EX-99.1 2 exhibit991q12022earningsre.htm EX-99.1 Document

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GIBRALTAR ANNOUNCES FIRST QUARTER 2022 FINANCIAL RESULTS

Revenue: GAAP up 11%, Adjusted up 12%; EPS: GAAP up 47%, Adjusted up 11%
Reaffirms 2022 Revenue and EPS Growth Outlook
Order Backlog Remains Robust, up 23%
Commits to Sale of Agtech’s Processing Business

Buffalo, New York, May 4, 2022 - Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2022.

“Gibraltar generated solid revenue and EPS growth in the quarter despite the continuation of supply issues impacting our solar customers, the solar industry, and our Renewables business, particularly early in the quarter,” Chairman and CEO Bill Bosway stated. “Our Residential business generated strong revenue and margin performance, our Agtech business continued to expand adjusted operating margin, and our Infrastructure business delivered strong revenue growth. Demand across the company remains very solid with our backlog up 23% during the quarter."

First Quarter 2022 Consolidated Results from Continuing Operations

Below are first quarter 2022 consolidated results from continuing operations:
Three Months Ended March 31,
$Millions, except EPSGAAPAdjusted
20222021% Change20222021% Change
Net Sales$317.9$287.610.5%$316.0$282.611.8%
Net Income$15.5$10.547.6%$19.7$18.09.4%
Diluted EPS$0.47$0.3246.9%$0.60$0.5411.1%

Net sales from continuing operations increased 10.5% to $317.9 million. Gibraltar made the decision during the first quarter of 2022 to sell its Agtech processing equipment business and, as adjusted to exclude this business’s revenue, adjusted revenue increased 11.8% to $316.0 million. This organic increase was driven by participation gains and price management in the Residential segment, partially offset by continued supply chain challenges in the Renewables segment.



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GAAP earnings increased 47.6% to $15.5 million, or $0.47 per share, and adjusted earnings increased 9.4% to $19.7 million, or $0.60 per share. Profitability in the quarter was driven by Residential through participation gains, price management and 80/20 initiatives. While Agtech GAAP margin decreased year-over-year, adjusted segment margin improved through 80/20 and lean enterprise initiatives, supply chain optimization activities, and favorable business mix. As anticipated, the Renewables segment experienced a carryover of the supply challenges plaguing the industry in 2021 during the first quarter, and was also impacted by project inefficiencies due to severe winter weather. Infrastructure margin was impacted by steel inflation, labor availability, and 2nd shift start-up inefficiencies to support demand in the fabrication business.
Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, and the results of our Processing business, which has been classified as held for sale as further described in adjusted financial measures below.

First Quarter Segment Results

Renewables
For the first quarter, the Renewables segment reported:
Three Months Ended March 31,
$MillionsGAAPAdjusted
20222021% Change20222021% Change
Net Sales$78.8$85.5(7.8)%$78.8$85.5(7.8)%
Operating (Loss) Income$(7.0)$(0.5)nmf*$(4.3)$6.4nmf*
Operating Margin(8.9)%(0.6)%(830) bps(5.4)%7.4%(1280) bps
*nmf - change is not meaningful
As expected, the industry-wide supply chain challenges experienced in 2021 continued to delay and disrupt solar project schedules in the first quarter, and severe weather in the Northeast, particularly in January and February, also contributed to project delays and disruptions. While revenue decreased 7.8% for the quarter, end market demand remained robust with new bookings driving backlog up 41% during the quarter.
Adjusted operating loss was $4.3 million and operating margin contracted to (5.4)% on lower volume and field management inefficiencies related to project delays and disruptions. These factors began to abate in March and Gibraltar expects significant sequential margin improvement in the second quarter.












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Residential

For the first quarter, the Residential segment reported:
Three Months Ended March 31,
$MillionsGAAPAdjusted
20222021% Change20222021% Change
Net Sales$179.5$140.228.0%$179.5$140.228.0%
Operating Income$33.4$22.945.9%$33.7$23.046.5%
Operating Margin18.6%16.4%220 bps18.8%16.4%240 bps

Revenue increased 28.0%, marking the seventh consecutive quarter of double-digit growth. Revenue was driven by market, price and participation gains both in the building products and mail and package businesses.
Adjusted operating income grew 46.5% and adjusted operating margin improved 240 basis points to 18.8% as price/cost management, segment mix, and 80/20 initiatives continue to drive year-over-year margin improvement.

Agtech

Gibraltar has classified the processing equipment business, which accounted for 10% of the Agtech segment’s 2021 revenue, as held-for-sale with first quarter 2022 results and has removed the related revenues and expenses of this business from its adjusted results. This market has been significantly impacted by industry conditions and the pandemic over the last two years, and its recovery projection no longer fits Gibraltar’s timetable for growth and return generation. This decision will enable the Agtech team to focus on accelerating in its more profitable greenhouse structures markets - Produce, Commercial, and Cannabis.

For the first quarter, the Agtech segment reported:
Three Months Ended March 31,
$MillionsGAAPAdjusted
20222021% Change20222021% Change
Net Sales$42.4$46.7(9.2)%$40.6$41.8(2.9)%
Operating Income$0.0$0.9(100.0)%$2.5$2.025.0%
Operating Margin0.1%2.0%(190) bps6.3%4.7%160 bps




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GAAP revenue decreased 9.2% and adjusted revenue decreased 2.9% as projects were delayed as states and local agencies continue to work through respective construction permit backlogs and scheduled timing of projects. Despite these delays, market demand in Produce, Commercial, and Cannabis continues to grow with order backlog increasing 18% in the quarter.
Adjusted operating margin improved 160 basis points versus last year on continued execution 80/20 and lean enterprise initiatives, integration activities, improved business mix, and supply chain optimization projects.

Infrastructure

For the first quarter, the Infrastructure segment reported:
Three Months Ended March 31,
$MillionsGAAPAdjusted
20222021% Change20222021% Change
Net Sales$17.2$15.113.9%$17.2$15.113.9%
Operating Income$1.2$2.0(40.0)%$1.2$2.0(40.0)%
Operating Margin6.9%13.5%(660) bps6.9%13.5%(660) bps

Revenue increased 13.9%, driven by growth in fabricated products. While order backlog declined 7% on timing of orders and revenues, pipeline and bidding activity remain strong. Management continues to expect a positive impact of incremental government spending on infrastructure toward the end of 2022.
Adjusted operating margin decreased year-over-year but remained flat sequentially as steel inflation impacted fixed price projects booked in 2020 and early 2021. The fabrication business also experienced challenges with labor availability and inefficiencies related to adding second shift capacity to support increased demand. Margins are expected to improve through 2022 as incremental capacity becomes more efficient and orders for higher margin, non-fabricated product continue to improve.

Business Outlook

Gibraltar is reaffirming guidance for revenue and earnings for the full year 2022, with consolidated revenue expected to range between $1.38 billion and $1.43 billion. GAAP EPS is expected to be between $2.80 and $3.00, and adjusted EPS expected to be between $3.20 and $3.40.



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“Given our solid start to the year and current demand across the business, our outlook for the year remains unchanged. We expect our Renewables segment to improve in the second quarter and are working closely with customers to assess potential exposure to the Department of Commerce’s solar panel anti-circumvention investigation. We expect solid performance in our Residential segment as we continue to execute on demand, manage price/cost, and gain additional participation. We look for the Agtech segment’s performance to continue to improve as it executes on higher margin backlog and benefits from 80/20 and lean initiatives. We expect Infrastructure to have a solid year with favorable business mix, good volume, and improved efficiency in its operations,” said Mr. Bosway.
Recast of 2021 Financial Information
Gibraltar has provided a recast of Consolidated and Agtech segment results reflecting the removal of the processing equipment business for the four quarters and full year of 2021 on the Quarterly Results page of its website, which can be accessed through the Investor section by clicking on Reports & Presentations.
First Quarter 2022 Conference Call Details
Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2022. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call may also be accessed by dialing into the call at (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, availability of labor at our manufacturing and distribution facilities or on our project sites, further impacts of COVID-19 on our customers, suppliers, employees, operations, business, liquidity and cash flows, the loss of any key customers, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures,



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our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, disruptions to our IT systems, the impact of regulation (including the Department of Commerce’s solar panel anti-circumvention investigation), rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions.  Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K and Quarterly Report on Form 10-Q which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release, including adjusted revenues, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS) and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) each a non-GAAP financial measure. Adjusted revenue reflects the removal of revenue associated with our Processing business, which has been classified as held-for-sale. Adjusted net income, operating income and margin excludes special charges consisting of restructuring costs primarily associated with 80/20 simplification or lean initiatives, senior leadership transition costs, acquisition related costs and the operating losses generated by our processing business that has been classified as held-for-sale. These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The adjusted measures now exclude the results of the Processing business since it was classified as held for sale as of March 31, 2022. Our adjusted financial measures as of and for the three-month period ending March 31, 2021 have been recast to reflect this additional adjustment as detailed in the appended reconciliation of adjusted financial measures. The results of the Processing business are considered non-recurring due to the Company’s commitment during the first quarter of 2022 to a plan to sell the Processing business. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes depreciation, amortization and stock compensation. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. The Company believes that the presentation of results excluding these items provides meaningful supplemental data to investors that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA is also a useful measure of the Company’s ability to service debt and is one of the measures used for determining the Company’s debt covenant compliance.
Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures excluding special charges provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Reconciliations of non-GAAP measures related to full-year 2022 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability,



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complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.
Contact:
LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
rock@lhai.com








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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
 20222021
Net Sales$317,865 $287,592 
Cost of sales253,021 227,574 
Gross profit64,844 60,018 
Selling, general, and administrative expense43,649 47,203 
Income from operations21,195 12,815 
Interest expense485 444 
Other expense 153 315 
Income before taxes20,557 12,056 
Provision for income taxes5,101 1,560 
Income from continuing operations15,456 10,496 
Discontinued operations:
Income before taxes— 2,570 
Provision for income taxes— 304 
Income from discontinued operations— 2,266 
Net income$15,456 $12,762 
Net earnings per share – Basic:
Income from continuing operations$0.47 $0.32 
Income from discontinued operations— 0.07 
Net income$0.47 $0.39 
Weighted average shares outstanding – Basic32,913 32,771 
Net earnings per share – Diluted:
Income from continuing operations$0.47 $0.32 
Income from discontinued operations— 0.07 
Net income$0.47 $0.39 
Weighted average shares outstanding – Diluted33,022 33,104 



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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31,
2022
December 31,
2021
(unaudited)
Assets
Current assets:
Cash and cash equivalents$15,573 $12,849 
Accounts receivable, net of allowance of $4,433 and $3,738, respectively245,807 236,444 
Inventories, net187,255 176,207 
Prepaid expenses and other current assets36,836 21,467 
Total current assets485,471 446,967 
Property, plant, and equipment, net97,720 96,885 
Operating lease assets16,082 18,120 
Goodwill510,540 510,942 
Acquired intangibles132,107 141,504 
Other assets420 483 
$1,242,340 $1,214,901 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$159,214 $172,286 
Accrued expenses and other current liabilities67,495 67,993 
Billings in excess of cost60,992 46,711 
Total current liabilities287,701 286,990 
Long-term debt42,367 23,781 
Deferred income taxes40,221 40,278 
Non-current operating lease liabilities9,377 11,390 
Other non-current liabilities24,272 27,204 
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding— — 
Common stock, $0.01 par value; authorized 100,000 shares in 2022 and 2021; 33,972 shares and 33,799 shares issued and outstanding in 2022 and 2021340 338 
Additional paid-in capital315,891 314,541 
Retained earnings561,028 545,572 
Accumulated other comprehensive (loss) income(16)187 
Cost of 1,179 and 1,107 common shares held in treasury in 2022 and 2021(38,841)(35,380)
Total stockholders’ equity838,402 825,258 
$1,242,340 $1,214,901 




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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
March 31,
 20222021
Cash Flows from Operating Activities
Net income$15,456 $12,762 
Income from discontinued operations— 2,266 
Income from continuing operations15,456 10,496 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization6,336 7,974 
Stock compensation expense1,352 2,368 
Exit activity costs, non-cash1,198 1,193 
Provision for deferred income taxes17 — 
Other, net1,395 (162)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable(11,101)(2,522)
Inventories(20,937)(15,262)
Other current assets and other assets731 (435)
Accounts payable(11,962)1,470 
Accrued expenses and other non-current liabilities9,761 (6,334)
Net cash used in operating activities of continuing operations(7,754)(1,214)
Net cash used in operating activities of discontinued operations— (2,011)
Net cash used in operating activities (7,754)(3,225)
Cash Flows from Investing Activities
Acquisitions, net of cash acquired— (2)
Net proceeds from sale of property and equipment— 
Purchases of property, plant, and equipment(4,409)(4,389)
Net proceeds from sale of business— 26,991 
Net cash (used in) provided by investing activities of continuing operations(4,402)22,600 
Net cash used in investing activities of discontinued operations— (176)
Net cash (used in) provided by investing activities(4,402)22,424 
Cash Flows from Financing Activities
Proceeds from long-term debt47,500 20,000 
Long-term debt payments(29,000)(46,636)
Purchase of common stock at market prices(3,461)(4,662)
Net proceeds from issuance of common stock— 910 
Net cash provided by (used in) financing activities15,039 (30,388)
Effect of exchange rate changes on cash(159)(134)
Net increase (decrease) in cash and cash equivalents2,724 (11,323)
Cash and cash equivalents at beginning of year12,849 32,054 
Cash and cash equivalents at end of period$15,573 $20,731 



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)


Three Months Ended
March 31,2022
As Reported In GAAP StatementsRestructuring ChargesSenior Leadership Transition CostsAcquisition Related ItemsPortfolio ManagementAdjusted Financial Measures
Net Sales
Renewables$78,783 $— $— $— $— $78,783 
Residential179,485 — — — — 179,485 
Agtech42,428 — — — (1,823)40,605 
Infrastructure17,169 — — — — 17,169 
Consolidated sales317,865 — — — (1,823)316,042 
Income from operations
Renewables(6,984)2,526 (209)390 — (4,277)
Residential33,435 284 — — 33,722 
Agtech31 (9)— — 2,525 2,547 
Infrastructure1,181 (63)— — — 1,118 
Segments Income27,663 2,457 75 390 2,525 33,110 
Unallocated corporate expense(6,468)20 255 — (6,186)
Consolidated income from operations21,195 2,477 330 397 2,525 26,924 
Interest expense485 — — — — 485 
Other expense153 — — — — 153 
Income before income taxes20,557 2,477 330 397 2,525 26,286 
Provision for income taxes5,101 622 83 100 634 6,540 
Income from continuing operations$15,456 $1,855 $247 $297 $1,891 $19,746 
Income from continuing operations per share - diluted$0.47 $0.05 $0.01 $0.01 $0.06 $0.60 
Operating margin
Renewables(8.9)%3.2 %(0.3)%0.5 %— %(5.4)%
Residential18.6 %— %0.2 %— %— %18.8 %
Agtech0.1 %— %— %— %6.0 %6.3 %
Infrastructure6.9 %(0.4)%— %— %— %6.5 %
Segments Margin8.7 %0.8 %— %0.1 %0.8 %10.5 %
Consolidated6.7 %0.8 %0.1 %0.1 %0.8 %8.5 %



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)



Three Months Ended
March 31, 2021
As Reported In GAAP StatementsRestructuring & Senior Leadership Transition CostsAcquisition Related ItemsAdjusted Financial MeasuresPortfolio Management*Adjusted Financial Measures *
Net Sales
Renewables$85,512 $— $— $85,512 $— $85,512 
Residential140,217 — — 140,217 — 140,217 
Agtech46,739 — — 46,739 (4,973)41,766 
Infrastructure15,124 — — 15,124 — 15,124 
Consolidated sales287,592 — — 287,592 (4,973)282,619 
Income from operations
Renewables(521)4,971 1,900 6,350 — 6,350 
Residential22,934 65 — 22,999 — 22,999 
Agtech929 204 — 1,133 836 1,969 
Infrastructure2,037 — — 2,037 — 2,037 
Segments Income25,379 5,240 1,900 32,519 836 33,355 
Unallocated corporate expense(12,564)1,289 883 (10,392)— (10,392)
Consolidated income from operations12,815 6,529 2,783 22,127 836 22,963 
Interest expense444 — — 444 — 444 
Other expense315 — — 315 — 315 
Income before income taxes12,056 6,529 2,783 21,368 836 22,204 
Provision for income taxes1,560 1,679 707 3,946 221 4,167 
Income from continuing operations$10,496 $4,850 $2,076 $17,422 $615 $18,037 
Income from continuing operations per share - diluted$0.32 $0.15 $0.06 $0.53 $0.01 $0.54 
Operating margin
Renewables(0.6)%5.8 %2.2 %7.4 %— %7.4 %
Residential16.4 %— %— %16.4 %— %16.4 %
Agtech2.0 %0.4 %— %2.4 %2.3 %4.7 %
Infrastructure13.5 %— %— %13.5 %— %13.5 %
Segments Margin8.8 %1.8 %0.7 %11.3 %0.5 %11.8 %
Consolidated4.5 %2.2 %1.0 %7.7 %0.4 %8.1 %
*Recast to exclude processing equipment business which was reclassified as held for sale as of March 31, 2022.



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Twelve Months Ended December 31, 2021
As Reported In GAAP StatementsRestructuring & Intangible Asset Impairment ChargesAcquisition Related Items & Senior Leadership Transition CostsAdjusted Financial MeasuresPortfolio Management*Adjusted Financial Measures *
Net Sales
Renewables$432,096 $— $— $432,096 $— $432,096 
Residential635,505 — — 635,505 — 635,505 
Agtech199,161 — — 199,161 (20,328)178,833 
Infrastructure73,021 — — 73,021 — 73,021 
Consolidated sales1,339,783 — — 1,339,783 (20,328)1,319,455 
Income from operations
Renewables20,158 5,962 8,610 34,730 — 34,730 
Residential105,821 393 — 106,214 — 106,214 
Agtech(931)9,987 — 9,056 3,539 12,595 
Infrastructure8,911 26 — 8,937 — 8,937 
Segments Income133,959 16,368 8,610 158,937 3,539 162,476 
Unallocated corporate expense(36,971)145 2,282 (34,544)— (34,544)
Consolidated income from operations96,988 16,513 10,892 124,393 3,539 127,932 
Interest expense1,639 — — 1,639 — 1,639 
Other expense(4,213)— 4,747 534 — 534 
Income before income taxes99,562 16,513 6,145 122,220 3,539 125,759 
Provision for income taxes25,046 4,150 1,059 30,255 926 31,181 
Income from continuing operations$74,516 $12,363 $5,086 $91,965 $2,613 $94,578 
Income from continuing operations per share - diluted$2.25 $0.38 $0.15 $2.78 $0.08 $2.86 
Operating margin
Renewables4.7 %1.4 %2.0 %8.0 %— %8.0 %
Residential16.7 %0.1 %— %16.7 %— %16.7 %
Agtech(0.5)%5.0 %— %4.5 %2.5 %7.0 %
Infrastructure12.2 %— %— %12.2 %— %12.2 %
Segments Margin10.0 %1.2 %0.6 %11.9 %0.4 %12.3 %
Consolidated7.2 %1.2 %0.7 %9.3 %0.4 %9.7 %
*Recast to exclude processing equipment business which was reclassified as held for sale as of March 31, 2022.



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Income From Continuing Operations to Adjusted EBITDA
(in thousands)
(unaudited)

Three Months Ended
March 31,2022
ConsolidatedRenewablesResidentialAgtechInfrastructure
Net Sales$317,865 $78,783 $179,485 $42,428 $17,169 
Less: Processing Revenues*(1,823)— — (1,823)— 
Adjusted Net Sales$316,042 $78,783 $179,485 $40,605 $17,169 
Income From Continuing Operations15,456 
Provision for Income Taxes5,101 
Interest Expense485 
Other Expense153 
Operating Profit21,195 (6,984)33,435 31 1,181 
Adjusted Measures**5,729 2,707 287 2,516 (63)
Adjusted Operating Profit26,924 (4,277)33,722 2,547 1,118 
Adjusted Operating Margin8.5 %(5.4)%18.8 %6.3 %6.5 %
Adjusted Other Expense153 — — — — 
Depreciation & Amortization6,336 2,143 2,053 1,319 783 
Less: Held for Sale Depreciation & Amortization(332)— — (332)— 
Adjusted Depreciation & Amortization6,004 2,143 2,053 987 783 
Stock Compensation Expense1,352 253 191 70 33 
Less: Senior Leadership Transition Related Stock Compensation Recovery155 — — — — 
Adjusted Stock Compensation Expense1,507 253 191 70 33 
Adjusted EBITDA34,282 (1,881)35,966 3,604 1,934 
Adjusted EBITDA Margin10.8 %(2.4)%20.0 %8.9 %11.3 %
*To remove revenues of processing equipment business classified as held for sale
**Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Income From Continuing Operations to Adjusted EBITDA
(in thousands)
(unaudited)

Three Months Ended
March 31, 2021
ConsolidatedRenewablesResidentialAgtechInfrastructure
Net Sales$287,592 $85,512 $140,217 $46,739 $15,124 
Less: Processing Revenues*(4,973)— — (4,973)— 
Adjusted Net Sales$282,619 $85,512 $140,217 $41,766 $15,124 
Income From Continuing Operations10,496 
Provision for Income Taxes1,560 
Interest Expense444 
Other Expense315 
Operating Profit12,815 (521)22,934 929 2,037 
Adjusted Measures**10,148 6,871 65 1,040 — 
Adjusted Operating Profit22,963 6,350 22,999 1,969 2,037 
Adjusted Operating Margin8.1 %7.4 %16.4 %4.7 %13.5 %
Adjusted Other Expense315 — — — — 
Depreciation & Amortization7,974 3,591 2,215 1,348 768 
Less: Held for Sale Depreciation & Amortization(330)— — (330)— 
Less: Acquisition-Related Amortization(1,575)(1,575)— — — 
Adjusted Depreciation & Amortization6,069 2,016 2,215 1,018 768 
Stock Compensation Expense2,368 154 220 151 28 
Less: Senior Leadership Transition Related Stock Compensation Expense(504)— — — — 
Adjusted Stock Compensation Expense1,864 154 220 151 28 
Adjusted EBITDA30,581 8,520 25,434 3,138 2,833 
Adjusted EBITDA Margin10.8 %10.0 %18.1 %7.5 %18.7 %
*To remove revenues of processing equipment business classified as held for sale
**Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures




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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Income From Continuing Operations to Adjusted EBITDA
(in thousands)
(unaudited)
Twelve Months Ended December 31, 2021
ConsolidatedRenewablesResidentialAgtechInfrastructure
Net Sales$1,339,783 $432,096 $635,505 $199,161 $73,021 
Less: Processing Revenues*(20,328)— — (20,328)— 
Adjusted Net Sales$1,319,455 $432,096 $635,505 $178,833 $73,021 
Income From Continuing Operations74,516 
Provision for Income Taxes25,046 
Interest Expense1,639 
Other Income(4,213)
Operating Profit96,988 20,158 105,821 (931)8,911 
Adjusted Measures**30,944 14,572 393 13,526 26 
Adjusted Operating Profit127,932 34,730 106,214 12,595 8,937 
Adjusted Operating Margin9.7 %8.0 %16.7 %7.0 %12.2 %
Adjusted Other Income534 — — — — 
Depreciation & Amortization31,966 14,682 8,694 5,279 3,092 
Less: Held for Sale Depreciation & Amortization(1,324)— — (1,324)— 
Less: Acquisition-Related Amortization(6,273)(6,273)— — — 
Adjusted Depreciation & Amortization24,369 8,409 8,694 3,955 3,092 
Stock Compensation Expense8,652 772 990 635 104 
Less: Senior Leadership Transition Related Stock Compensation Expense(757)— — (36)— 
Adjusted Stock Compensation Expense7,895 772 990 599 104 
Adjusted EBITDA159,662 43,911 115,898 17,149 12,133 
Adjusted EBITDA Margin12.1 %10.2 %18.2 %9.6 %16.6 %
*To remove revenues of processing equipment business classified as held for sale
**Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures