The 2022 GAAP EPS range should now be $2.50 to $2.60
2022 revenue and adjusted EPS ranges unchanged
Gibraltar to announce fourth quarter financial results on February 22
BUFFALO, NY, January 31, 2023–(BUSINESS WIRE)–Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and supplier of products and services to the renewable energy, residential, agtech and infrastructure markets, has announced today that it will record a fourth quarter 2022 non-cash charge estimated at $14 million, or $0.35 per share, to write down assets associated with its process equipment business, which was listed as held for sale as of March 31, 2022, at estimated fair market value. 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 estimated range. earlier from $2.90 to $3.00. The revenue range of $1.38 billion to $1.43 billion and the Adjusted EPS range of $3.30 to $3.40 for the year ended December 31, 2022 are unaffected by the impairment.
President and CEO Bill Bosway said, “Depressed market momentum for cannabis and hemp processing equipment has led us to pursue the divestiture of these assets. As we continue our efforts to sell this business, we have determined that its estimated fair market value is lower than its book value, and therefore, we will support the adjustment from book value to estimated market value. We continue to focus on our core Agtech greenhouse solutions that support our growers in the agricultural, commercial and cannabis markets.
Gibraltar has provided an estimate of the non-cash charge and a range of expected GAAP earnings as closing procedures for the fiscal quarter and year ended December 31, 2022 are not yet complete. The preliminary financial information presented in this press release reflects current expectations based only on information available as of the date of this press release and is subject to change and may be adjusted due to, among other things, the completion of the Company’s financial review and operation of closing procedures, customary auditing procedures and other developments that may occur prior to the completion of such procedures. Accordingly, you should not place undue reliance on these preliminary financial results, which may differ materially from actual results. See “Forward-Looking Statements” below for a discussion of certain factors that could cause the estimated preliminary unaudited consolidated financial results presented in this press release to differ from actual results.
Q4 2022 Conference Call Details
Gibraltar expects to release its fourth quarter 2022 financial results at approximately 7:30 a.m. ET on Wednesday, February 22, 2023 and will host a conference call which will be webcast live the same day beginning at 9:00 a.m. ET. Those wishing to listen to the conference call should visit the Investors section of the Company’s website at www.gibraltar1.com. The call can also be reached by dialing (877) 407-3088 or (201) 389-0927. For interested persons who are unable to participate in the live conference call, a webcast will be available on the Company’s website for one year.
Gibraltar is a leading manufacturer and supplier of products and services for the renewable energy, residential, agtech and infrastructure markets. Gibraltar’s mission of making 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 for comfortable living, sustainable energy and productive growth across North America. For more information, visit www.gibraltar1.com.
Certain information in this press 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 of the Company’s business, and management’s views on future operations, results and financial condition. 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 these forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among others, availability and pricing of our key raw materials and components, supply chain challenges resulting in project delays and inefficiencies and disruptions to field operations, availability of labor at our manufacturing plant and distribution facilities or at our project sites, other impacts of COVID-19 on our customers, suppliers, employees, operations , activities, liquidity and cash flow, the loss of key customers, the adverse effects of inflation, other conditions and general economic conditions in the particular markets in which we operate, changes in customer demand and expenses capital, competitive factors and pricing pressures, our ability to develop and introduce new products in a table, our ability to realize synergies with newly acquired businesses, disruptions to our IT systems, regulatory impact (including the Commerce Department’s solar anti-circumvention panel investigation and the Uyghur Anti-Corruption Act). Forced Labor (UFLPA), rebates, credits and incentives and changes in government spending and our ability to realize expected benefits from restructuring, productivity initiatives, liquidity enhancement actions and other actions cost reduction. Before making any investment decision regarding our company, we urge you to read the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q, accessible under “SEC Filings” link from 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 required by applicable law or regulation.
Adjusted financial measures
To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar has also discussed certain adjusted financial measures in this press release, including adjusted earnings per share (EPS), a non-GAAP financial measure. Adjusted EPS excludes special charges consisting of restructuring costs primarily associated with 80/20 simplification or relief initiatives, senior management transition costs, acquisition-related costs, operating losses generated by our processing business which has been classified as held for sale with other adjustments to other income below operating profit. These special charges are excluded as they cannot be considered directly related to the ongoing business activities of the Company. The adjusted measures exclude the results of the processing activity since it was classified as held for sale as of March 31, 2022. The results of the processing activity are considered non-recurring due to the commitment of the Company during the first quarter of 2022 in a plan to sell the Processing business. When 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 investors with meaningful supplemental data that is indicative of the Company’s key operating results and facilitates comparison of results of operations between reporting periods as well as comparison with other operating results. other companies.
Reconciliations of non-GAAP measures related to the full year 2022 guidance have not been provided due to the unreasonable effort it would take to provide such reconciliations due to the high variability, complexity and uncertainty regarding the forecasting and quantification of certain amounts that are necessary for such reconciliations.
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LHA Investor Relations
Jody Burfening/Carolyn Capaccio