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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gibraltar Industries Inc | NASDAQ:ROCK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.45 | 0.63% | 71.69 | 71.00 | 75.00 | 73.8399 | 71.26 | 72.54 | 160,934 | 22:30:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 16-1445150 | ||||||||||||||||
(State or incorporation ) | (I.R.S. Employer Identification No.) | ||||||||||||||||
3556 Lake Shore Road | P.O. Box 2028 | Buffalo | New York | 14219-0228 | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value per share | ROCK | NASDAQ Stock Market |
Large accelerated filer |
☒
|
Accelerated filer |
☐
|
Non-accelerated filer |
☐
|
Smaller reporting company | ☐ | Emerging growth company | ☐ |
PAGE
NUMBER |
|||||||||||
PART I. | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Sales | $ | 348,389 | $ | 255,184 | $ | 635,981 | $ | 470,585 | |||||||||||||||
Cost of sales | 267,458 | 189,623 | 495,032 | 355,163 | |||||||||||||||||||
Gross profit | 80,931 | 65,561 | 140,949 | 115,422 | |||||||||||||||||||
Selling, general, and administrative expense | 49,522 | 34,813 | 96,725 | 71,897 | |||||||||||||||||||
Income from operations | 31,409 | 30,748 | 44,224 | 43,525 | |||||||||||||||||||
Interest expense | 245 | 222 | 689 | 266 | |||||||||||||||||||
Other income | (4,666) | (1,892) | (4,351) | (1,374) | |||||||||||||||||||
Income before taxes | 35,830 | 32,418 | 47,886 | 44,633 | |||||||||||||||||||
Provision for income taxes | 9,457 | 7,961 | 11,017 | 10,274 | |||||||||||||||||||
Income from continuing operations | 26,373 | 24,457 | 36,869 | 34,359 | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) Income before taxes | (502) | 3,746 | 2,068 | 6,576 | |||||||||||||||||||
(Benefit from) Provision for income taxes | (78) | 911 | 226 | 1,584 | |||||||||||||||||||
(Loss) Income from discontinued operations | (424) | 2,835 | 1,842 | 4,992 | |||||||||||||||||||
Net income | $ | 25,949 | $ | 27,292 | $ | 38,711 | $ | 39,351 | |||||||||||||||
Net earnings per share – Basic: | |||||||||||||||||||||||
Income from continuing operations | $ | 0.80 | $ | 0.75 | $ | 1.12 | $ | 1.05 | |||||||||||||||
(Loss) Income from discontinued operations | (0.01) | 0.09 | 0.06 | 0.16 | |||||||||||||||||||
Net income | $ | 0.79 | $ | 0.84 | $ | 1.18 | $ | 1.21 | |||||||||||||||
Weighted average shares outstanding -- Basic | 32,790 | 32,605 | 32,791 | 32,596 | |||||||||||||||||||
Net earnings per share – Diluted: | |||||||||||||||||||||||
Income from continuing operations | $ | 0.80 | $ | 0.74 | $ | 1.11 | $ | 1.05 | |||||||||||||||
(Loss) Income from discontinued operations | (0.01) | 0.09 | 0.06 | 0.15 | |||||||||||||||||||
Net income | $ | 0.79 | $ | 0.83 | $ | 1.17 | $ | 1.20 | |||||||||||||||
Weighted average shares outstanding -- Diluted | 33,056 | 32,860 | 33,071 | 32,868 | |||||||||||||||||||
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 25,949 | $ | 27,292 | $ | 38,711 | $ | 39,351 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustment | 761 | 2,815 | 3,959 | (3,083) | |||||||||||||||||||
Minimum post retirement benefit plan adjustments | 27 | 18 | 54 | 36 | |||||||||||||||||||
Other comprehensive income (loss) | 788 | 2,833 | 4,013 | (3,047) | |||||||||||||||||||
Total comprehensive income | $ | 26,737 | $ | 30,125 | $ | 42,724 | $ | 36,304 |
June 30,
2021 |
December 31,
2020 |
||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 16,963 | $ | 32,054 | |||||||
Accounts receivable, net of allowance of $5,294 and $3,529
|
225,315 | 197,990 | |||||||||
Inventories, net | 133,625 | 98,307 | |||||||||
Prepaid expenses and other current assets | 23,641 | 19,671 | |||||||||
Assets of discontinued operations | — | 77,438 | |||||||||
Total current assets | 399,544 | 425,460 | |||||||||
Property, plant, and equipment, net | 95,837 | 89,562 | |||||||||
Operating lease assets | 21,651 | 25,229 | |||||||||
Goodwill | 508,857 | 514,279 | |||||||||
Acquired intangibles | 159,734 | 156,365 | |||||||||
Other assets | 510 | 1,599 | |||||||||
$ | 1,186,133 | $ | 1,212,494 | ||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 168,917 | $ | 134,738 | |||||||
Accrued expenses | 68,677 | 83,505 | |||||||||
Billings in excess of cost | 49,215 | 34,702 | |||||||||
Liabilities of discontinued operations | — | 49,295 | |||||||||
Total current liabilities | 286,809 | 302,240 | |||||||||
Long-term debt | 32,309 | 85,636 | |||||||||
Deferred income taxes | 37,555 | 39,057 | |||||||||
Non-current operating lease liabilities | 14,391 | 17,730 | |||||||||
Other non-current liabilities | 27,461 | 24,026 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
|
— | — | |||||||||
Common stock, $0.01 par value; 100,000 and 50,000 shares authorized as June 30, 2021 and December 31, 2020, respectively; 33,718 shares and 33,568 shares issued and outstanding in 2021 and 2020
|
337 | 336 | |||||||||
Additional paid-in capital | 310,728 | 304,870 | |||||||||
Retained earnings | 508,654 | 469,943 | |||||||||
Accumulated other comprehensive income (loss) | 1,552 | (2,461) | |||||||||
Cost of 1,083 and 1,028 common shares held in treasury in 2021 and 2020
|
(33,663) | (28,883) | |||||||||
Total stockholders’ equity | 787,608 | 743,805 | |||||||||
$ | 1,186,133 | $ | 1,212,494 |
Common Stock |
Additional
Paid-In Capital |
Retained Earnings |
Accumulated
Other Comprehensive (Loss) Income |
Treasury Stock |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 33,568 | $ | 336 | $ | 304,870 | $ | 469,943 | $ | (2,461) | 1,028 | $ | (28,883) | $ | 743,805 | |||||||||||||||||||||||||||||||||
Net income | — | — | — | 12,762 | — | — | — | 12,762 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 3,198 | — | — | 3,198 | |||||||||||||||||||||||||||||||||||||||
Minimum post retirement benefit plan adjustments, net of taxes of $10
|
— | — | — | — | 27 | — | — | 27 | |||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 2,368 | — | — | — | — | 2,368 | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | 25 | — | 910 | — | — | — | — | 910 | |||||||||||||||||||||||||||||||||||||||
Net settlement of restricted stock units
|
118 | 1 | (1) | — | — | 54 | (4,662) | (4,662) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 33,711 | $ | 337 | $ | 308,147 | $ | 482,705 | $ | 764 | 1,082 | $ | (33,545) | $ | 758,408 | |||||||||||||||||||||||||||||||||
Net income | — | — | — | 25,949 | — | — | — | 25,949 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 761 | — | — | 761 | |||||||||||||||||||||||||||||||||||||||
Minimum post retirement benefit plan adjustments, net of taxes of $10
|
— | — | — | — | 27 | — | — | 27 | |||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 2,567 | — | — | — | — | 2,567 | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | 1 | — | 14 | — | — | — | — | 14 | |||||||||||||||||||||||||||||||||||||||
Awards of common shares | 3 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net settlement of restricted stock units
|
3 | — | — | — | — | 1 | (118) | (118) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 33,718 | $ | 337 | $ | 310,728 | $ | 508,654 | $ | 1,552 | 1,083 | $ | (33,663) | $ | 787,608 | |||||||||||||||||||||||||||||||||
Common Stock |
Additional
Paid-In Capital |
Retained Earnings |
Accumulated
Other Comprehensive Loss |
Treasury Stock |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 33,192 | $ | 332 | $ | 295,582 | $ | 405,668 | $ | (5,391) | 906 | $ | (22,227) | $ | 673,964 | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 12,059 | — | — | — | 12,059 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (5,898) | — | — | (5,898) | ||||||||||||||||||||||||||||||||||||||||||
Minimum post retirement benefit plan adjustments, net of taxes of $7
|
— | — | — | — | 18 | — | — | 18 | ||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 1,665 | — | — | — | — | 1,665 | ||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change
|
— | — | — | (291) | — | — | — | (291) | ||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 3 | — | 24 | — | — | — | — | 24 | ||||||||||||||||||||||||||||||||||||||||||
Net settlement of restricted stock units
|
193 | 2 | (2) | — | — | 80 | (4,184) | (4,184) | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 33,388 | $ | 334 | $ | 297,269 | $ | 417,436 | $ | (11,271) | 986 | $ | (26,411) | $ | 677,357 | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 27,292 | — | — | — | 27,292 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 2,815 | — | — | 2,815 | ||||||||||||||||||||||||||||||||||||||||||
Minimum post retirement benefit plan adjustments, net of taxes of $6
|
— | — | — | — | 18 | — | — | 18 | ||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 2,506 | — | — | — | — | 2,506 | ||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 6 | — | 54 | — | — | — | — | 54 | ||||||||||||||||||||||||||||||||||||||||||
Awards of common shares | 4 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net settlement of restricted stock units | 15 | — | — | — | — | 7 | (278) | (278) | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 33,413 | $ | 334 | $ | 299,829 | $ | 444,728 | $ | (8,438) | 993 | $ | (26,689) | $ | 709,764 | ||||||||||||||||||||||||||||||||||||
Standard | Description | Financial Statement Effect or Other Significant Matters | ||||||||||||
ASU No. 2019-12
Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes
|
The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. |
The standard is effective for the Company as of January 1, 2021. The Company adopted the amendments in this update and the adoption did not have a material impact to the Company’s financial statements.
Date of adoption: Q1 2021 |
June 30, 2021 | December 31, 2020 | ||||||||||
Trade accounts receivable | $ | 182,015 | $ | 174,604 | |||||||
Costs in excess of billings | 48,594 | 26,915 | |||||||||
Total accounts receivables | 230,609 | 201,519 | |||||||||
Less allowance for doubtful accounts and contract assets | (5,294) | (3,529) | |||||||||
Accounts receivable, net | $ | 225,315 | $ | 197,990 |
Beginning balance as of January 1, 2021 | $ | 3,529 | |||
Bad debt expense, net of recoveries | 1,297 | ||||
Accounts written off against allowance and other adjustments | 468 | ||||
Ending balance as of June 30, 2021 | $ | 5,294 |
June 30, 2021 | December 31, 2020 | ||||||||||
Raw material | $ | 99,074 | $ | 66,018 | |||||||
Work-in-process | 6,197 | 5,382 | |||||||||
Finished goods | 33,623 | 31,205 | |||||||||
Gross inventory | $ | 138,894 | $ | 102,605 | |||||||
Less reserves | (5,269) | (4,298) | |||||||||
Total inventories, net | $ | 133,625 | $ | 98,307 |
Cash | $ | 1,491 | |||
Working capital | 7,148 | ||||
Property, plant and equipment | 11,758 | ||||
Acquired intangible assets | 64,150 | ||||
Other assets | 1,854 | ||||
Other liabilities | (1,640) | ||||
Goodwill | 139,106 | ||||
Fair value of purchase consideration | $ | 223,867 |
Fair Value | Weighted-Average Amortization Period | ||||||||||
Trademarks | $ | 20,830 | Indefinite | ||||||||
Technology | 1,940 | 12 years | |||||||||
Customer relationships | 35,110 | 12 years | |||||||||
Backlog | 6,270 | Less than 1 year | |||||||||
Total | $ | 64,150 |
Cash | $ | 200 | |||||||||
Working capital | (14,957) | ||||||||||
Property, plant and equipment | 1,740 | ||||||||||
Acquired intangible assets | 38,296 | ||||||||||
Other current assets | 1,528 | ||||||||||
Other assets | 2,381 | ||||||||||
Other liabilities | (5,508) | ||||||||||
Goodwill | 61,422 | ||||||||||
Fair value of purchase consideration | $ | 85,102 |
Fair Value | Weighted-Average Amortization Period | ||||||||||
Trademarks | $ | 8,200 | Indefinite | ||||||||
Trademarks | 1,177 | 3 years | |||||||||
Technology | 8,175 |
7 - 15 years
|
|||||||||
Customer relationships | 18,780 |
5 - 13 years
|
|||||||||
Non-compete agreements | 1,036 | 5 years | |||||||||
Backlog | 928 |
Less than 1 year
|
|||||||||
Total | $ | 38,296 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Cost of sales | $ | — | $ | 634 | $ | — | $ | 634 | |||||||||||||||
Selling, general and administrative costs | — | 288 | 893 | 1,548 | |||||||||||||||||||
Total acquisition-related costs | $ | — | $ | 922 | $ | 893 | $ | 2,182 |
Renewables | Residential | Agtech | Infrastructure | Total | |||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 192,527 | $ | 205,452 | $ | 84,622 | $ | 31,678 | $ | 514,279 | |||||||||||||||||||
Adjustments to prior year acquisitions | (4,593) | — | — | — | (4,593) | ||||||||||||||||||||||||
Foreign currency translation | (990) | — | 161 | — | (829) | ||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 186,944 | $ | 205,452 | $ | 84,783 | $ | 31,678 | $ | 508,857 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Gross
Carrying Amount |
Accumulated
Amortization |
Gross
Carrying Amount |
Accumulated
Amortization |
||||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||
Trademarks | $ | 61,100 | $ | — | $ | 56,570 | $ | — | |||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||||||
Trademarks | 5,550 | 3,747 | 5,818 | 3,385 | |||||||||||||||||||||||||
Unpatented technology | 38,386 | 19,194 | 38,752 | 17,765 | |||||||||||||||||||||||||
Customer relationships | 109,329 | 35,658 | 98,500 | 31,580 | |||||||||||||||||||||||||
Non-compete agreements | 2,691 | 1,859 | 4,885 | 1,747 | |||||||||||||||||||||||||
Backlog | 7,216 | 4,080 | 7,228 | 911 | |||||||||||||||||||||||||
163,172 | 64,538 | 155,183 | 55,388 | ||||||||||||||||||||||||||
Total acquired intangible assets | $ | 224,272 | $ | 64,538 | $ | 211,753 | $ | 55,388 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Amortization expense | $ | 4,736 | $ | 2,018 | $ | 9,479 | $ | 4,002 |
2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||||||||||||||||||||
Amortization expense | $ | 9,414 | $ | 12,167 | $ | 11,236 | $ | 11,055 | $ | 10,820 | $ | 9,186 |
June 30, 2021 | December 31, 2020 | ||||||||||
Revolving credit facility | $ | 33,200 | $ | 85,000 | |||||||
Other debt | — | 636 | |||||||||
Less unamortized debt issuance costs | (891) | — | |||||||||
Total debt | $ | 32,309 | $ | 85,636 |
Foreign Currency Translation Adjustment |
Minimum post retirement benefit plan
adjustments |
Total Pre-Tax Amount | Tax (Benefit) Expense |
Accumulated Other
Comprehensive (Loss) Income |
|||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | (872) | $ | (2,426) | $ | (3,298) | $ | (837) | $ | (2,461) | |||||||||||||||||||||||||
Minimum post retirement health care plan adjustments | — | 37 | 37 | 10 | 27 | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 3,198 | — | 3,198 | — | 3,198 | ||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 2,326 | $ | (2,389) | $ | (63) | $ | (827) | $ | 764 | |||||||||||||||||||||||||
Minimum post retirement health care plan adjustments | — | 37 | 37 | 10 | 27 | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
761 | — | 761 | — | 761 | ||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 3,087 | $ | (2,352) | $ | 735 | $ | (817) | $ | 1,552 | |||||||||||||||||||||||||
Foreign Currency Translation Adjustment |
Minimum post retirement benefit plan
adjustments |
Total Pre-Tax Amount | Tax (Benefit) Expense |
Accumulated Other
Comprehensive (Loss) Income |
|||||||||||||||||||||||||
Balance at December 31, 2019 | $ | (4,173) | $ | (1,939) | $ | (6,112) | $ | (721) | $ | (5,391) | |||||||||||||||||||
Minimum post retirement health care plan adjustments | — | 25 | 25 | 7 | 18 | ||||||||||||||||||||||||
Foreign currency translation adjustment | (5,898) | — | (5,898) | — | (5,898) | ||||||||||||||||||||||||
Balance at March 31, 2020 | $ | (10,071) | $ | (1,914) | $ | (11,985) | $ | (714) | $ | (11,271) | |||||||||||||||||||
Minimum post retirement health care plan adjustments | — | 24 | 24 | 6 | $ | 18 | |||||||||||||||||||||||
Foreign currency translation adjustment | 2,815 | — | 2,815 | — | 2,815 | ||||||||||||||||||||||||
Balance at June 30, 2020 | $ | (7,256) | $ | (1,890) | $ | (9,146) | $ | (708) | $ | (8,438) | |||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Awards |
Number of
Awards |
Weighted
Average Grant Date Fair Value |
Number of
Awards (2) |
Weighted
Average Grant Date Fair Value |
|||||||||||||||||||
Performance stock units (1) | 62,778 | $ | 87.84 | 127,397 | $ | 53.16 | |||||||||||||||||
Restricted stock units | 33,187 | $ | 87.91 | 43,842 | $ | 52.12 | |||||||||||||||||
Deferred stock units | 7,536 | $ | 83.58 | 12,402 | $ | 45.98 | |||||||||||||||||
Common shares | 2,512 | $ | 83.58 | 4,134 | $ | 45.98 |
2021 | 2020 | ||||||||||
Restricted stock units credited | 26,240 | 52,965 | |||||||||
Share-based liabilities paid (in thousands) | $ | 3,510 | $ | 4,433 |
December 31, 2020 | |||||||||||||||||
Assets | |||||||||||||||||
Accounts receivable, net | $ | 11,261 | |||||||||||||||
Inventories, net | 13,041 | ||||||||||||||||
Prepaid expenses and other current assets | 21,310 | ||||||||||||||||
Total current assets (1) | 45,612 | ||||||||||||||||
Property, plant, and equipment, net | 16,999 | ||||||||||||||||
Operating lease assets | 6,470 | ||||||||||||||||
Goodwill | 22,475 | ||||||||||||||||
Acquired intangibles | 15,482 | ||||||||||||||||
Loss recognized on classification as held for sale | (29,600) | ||||||||||||||||
Total noncurrent assets (1) | 31,826 | ||||||||||||||||
Total assets classified as held for sale | $ | 77,438 | |||||||||||||||
Liabilities | |||||||||||||||||
Accounts payable | $ | 10,708 | |||||||||||||||
Accrued expenses | 9,274 | ||||||||||||||||
Total current liabilities (1) | 19,982 | ||||||||||||||||
Deferred income taxes | 24,657 | ||||||||||||||||
Non-current operating lease liabilities | 4,639 | ||||||||||||||||
Other non-current liabilities | 17 | ||||||||||||||||
Total noncurrent liabilities (1) | 29,313 | ||||||||||||||||
Total liabilities classified as held for sale | $ | 49,295 |
Three months ended
June 30, |
Six months ended
June 30, |
||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 30,630 | $ | 20,391 | $ | 64,668 | |||||||||||||||||||||||||||
Operating expenses | — | 26,850 | 17,493 | 58,052 | |||||||||||||||||||||||||||||||
Adjustment to loss on disposal | 502 | — | 830 | — | |||||||||||||||||||||||||||||||
Interest expense allocation | — | 34 | — | 40 | |||||||||||||||||||||||||||||||
(Loss) Income from discontinued operations before taxes | $ | (502) | $ | 3,746 | $ | 2,068 | $ | 6,576 |
Three months ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Exit activity costs | Asset impairment charges | Total | Exit activity costs | Asset impairment charges | Total | ||||||||||||||||||||||||||||||
Renewables | $ | 786 | $ | — | $ | 786 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Residential | 29 | — | 29 | 263 | — | 263 | |||||||||||||||||||||||||||||
Agtech | 1,287 | — | 1,287 | 316 | 72 | 388 | |||||||||||||||||||||||||||||
Infrastructure | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Corporate | 59 | — | 59 | 45 | — | 45 | |||||||||||||||||||||||||||||
Total exit activity costs & asset impairments | $ | 2,161 | $ | — | $ | 2,161 | $ | 624 | $ | 72 | $ | 696 |
Six months ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Exit activity costs | Asset impairment charges | Total | Exit activity costs | Asset impairment charges | Total | ||||||||||||||||||||||||||||||
Renewables | $ | 4,564 | $ | 1,193 | $ | 5,757 | $ | 18 | $ | — | $ | 18 | |||||||||||||||||||||||
Residential | 94 | — | 94 | 484 | — | 484 | |||||||||||||||||||||||||||||
Agtech | 1,491 | — | 1,491 | 316 | 72 | 388 | |||||||||||||||||||||||||||||
Infrastructure | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Corporate | 59 | — | 59 | 99 | — | 99 | |||||||||||||||||||||||||||||
Total exit activity costs & asset impairments | $ | 6,208 | $ | 1,193 | $ | 7,401 | $ | 917 | $ | 72 | $ | 989 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Cost of sales | $ | 718 | $ | 472 | $ | 5,765 | $ | 541 | |||||||||||||||
Selling, general, and administrative expense | 1,443 | 224 | 1,636 | 448 | |||||||||||||||||||
Total asset impairment and exit activity charges | $ | 2,161 | $ | 696 | $ | 7,401 | $ | 989 |
2021 | 2020 | ||||||||||
Balance at January 1 | $ | 1,030 | $ | 2,083 | |||||||
Exit activity costs recognized | 6,208 | 917 | |||||||||
Cash payments | (4,646) | (2,171) | |||||||||
Balance at June 30 | $ | 2,592 | $ | 829 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Provision for income taxes | $ | 9,457 | $ | 7,961 | $ | 11,017 | $ | 10,274 | |||||||||||||||
Effective tax rate | 26.4 | % | 24.6 | % | 23.0 | % | 23.0 | % |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Income from continuing operations | $ | 26,373 | $ | 24,457 | $ | 36,869 | $ | 34,359 | |||||||||||||||
(Loss) Income from discontinued operations | (424) | 2,835 | 1,842 | 4,992 | |||||||||||||||||||
Net income available to common stockholders | $ | 25,949 | $ | 27,292 | $ | 38,711 | $ | 39,351 | |||||||||||||||
Denominator for basic earnings per share: | |||||||||||||||||||||||
Weighted average shares outstanding | 32,790 | 32,605 | 32,791 | 32,596 | |||||||||||||||||||
Denominator for diluted earnings per share: | |||||||||||||||||||||||
Weighted average shares outstanding | 32,790 | 32,605 | 32,791 | 32,596 | |||||||||||||||||||
Common stock options and stock units | 266 | 255 | 280 | 272 | |||||||||||||||||||
Weighted average shares and conversions | 33,056 | 32,860 | 33,071 | 32,868 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Renewables | $ | 107,751 | $ | 55,950 | $ | 193,263 | $ | 103,213 | |||||||||||||||
Residential | 164,209 | 139,472 | 304,426 | 242,891 | |||||||||||||||||||
Agtech | 53,696 | 42,309 | 100,435 | 91,543 | |||||||||||||||||||
Infrastructure | 22,733 | 17,453 | 37,857 | 32,938 | |||||||||||||||||||
Total net sales | $ | 348,389 | $ | 255,184 | $ | 635,981 | $ | 470,585 | |||||||||||||||
Income from operations: | |||||||||||||||||||||||
Renewables | $ | 9,510 | $ | 8,422 | $ | 8,989 | $ | 12,781 | |||||||||||||||
Residential | 27,155 | 27,964 | 50,089 | 41,689 | |||||||||||||||||||
Agtech | 977 | 766 | 1,906 | 2,106 | |||||||||||||||||||
Infrastructure | 4,186 | 2,801 | 6,223 | 4,377 | |||||||||||||||||||
Unallocated Corporate Expenses | (10,419) | (9,205) | (22,983) | (17,428) | |||||||||||||||||||
Total income from operations | $ | 31,409 | $ | 30,748 | $ | 44,224 | $ | 43,525 |
June 30, 2021 | December 31, 2020 | ||||||||||
Total assets: | |||||||||||
Renewables | $ | 424,884 | $ | 402,796 | |||||||
Residential | 443,903 | 407,132 | |||||||||
Agtech | 204,264 | 216,275 | |||||||||
Infrastructure | 86,748 | 80,796 | |||||||||
Unallocated corporate assets | 26,334 | 28,057 | |||||||||
Assets of discontinued operations | — | 77,438 | |||||||||
$ | 1,186,133 | $ | 1,212,494 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Renewables | Residential | Agtech | Infrastructure | Total | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||
Point in Time | $ | 6,049 | $ | 162,978 | $ | 7,388 | $ | 11,637 | $ | 188,052 | |||||||||||||||||||
Over Time | 101,702 | 1,231 | 46,308 | 11,096 | 160,337 | ||||||||||||||||||||||||
Total net sales | $ | 107,751 | $ | 164,209 | $ | 53,696 | $ | 22,733 | $ | 348,389 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Renewables | Residential | Agtech | Infrastructure | Total | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||
Point in Time | $ | 5,512 | $ | 138,288 | $ | 12,088 | $ | 6,549 | $ | 162,437 | |||||||||||||||||||
Over Time | 50,438 | 1,184 | 30,221 | 10,904 | 92,747 | ||||||||||||||||||||||||
Total net sales | $ | 55,950 | $ | 139,472 | $ | 42,309 | $ | 17,453 | $ | 255,184 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Renewables | Residential | Agtech | Infrastructure | Total | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||
Point in Time | $ | 13,020 | $ | 301,997 | $ | 12,531 | $ | 17,107 | $ | 344,655 | |||||||||||||||||||
Over Time | 180,243 | 2,429 | 87,904 | 20,750 | 291,326 | ||||||||||||||||||||||||
Total net sales | $ | 193,263 | $ | 304,426 | $ | 100,435 | $ | 37,857 | $ | 635,981 |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Renewables | Residential | Agtech | Infrastructure | Total | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||
Point in Time | $ | 9,208 | $ | 240,619 | $ | 26,184 | $ | 12,006 | $ | 288,017 | |||||||||||||||||||
Over Time | 94,005 | 2,272 | 65,359 | 20,932 | 182,568 | ||||||||||||||||||||||||
Total net sales | $ | 103,213 | $ | 242,891 | $ | 91,543 | $ | 32,938 | $ | 470,585 |
Business Acquired | Date of Acquisition in 2020 |
Purchase price
( in millions) 1
|
Description | Segment | ||||||||||
TerraSmart LLC | December 31 | $ | 223.7 | Provider of screw-based, ground-mount solar racking technology, particularly used for solar projects installed on challenging terrain | Renewables | |||||||||
Sunfig Corporation | December 11 | $ | 3.8 | Provider of software solutions that optimize solar energy investments through upstream design, performance and financial modeling | Renewables | |||||||||
Architectural Mailboxes | October 15 | $ | 26.9 | Provider, designer, and developer of decorative residential mailboxes and related products | Residential | |||||||||
Delta Separations | February 13 | $ | 47.1 | Provider of ethanol-based extraction systems manufacturer and training and laboratory design and operations consultative partner | Agtech | |||||||||
Thermo Energy Systems | January 15 | $ | 7.3 | Provider of commercial greenhouse solutions in North America supporting the biologically grown organic food market | Agtech |
2021 | 2020 | ||||||||||||||||||||||
Net sales | $ | 348,389 | 100.0 | % | $ | 255,184 | 100.0 | % | |||||||||||||||
Cost of sales | 267,458 | 76.8 | % | 189,623 | 74.3 | % | |||||||||||||||||
Gross profit | 80,931 | 23.2 | % | 65,561 | 25.7 | % | |||||||||||||||||
Selling, general, and administrative expense | 49,522 | 14.2 | % | 34,813 | 13.7 | % | |||||||||||||||||
Income from operations | 31,409 | 9.0 | % | 30,748 | 12.0 | % | |||||||||||||||||
Interest expense | 245 | 0.0 | % | 222 | 0.0 | % | |||||||||||||||||
Other income | (4,666) | (1.3) | % | (1,892) | (0.7) | % | |||||||||||||||||
Income before taxes | 35,830 | 10.3 | % | 32,418 | 12.7 | % | |||||||||||||||||
Provision for income taxes | 9,457 | 2.7 | % | 7,961 | 3.1 | % | |||||||||||||||||
Income from continuing operations | 26,373 | 7.6 | % | 24,457 | 9.6 | % | |||||||||||||||||
(Loss) income from discontinued operations | (424) | (0.2) | % | 2,835 | 1.1 | % | |||||||||||||||||
Net income | $ | 25,949 | 7.4 | % | $ | 27,292 | 10.7 | % |
Change due to | |||||||||||||||||||||||||||||||||||
2021 | 2020 |
Total
Change |
Acquisitions | Operations | |||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||
Renewables | $ | 107,751 | $ | 55,950 | $ | 51,801 | $ | 49,825 | $ | 1,976 | |||||||||||||||||||||||||
Residential | 164,209 | 139,472 | 24,737 | 7,705 | 17,032 | ||||||||||||||||||||||||||||||
Agtech | 53,696 | 42,309 | 11,387 | — | 11,387 | ||||||||||||||||||||||||||||||
Infrastructure | 22,733 | 17,453 | 5,280 | — | 5,280 | ||||||||||||||||||||||||||||||
Consolidated | $ | 348,389 | $ | 255,184 | $ | 93,205 | $ | 57,530 | $ | 35,675 |
2021 | 2020 |
Total
Change |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewables | $ | 9,510 | 8.8 | % | $ | 8,422 | 15.1 | % | $ | 1,088 | |||||||||||||||||||||||||||||||||||||||||||
Residential | 27,155 | 16.5 | % | 27,964 | 20.0 | % | (809) | ||||||||||||||||||||||||||||||||||||||||||||||
Agtech | 977 | 1.8 | % | 766 | 1.8 | % | 211 | ||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure | 4,186 | 18.4 | % | 2,801 | 16.0 | % | 1,385 | ||||||||||||||||||||||||||||||||||||||||||||||
Unallocated Corporate Expenses | (10,419) | (3.0) | % | (9,205) | (3.6) | % | (1,214) | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated income from operations | $ | 31,409 | 9.0 | % | $ | 30,748 | 12.0 | % | $ | 661 |
2021 | 2020 | ||||||||||||||||||||||
Net sales | $ | 635,981 | 100.0 | % | $ | 470,585 | 100.0 | % | |||||||||||||||
Cost of sales | 495,032 | 77.8 | % | 355,163 | 75.5 | % | |||||||||||||||||
Gross profit | 140,949 | 22.2 | % | 115,422 | 24.5 | % | |||||||||||||||||
Selling, general, and administrative expense | 96,725 | 15.2 | % | 71,897 | 15.3 | % | |||||||||||||||||
Income from operations | 44,224 | 7.0 | % | 43,525 | 9.2 | % | |||||||||||||||||
Interest expense | 689 | 0.1 | % | 266 | 0.0 | % | |||||||||||||||||
Other income | (4,351) | (0.6) | % | (1,374) | (0.3) | % | |||||||||||||||||
Income before taxes | 47,886 | 7.5 | % | 44,633 | 9.5 | % | |||||||||||||||||
Provision for income taxes | 11,017 | 1.7 | % | 10,274 | 2.2 | % | |||||||||||||||||
Income from continuing operations | 36,869 | 5.8 | % | 34,359 | 7.3 | % | |||||||||||||||||
Income from discontinued operations | 1,842 | 0.3 | % | 4,992 | 1.1 | % | |||||||||||||||||
Net income | $ | 38,711 | 6.1 | % | $ | 39,351 | 8.4 | % |
Change due to | |||||||||||||||||||||||||||||||||||
2021 | 2020 |
Total
Change |
Acquisitions | Operations | |||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||
Renewables | $ | 193,263 | $ | 103,213 | $ | 90,050 | $ | 87,081 | $ | 2,969 | |||||||||||||||||||||||||
Residential | 304,426 | 242,891 | 61,535 | 16,439 | 45,096 | ||||||||||||||||||||||||||||||
Agtech | 100,435 | 91,543 | 8,892 | 4,600 | 4,292 | ||||||||||||||||||||||||||||||
Infrastructure | 37,857 | 32,938 | 4,919 | — | 4,919 | ||||||||||||||||||||||||||||||
Consolidated | $ | 635,981 | $ | 470,585 | $ | 165,396 | $ | 108,120 | $ | 57,276 |
2021 | 2020 |
Total
Change |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewables | $ | 8,989 | 4.7 | % | $ | 12,781 | 12.4 | % | $ | (3,792) | |||||||||||||||||||||||||||||||||||||||||||
Residential | 50,089 | 16.5 | % | 41,689 | 17.2 | % | 8,400 | ||||||||||||||||||||||||||||||||||||||||||||||
Agtech | 1,906 | 1.9 | % | 2,106 | 2.3 | % | (200) | ||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure | 6,223 | 16.4 | % | 4,377 | 13.3 | % | 1,846 | ||||||||||||||||||||||||||||||||||||||||||||||
Unallocated Corporate Expenses | (22,983) | (3.6) | % | (17,428) | (3.7) | % | (5,555) | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated income from operations | $ | 44,224 | 7.0 | % | $ | 43,525 | 9.2 | % | $ | 699 |
(in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
Cash and cash equivalents | $ | 16,963 | $ | 32,054 | ||||||||||
Availability on revolving credit facility | 360,179 | 309,175 | ||||||||||||
$ | 377,142 | $ | 341,229 |
2021 | 2020 | ||||||||||
Cash provided by (used in): | |||||||||||
Operating activities of continuing operations | $ | 12,777 | $ | (10,967) | |||||||
Investing activities of continuing operations | 30,515 | (57,800) | |||||||||
Financing activities of continuing operations | (56,292) | (4,384) | |||||||||
Discontinued operations | (2,178) | 2,659 | |||||||||
Effect of foreign exchange rate changes | 87 | (12) | |||||||||
Net decrease in cash and cash equivalents | $ | (15,091) | $ | (70,504) |
Certificate of Incorporation of Gibraltar Industries, Inc., as amended by: (i) Certificate of Amendment of Certificate of Incorporation of Gibraltar Industries, Inc. filed October 27, 2004, (ii) Certificate of Change of Registered Agent and Registered Office of Gibraltar Industries, Inc. filed May 11, 2005, (iii) Certificate of Amendment of Certificate of Incorporation of Gibraltar Industries, Inc. executed May 22, 2012, (iv) Certificate of Amendment of Certificate of Incorporation of Gibraltar Industries, Inc. executed May 11, 2015, and (v) Certificate of Amendment of Certificate of Incorporation of Gibraltar Industries, Inc. executed May 5, 2021 | ||||||||
Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes–Oxley Act of 2002. | ||||||||
Certification of Senior Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes–Oxley Act of 2002. | ||||||||
Certification of the President and Chief Executive Officer pursuant to Title 18, United States Code, Section 1350, as adopted pursuant to Section 906 of the Sarbanes–Oxley Act of 2002. | ||||||||
Certification of the Senior Vice President and Chief Financial Officer pursuant to Title 18, United States Code, Section 1350, as adopted pursuant to Section 906 of the Sarbanes–Oxley Act of 2002. | ||||||||
101.INS | XBRL Instance Document * | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document * | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document * | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document * | |||||||
101.PRA | XBRL Taxonomy Extension Presentation Linkbase Document * | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document * |
* | Submitted electronically with this Quarterly Report on Form 10-Q. |
/s/ William T. Bosway | ||
William T. Bosway | ||
President and Chief Executive Officer |
/s/ Timothy F. Murphy | ||
Timothy F. Murphy | ||
Senior Vice President and
Chief Financial Officer |
1 Year Gibraltar Industries Chart |
1 Month Gibraltar Industries Chart |
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