Income from continuing operations per share – diluted | $ | 0.78 | $ | 0.02 | $ | 0.01 | $ | (0.01 | ) | $ | (0.39 | ) | $ | 0.41 | ||||||||||
Operating margin | ||||||||||||||||||||||||
Residential Products | 14.2 | % | 0.1 | % | — | % | — | % | — | % | 14.3 | % | ||||||||||||
Industrial & Infrastructure Products | 4.6 | % | 0.1 | % | — | % | (0.4 | )% | — | % | 4.3 | % | ||||||||||||
Renewable Energy & Conservation | 11.4 | % | 0.6 | % | — | % | — | % | — | % | 12.0 | % | ||||||||||||
Segments Margin | 11.2 | % | 0.3 | % | — | % | (0.1 | )% | — | % | 11.5 | % | ||||||||||||
Consolidated | 8.7 | % | 0.3 | % | 0.2 | % | (0.1 | )% | — | % | 9.2 | % |
Three Months Ended December 31, 2016 | ||||||||||||||||||||||||
As Reported In GAAP Statements | Acquisition Related Items | Restructuring Charges | Senior Leadership Transition Costs | Portfolio Management | Adjusted Financial Measures | |||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
Residential Products | $ | 92,869 | $ | — | $ | — | $ | — | $ | — | $ | 92,869 | ||||||||||||
Industrial & Infrastructure Products | 61,923 | — | — | — | — | 61,923 | ||||||||||||||||||
Less Inter-Segment Sales | (331 | ) | — | — | — | — | (331 | ) | ||||||||||||||||
61,592 | — | — | — | — | 61,592 | |||||||||||||||||||
Renewable Energy & Conservation | 77,377 | — | — | — | — | 77,377 | ||||||||||||||||||
Consolidated sales | 231,838 | — | — | — | — | 231,838 | ||||||||||||||||||
Income from operations | ||||||||||||||||||||||||
Residential Products | 12,878 | — | 677 | 252 | — | 13,807 | ||||||||||||||||||
Industrial & Infrastructure Products | (10,123 | ) | — | 606 | — | 11,425 | 1,908 | |||||||||||||||||
Renewable Energy & Conservation | 8,245 | 981 | 914 | — | 3,670 | 13,810 | ||||||||||||||||||
Segment income | 11,000 | 981 | 2,197 | 252 | 15,095 | 29,525 | ||||||||||||||||||
Unallocated corporate expense | (10,371 | ) | 197 | — | 743 | 58 | (9,373 | ) | ||||||||||||||||
Consolidated income from operations | 629 | 1,178 | 2,197 | 995 | 15,153 | 20,152 | ||||||||||||||||||
Interest expense | 3,595 | — | — | — | — | 3,595 | ||||||||||||||||||
Other expense | 609 | — | — | — | — | 609 | ||||||||||||||||||
(Loss) income before income taxes | (3,575 | ) | 1,178 | 2,197 | 995 | 15,153 | 15,948 | |||||||||||||||||
Provision for income taxes | 4,133 | 587 | 1,093 | 496 | 133 | 6,442 | ||||||||||||||||||
(Loss) income from continuing operations | $ | (7,708 | ) | $ | 591 | $ | 1,104 | $ | 499 | $ | 15,020 | $ | 9,506 | |||||||||||
(Loss) income from continuing operations per share – diluted | $ | (0.24 | ) | $ | 0.02 | $ | 0.03 | $ | 0.02 | $ | 0.47 | $ | 0.30 | |||||||||||
Operating margin | ||||||||||||||||||||||||
Residential Products | 13.9 | % | — | % | 0.7 | % | 0.3 | % | — | % | 14.9 | % | ||||||||||||
Industrial & Infrastructure Products | (16.4 | )% | — | % | 1.0 | % | — | % | 18.5 | % | 3.1 | % | ||||||||||||
Renewable Energy & Conservation | 10.7 | % | 1.3 | % | 1.2 | % | — | % | 4.7 | % | 17.8 | % | ||||||||||||
Segments Margin | 4.7 | % | 0.4 | % | 1.0 | % | 0.1 | % | 6.5 | % | 12.7 | % | ||||||||||||
Consolidated | 0.3 | % | 0.5 | % | 1.0 | % | 0.4 | % | 6.5 | % | 8.7 | % |
Twelve Months Ended December 31, 2017 | ||||||||||||||||||||||||
As Reported In GAAP Statements | Restructuring & Acquisition Related Items | Senior Leadership Transition Costs | Portfolio Management | Tax Reform | Adjusted Financial Measures | |||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
Residential Products | $ | 466,603 | $ | — | $ | — | $ | — | $ | — | $ | 466,603 | ||||||||||||
Industrial & Infrastructure Products | 215,211 | — | — | — | — | 215,211 | ||||||||||||||||||
Less Inter-Segment Sales | (1,247 | ) | — | — | — | — | (1,247 | ) | ||||||||||||||||
213,964 | — | — | — | — | 213,964 | |||||||||||||||||||
Renewable Energy & Conservation | 306,351 | — | — | — | — | 306,351 | ||||||||||||||||||
Consolidated sales | 986,918 | — | — | — | — | 986,918 | ||||||||||||||||||
Income from operations | ||||||||||||||||||||||||
Residential Products | 76,893 | 1,403 | — | — | — | 78,296 | ||||||||||||||||||
Industrial & Infrastructure Products | 8,159 | 49 | 260 | 287 | — | 8,755 | ||||||||||||||||||
Renewable Energy & Conservation | 30,218 | 1,155 | 252 | 2,340 | — | 33,965 | ||||||||||||||||||
Segment income | 115,270 | 2,607 | 512 | 2,627 | — | 121,016 | ||||||||||||||||||
Unallocated corporate expense | (22,421 | ) | 407 | 193 | — | — | (21,821 | ) | ||||||||||||||||
Consolidated income from operations | 92,849 | 3,014 | 705 | 2,627 | — | 99,195 | ||||||||||||||||||
Interest expense | 14,032 | — | — | — | — | 14,032 | ||||||||||||||||||
Other expense | 909 | — | — | — | — | 909 | ||||||||||||||||||
Income before income taxes | 77,908 | 3,014 | 705 | 2,627 | — | 84,254 | ||||||||||||||||||
Provision for income taxes | 14,943 | 1,118 | 272 | 80 | 12,535 | 28,948 | ||||||||||||||||||
Income from continuing operations | $ | 62,965 | $ | 1,896 | $ | 433 | $ | 2,547 | $ | (12,535 | ) | $ | 55,306 | |||||||||||
Income from continuing operations per share – diluted | $ | 1.95 | $ | 0.06 | $ | 0.01 | $ | 0.08 | $ | (0.39 | ) | $ | 1.71 | |||||||||||
Operating margin | ||||||||||||||||||||||||
Residential Products | 16.5 | % | 0.3 | % | — | % | — | % | — | % | 16.8 | % | ||||||||||||
Industrial & Infrastructure Products | 3.8 | % | — | % | 0.1 | % | 0.1 | % | — | % | 4.1 | % | ||||||||||||
Renewable Energy & Conservation | 9.9 | % | 0.4 | % | 0.1 | % | 0.8 | % | — | % | 11.1 | % | ||||||||||||
Segments Margin | 11.7 | % | 0.2 | % | 0.1 | % | 0.3 | % | — | % | 12.3 | % | ||||||||||||
Consolidated | 9.4 | % | 0.3 | % | 0.1 | % | 0.3 | % | — | % | 10.1 | % |
Twelve Months Ended December 31, 2016 | ||||||||||||||||||||||||
As Reported In GAAP Statements | Acquisition Related Items | Restructuring Charges | Senior Leadership Transition Costs | Portfolio Management | Adjusted Financial Measures | |||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
Residential Products | $ | 430,938 | $ | — | $ | — | $ | — | $ | — | $ | 430,938 | ||||||||||||
Industrial & Infrastructure Products | 296,513 | — | — | — | — | 296,513 | ||||||||||||||||||
Less Inter-Segment Sales | (1,495 | ) | — | — | — | — | (1,495 | ) | ||||||||||||||||
295,018 | — | — | — | — | 295,018 | |||||||||||||||||||
Renewable Energy & Conservation | 282,025 | — | — | — | — | 282,025 | ||||||||||||||||||
Consolidated sales | 1,007,981 | — | — | — | — | 1,007,981 | ||||||||||||||||||
Income from operations | ||||||||||||||||||||||||
Residential Products | 65,241 | — | 2,533 | 504 | — | 68,278 | ||||||||||||||||||
Industrial & Infrastructure Products | 1,306 | — | 2,401 | — | 14,346 | 18,053 | ||||||||||||||||||
Renewable Energy & Conservation | 43,214 | 981 | 914 | — | 3,670 | 48,779 | ||||||||||||||||||
Segment income | 109,761 | 981 | 5,848 | 504 | 18,016 | 135,110 | ||||||||||||||||||
Unallocated corporate expense | (36,273 | ) | 228 | — | 2,197 | 58 | (33,790 | ) | ||||||||||||||||
Consolidated income from operations | 73,488 | 1,209 | 5,848 | 2,701 | 18,074 | 101,320 | ||||||||||||||||||
Interest expense | 14,577 | — | — | — | — | 14,577 | ||||||||||||||||||
Other expense | 8,928 | — | — | — | (8,763 | ) | 165 | |||||||||||||||||
Income before income taxes | 49,983 | 1,209 | 5,848 | 2,701 | 26,837 | 86,578 | ||||||||||||||||||
Provision for income taxes | 16,264 | 497 | 2,406 | 1,111 | 12,659 | 32,937 | ||||||||||||||||||
Income from continuing operations | $ | 33,719 | $ | 712 | $ | 3,442 | $ | 1,590 | $ | 14,178 | $ | 53,641 | ||||||||||||
Income from continuing operations per share – diluted | $ | 1.05 | $ | 0.02 | $ | 0.11 | $ | 0.05 | $ | 0.44 | $ | 1.67 | ||||||||||||
Operating margin | ||||||||||||||||||||||||
Residential Products | 15.1 | % | — | % | 0.6 | % | 0.1 | % | — | % | 15.8 | % | ||||||||||||
Industrial & Infrastructure Products | 0.4 | % | — | % | 0.8 | % | — | % | 4.9 | % | 6.1 | % | ||||||||||||
Renewable Energy & Conservation | 15.3 | % | 0.3 | % | 0.3 | % | — | % | 1.3 | % | 17.3 | % | ||||||||||||
Segments Margin | 10.9 | % | 0.1 | % | 0.6 | % | 0.1 | % | 1.8 | % | 13.4 | % | ||||||||||||
Consolidated | 7.3 | % | 0.1 | % | 0.6 | % | 0.3 | % | 1.8 | % | 10.0 | % |
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