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 | |
99.1 | Earnings Release issued by Gibraltar Industries, Inc. on July 28, 2016 |
GIBRALTAR INDUSTRIES, INC. | ||||
Date: | July 28, 2016 | |||
By: | /s/ Timothy F. Murphy | |||
Timothy F. Murphy | ||||
Vice President, Treasurer and Secretary |
Three Months Ended June 30, | |||||||
Dollars in millions, except EPS | GAAP | Adjusted | |||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||
Net Sales | $263.1 | $253.2 | 4% | $263.1 | $253.2 | 4% | |
Net Income | $17.0 | $4.1 | 315% | $14.8 | $7.8 | 90% | |
Diluted EPS | $0.53 | $0.13 | 308% | $0.46 | $0.25 | 84% |
Three Months Ended June 30, | |||||||
Dollars in millions, except EPS | GAAP | Adjusted | |||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||
Net Sales | $120.0 | $134.7 | (11)% | $120.0 | $134.7 | (11)% | |
Operating Margin | 17.3% | 8.8% | +850 bps | 17.5% | 10.6% | +690 bps |
Three Months Ended June 30, | |||||||||||||||
Dollars in millions, except EPS | GAAP | Adjusted | |||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||
Net Sales | $ | 81.0 | $ | 101.4 | (20)% | $ | 81.00 | $ | 101.4 | (20)% | |||||
Operating Margin | 7.6% | 5.3% | +230 bps | 8.7% | 5.3% | +340 bps |
Three Months Ended June 30, | |||||||
Dollars in millions, except EPS | GAAP | Adjusted | |||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||
Net Sales | $62.1 | $17.1 | nmf* | $62.1 | $17.1 | nmf* | |
Operating Margin | 12.3% | 5.8% | +650 bps | 12.3% | 11.1% | +120 bps | |
*not meaningful |
Full Year 2016 | |||||||||||||||||||||||
Gibraltar Industries | |||||||||||||||||||||||
Dollars in millions, except EPS | Operating | Income | Net | Diluted Earnings | |||||||||||||||||||
Income | Margin | Taxes | Income | Per Share | |||||||||||||||||||
GAAP Measures | $ | 80 - 85 | 7.9 - 8.3% | $ | 13 - 15 | $ | 44 - 47 | $ | 1.38-1.48 | ||||||||||||||
Restructuring Costs | 4 | 0.4 | 1 | 3 | 0.08 | ||||||||||||||||||
Gain on Sale of European Business | — | — | 11 | (3 | ) | ) | (0.09 | ) | ) | ||||||||||||||
Adjusted Measures | $ | 84 - 89 | 8.3 - 8.7% | $ | 26 - 28 | $ | 44 - 47 | $ | 1.37-1.47 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net Sales | $ | 263,099 | $ | 253,171 | $ | 496,776 | $ | 453,786 | |||||||
Cost of sales | 196,895 | 209,052 | 380,416 | 379,752 | |||||||||||
Gross profit | 66,204 | 44,119 | 116,360 | 74,034 | |||||||||||
Selling, general, and administrative expense | 40,427 | 32,918 | 76,976 | 53,863 | |||||||||||
Income from operations | 25,777 | 11,201 | 39,384 | 20,171 | |||||||||||
Interest expense | 3,666 | 3,811 | 7,357 | 7,511 | |||||||||||
Other expense (income) | 8,035 | 1,101 | 7,840 | (2,458 | ) | ||||||||||
Income before taxes | 14,076 | 6,289 | 24,187 | 15,118 | |||||||||||
(Benefit of) provision for income taxes | (2,913 | ) | 2,202 | 705 | 5,494 | ||||||||||
Income from continuing operations | 16,989 | 4,087 | 23,482 | 9,624 | |||||||||||
Discontinued operations: | |||||||||||||||
Loss before taxes | — | — | — | (44 | ) | ||||||||||
Benefit of income taxes | — | — | — | (16 | ) | ||||||||||
Loss from discontinued operations | — | — | — | (28 | ) | ||||||||||
Net income | $ | 16,989 | $ | 4,087 | $ | 23,482 | $ | 9,596 | |||||||
Net earnings per share – Basic: | |||||||||||||||
Income from continuing operations | $ | 0.54 | $ | 0.13 | $ | 0.75 | $ | 0.31 | |||||||
Loss from discontinued operations | — | — | — | — | |||||||||||
Net income | $ | 0.54 | $ | 0.13 | $ | 0.75 | $ | 0.31 | |||||||
Weighted average shares outstanding – Basic | 31,475 | 31,210 | 31,447 | 31,200 | |||||||||||
Net earnings per share – Diluted: | |||||||||||||||
Income from continuing operations | $ | 0.53 | $ | 0.13 | $ | 0.74 | $ | 0.31 | |||||||
Loss from discontinued operations | — | — | — | — | |||||||||||
Net income | $ | 0.53 | $ | 0.13 | $ | 0.74 | $ | 0.31 | |||||||
Weighted average shares outstanding – Diluted | 32,007 | 31,495 | 31,916 | 31,440 |
June 30, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 124,114 | $ | 68,858 | |||
Accounts receivable, net | 150,170 | 164,969 | |||||
Inventories | 98,221 | 107,058 | |||||
Other current assets | 12,119 | 10,537 | |||||
Total current assets | 384,624 | 351,422 | |||||
Property, plant, and equipment, net | 108,808 | 118,932 | |||||
Goodwill | 294,797 | 292,390 | |||||
Acquired intangibles | 120,435 | 123,013 | |||||
Other assets | 4,336 | 4,015 | |||||
$ | 913,000 | $ | 889,772 | ||||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 82,805 | $ | 89,204 | |||
Accrued expenses | 49,331 | 67,605 | |||||
Billings in excess of cost | 30,358 | 28,186 | |||||
Current maturities of long-term debt | 400 | 400 | |||||
Total current liabilities | 162,894 | 185,395 | |||||
Long-term debt | 208,836 | 208,882 | |||||
Deferred income taxes | 43,149 | 42,654 | |||||
Other non-current liabilities | 48,542 | 42,755 | |||||
Shareholders’ equity: | |||||||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding | — | — | |||||
Common stock, $0.01 par value; authorized 50,000 shares; 31,930 and 31,779 shares issued in 2016 and 2015 | 319 | 317 | |||||
Additional paid-in capital | 259,024 | 253,458 | |||||
Retained earnings | 201,555 | 178,073 | |||||
Accumulated other comprehensive loss | (4,511 | ) | (15,416 | ) | |||
Cost of 502 and 484 common shares held in treasury in 2016 and 2015 | (6,808 | ) | (6,346 | ) | |||
Total shareholders’ equity | 449,579 | 410,086 | |||||
$ | 913,000 | $ | 889,772 |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 23,482 | $ | 9,596 | |||
Loss from discontinued operations | — | (28 | ) | ||||
Income from continuing operations | 23,482 | 9,624 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 11,856 | 13,239 | |||||
Stock compensation expense | 3,218 | 1,406 | |||||
Net gain on sale of assets | (198 | ) | (8,375 | ) | |||
Loss on sale of business | 8,533 | — | |||||
Restructuring charges, non-cash | 1,074 | 2,745 | |||||
Provision for (benefit of) deferred income taxes | 196 | (72 | ) | ||||
Other, net | (741 | ) | (1,392 | ) | |||
Changes in operating assets and liabilities, excluding the effects of acquisitions: | |||||||
Accounts receivable | 9,145 | (30,164 | ) | ||||
Inventories | 4,988 | 1,596 | |||||
Other current assets and other assets | (4,333 | ) | (1,415 | ) | |||
Accounts payable | (2,427 | ) | 20,254 | ||||
Accrued expenses and other non-current liabilities | (5,644 | ) | 4,312 | ||||
Net cash provided by operating activities | 49,149 | 11,758 | |||||
Cash Flows from Investing Activities | |||||||
Cash paid for acquisitions | (2,314 | ) | (134,318 | ) | |||
Net proceeds from sale of property and equipment | 162 | 26,181 | |||||
Purchases of property, plant, and equipment | (4,035 | ) | (4,624 | ) | |||
Net proceeds from sale of business | 8,479 | — | |||||
Other, net | 1,118 | 1,154 | |||||
Net cash provided by (used in) investing activities | 3,410 | (111,607 | ) | ||||
Cash Flows from Financing Activities | |||||||
Proceeds from long-term debt | — | 41,392 | |||||
Long-term debt payments | (400 | ) | (11,792 | ) | |||
Payment of debt issuance costs | (54 | ) | — | ||||
Purchase of treasury stock at market prices | (462 | ) | (387 | ) | |||
Net proceeds from issuance of common stock | 2,057 | 180 | |||||
Excess tax benefit from stock compensation | 292 | 37 | |||||
Net cash provided by financing activities | 1,433 | 29,430 | |||||
Effect of exchange rate changes on cash | 1,264 | (769 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 55,256 | (71,188 | ) | ||||
Cash and cash equivalents at beginning of year | 68,858 | 110,610 | |||||
Cash and cash equivalents at end of period | $ | 124,114 | $ | 39,422 |
Three Months Ended June 30, 2016 | ||||||||||||||||
As Reported In GAAP Statements | Restructuring Charges | Gain on Sale of Business | Adjusted Financial Measures | |||||||||||||
Net Sales | ||||||||||||||||
Residential Products | $ | 119,965 | $ | — | $ | — | $ | 119,965 | ||||||||
Industrial & Infrastructure Products | 81,380 | — | — | 81,380 | ||||||||||||
Less Inter-Segment Sales | (373 | ) | — | — | (373 | ) | ||||||||||
81,007 | — | — | 81,007 | |||||||||||||
Renewable Energy & Conservation | 62,127 | — | — | 62,127 | ||||||||||||
Consolidated sales | 263,099 | — | — | 263,099 | ||||||||||||
Income from operations | ||||||||||||||||
Residential Products | 20,725 | 258 | — | 20,983 | ||||||||||||
Industrial & Infrastructure Products | 6,190 | 851 | — | 7,041 | ||||||||||||
Renewable Energy & Conservation | 7,657 | — | — | 7,657 | ||||||||||||
Segment Income | 34,572 | 1,109 | — | 35,681 | ||||||||||||
Unallocated corporate expense | (8,795 | ) | — | — | (8,795 | ) | ||||||||||
Consolidated income from operations | 25,777 | 1,109 | — | 26,886 | ||||||||||||
Interest expense | 3,666 | — | — | 3,666 | ||||||||||||
Other expense (income) | 8,035 | — | (8,533 | ) | (498 | ) | ||||||||||
Income before income taxes | 14,076 | 1,109 | 8,533 | 23,718 | ||||||||||||
(Benefit of) provision for income taxes | (2,913 | ) | 424 | 11,414 | 8,925 | |||||||||||
Income from continuing operations | $ | 16,989 | $ | 685 | $ | (2,881 | ) | $ | 14,793 | |||||||
Income from continuing operations per share – diluted | $ | 0.53 | $ | 0.02 | $ | (0.09 | ) | $ | 0.46 | |||||||
Operating margin | ||||||||||||||||
Residential Products | 17.3 | % | 0.2 | % | — | % | 17.5 | % | ||||||||
Industrial & Infrastructure Products | 7.6 | % | 1.0 | % | — | % | 8.7 | % | ||||||||
Renewable Energy & Conservation | 12.3 | % | — | % | — | % | 12.3 | % | ||||||||
Segments Margin | 13.1 | % | 0.4 | % | — | % | 13.6 | % | ||||||||
Consolidated | 9.8 | % | 0.4 | % | — | % | 10.2 | % |
Three Months Ended June 30, 2015 | ||||||||||||||||||||
As Reported In GAAP Statements | Acquisition Related Items | Restructuring Charges | Reclass of Hedging Activity | Adjusted Financial Measures | ||||||||||||||||
Net Sales | ||||||||||||||||||||
Residential Products | $ | 134,669 | $ | — | $ | — | $ | — | $ | 134,669 | ||||||||||
Industrial & Infrastructure Products | 101,900 | — | — | — | 101,900 | |||||||||||||||
Less Inter-Segment Sales | (482 | ) | — | — | — | (482 | ) | |||||||||||||
101,418 | — | — | — | 101,418 | ||||||||||||||||
Renewable Energy & Conservation | 17,084 | — | — | — | 17,084 | |||||||||||||||
Consolidated sales | 253,171 | — | — | — | 253,171 | |||||||||||||||
Income from operations | ||||||||||||||||||||
Residential Products | 11,910 | — | 3,251 | (920 | ) | 14,241 | ||||||||||||||
Industrial & Infrastructure Products | 5,356 | — | 59 | — | 5,415 | |||||||||||||||
Renewable Energy & Conservation | 999 | 902 | — | — | 1,901 | |||||||||||||||
Segment Income | 18,265 | 902 | 3,310 | (920 | ) | 21,557 | ||||||||||||||
Unallocated corporate expense | (7,064 | ) | 699 | 1,042 | — | (5,323 | ) | |||||||||||||
Consolidated income from operations | 11,201 | 1,601 | 4,352 | (920 | ) | 16,234 | ||||||||||||||
Interest expense | 3,811 | — | — | — | 3,811 | |||||||||||||||
Other income | 1,101 | — | — | (920 | ) | 181 | ||||||||||||||
Income before income taxes | 6,289 | 1,601 | 4,352 | — | 12,242 | |||||||||||||||
Provision for income taxes | 2,202 | 598 | 1,629 | — | 4,429 | |||||||||||||||
Income from continuing operations | $ | 4,087 | $ | 1,003 | $ | 2,723 | — | $ | 7,813 | |||||||||||
Income from continuing operations per share – diluted | $ | 0.13 | $ | 0.03 | $ | 0.09 | $ | — | $ | 0.25 | ||||||||||
Operating margin | ||||||||||||||||||||
Residential Products | 8.8 | % | — | % | 2.4 | % | (0.7 | )% | 10.6 | % | ||||||||||
Industrial & Infrastructure Products | 5.3 | % | — | % | — | % | — | % | 5.3 | % | ||||||||||
Renewable Energy & Conservation | 5.8 | % | 5.3 | % | — | % | — | % | 11.1 | % | ||||||||||
Segments Margin | 7.2 | % | 0.4 | % | 1.3 | % | (0.4 | )% | 8.5 | % | ||||||||||
Consolidated | 4.4 | % | 0.6 | % | 1.7 | % | (0.4 | )% | 6.4 | % | ||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||
As Reported In GAAP Statements | Restructuring Charges | Gain on Sale of Business | Adjusted Financial Measures | |||||||||||||
Net Sales | ||||||||||||||||
Residential Products | $ | 220,112 | — | — | $ | 220,112 | ||||||||||
Industrial & Infrastructure Products | 161,397 | — | — | 161,397 | ||||||||||||
Less Inter-Segment Sales | (740 | ) | — | — | (740 | ) | ||||||||||
160,657 | — | — | 160,657 | |||||||||||||
Renewable Energy & Conservation | 116,007 | — | — | 116,007 | ||||||||||||
Consolidated sales | 496,776 | — | — | 496,776 | ||||||||||||
Income from operations | ||||||||||||||||
Residential Products | 32,956 | 1,276 | — | 34,232 | ||||||||||||
Industrial & Infrastructure Products | 9,516 | 1,531 | — | 11,047 | ||||||||||||
Renewable Energy & Conservation | 11,970 | — | — | 11,970 | ||||||||||||
Segment Income | 54,442 | 2,807 | — | 57,249 | ||||||||||||
Unallocated corporate expense | (15,058 | ) | 31 | — | (15,027 | ) | ||||||||||
Consolidated income from operations | 39,384 | 2,838 | — | 42,222 | ||||||||||||
Interest expense | 7,357 | — | — | 7,357 | ||||||||||||
Other expense (income) | 7,840 | — | (8,533 | ) | (693 | ) | ||||||||||
Income before income taxes | 24,187 | 2,838 | 8,533 | 35,558 | ||||||||||||
(Benefit of) provision for income taxes | 705 | 1,055 | 11,414 | 13,174 | ||||||||||||
Income from continuing operations | $ | 23,482 | $ | 1,783 | $ | (2,881 | ) | $ | 22,384 | |||||||
Income from continuing operations per share – diluted | $ | 0.74 | $ | 0.05 | $ | (0.09 | ) | $ | 0.70 | |||||||
Operating margin | ||||||||||||||||
Residential Products | 15.0 | % | 0.6 | % | — | % | 15.6 | % | ||||||||
Industrial & Infrastructure Products | 5.9 | % | 1.0 | % | — | % | 6.9 | % | ||||||||
Renewable Energy & Conservation | 10.3 | % | — | % | — | % | 10.3 | % | ||||||||
Segments Margin | 11.0 | % | 0.6 | % | — | % | 11.5 | % | ||||||||
Consolidated | 7.9 | % | 0.6 | % | — | % | 8.5 | % |
Six Months Ended June 30, 2015 | ||||||||||||||||||||||
As Reported In GAAP Statements | Acquisition Related Items | Restructuring Charges | Gain on Sale of Facility | Reclass of Hedging Activity | Adjusted Financial Measures | |||||||||||||||||
Net Sales | ||||||||||||||||||||||
Residential Products | $ | 241,464 | $ | — | $ | — | $ | — | $ | — | $ | 241,464 | ||||||||||
Industrial & Infrastructure Products | 196,185 | — | — | — | — | 196,185 | ||||||||||||||||
Less Inter-Segment Sales | (947 | ) | — | — | — | — | (947 | ) | ||||||||||||||
195,238 | — | — | — | — | 195,238 | |||||||||||||||||
Renewable Energy & Conservation | 17,084 | — | — | — | — | 17,084 | ||||||||||||||||
Consolidated sales | 453,786 | — | — | — | — | 453,786 | ||||||||||||||||
Income from operations | ||||||||||||||||||||||
Residential Products | 24,043 | — | 3,470 | (6,799 | ) | 1,803 | 22,517 | |||||||||||||||
Industrial & Infrastructure Products | 7,362 | — | 423 | — | — | 7,785 | ||||||||||||||||
Renewable Energy & Conservation | 999 | 902 | — | — | — | 1,901 | ||||||||||||||||
Segment Income | 32,404 | 902 | 3,893 | (6,799 | ) | 1,803 | 32,203 | |||||||||||||||
Unallocated corporate expense | (12,233 | ) | 471 | 1,559 | — | — | (10,203 | ) | ||||||||||||||
Consolidated income from operations | 20,171 | 1,373 | 5,452 | (6,799 | ) | 1,803 | 22,000 | |||||||||||||||
Interest expense | 7,511 | — | — | — | — | 7,511 | ||||||||||||||||
Other income | (2,458 | ) | — | — | — | 1,803 | (655 | ) | ||||||||||||||
Income before income taxes | 15,118 | 1,373 | 5,452 | (6,799 | ) | — | 15,144 | |||||||||||||||
Provision for income taxes | 5,494 | 513 | 2,037 | (2,526 | ) | — | 5,518 | |||||||||||||||
Income from continuing operations | $ | 9,624 | $ | 860 | $ | 3,415 | $ | (4,273 | ) | — | $ | 9,626 | ||||||||||
Income from continuing operations per share – diluted | $ | 0.31 | $ | 0.03 | $ | 0.11 | $ | (0.14 | ) | $ | — | $ | 0.31 | |||||||||
Operating margin | ||||||||||||||||||||||
Residential Products | 10.0 | % | — | % | 1.4 | % | (2.8 | )% | 0.7 | % | 9.3 | % | ||||||||||
Industrial & Infrastructure Products | 3.8 | % | — | % | 0.2 | % | — | % | — | % | 4.0 | % | ||||||||||
Renewable Energy & Conservation | 5.8 | % | 5.3 | % | — | % | — | % | — | % | 11.1 | % | ||||||||||
Segments Margin | 7.1 | % | 0.2 | % | 0.9 | % | (1.5 | )% | 0.4 | % | 7.1 | % | ||||||||||
Consolidated | 4.4 | % | 0.3 | % | 1.2 | % | (1.5 | )% | 0.4 | % | 4.8 | % |
5#;RF(9$E^Z-5:C,>BZN4KP1I-J![N *JK145LA$/@Z:T+C'-G0
M""%P%[D%=::\(,YE7W?1 ?D832_ *@""&8P C*%+* ORE/S( !S ']!-
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M+E!<%AZ+BI<, J\@_3IH:F:PP84!8),]2OEG>>9@;,UA&T)1E??-?M>C!U'
MLM(0U",XS5;OY"E=0TC]U'JX]9$ I)3A(''%9I4L6O9D9:7BTN3EC1$
MNA1D+5W R\/*@Y\'F2ME/ME&(E) OIK!SB;-U HS%R> [3A>*1#6T6VQTIM
MAN8AX1">) E@ 6%H"5_\R)YRMAD1+97K']!P@H#DPDO.S:66]13BH=:"I,K=
MN<) I>8P-/Q7H^R!Q<#
M ^HS/QZS/@5[LY@S!7A0-C@H'GQ[S2H8)/_2).'0"?A7)8)27PJR,U9%A3W@
M77ZAT?X<01[%#\F"Q\[_T@')0%'K7# KHIG(">
MA1_]F <]Q $-7ER"#UO0PA-8*L\>5\S_2&LI$)X1U>,\NX *(9M'R7[RK1G*
MZB+O\$021"4SU:@I"=38U8.X&N)/0PT0U.D >< %U6GW*]@"71AS?I>/" JR
M4_]X!SR>L0M-X.$+4I@"2V'0)#PZ"D $J6T<_=.LN4"I%>$H6=#0:6+2LJ,6
M9O 2=5*2DQC\0FW- ?BVB8:/[49@PZG[*<3_%
9"5,\%*79AB#^)Y.*MOOOP$PBC
M?G#AZH5+>#O,)\4BRZXB!'\3[,A\WN,%CRA0K.R%.^B!;*,UL=H0+@^/##$V
M&)2 "#")EF!EKW]8;)$FW6+LB0DEFIA"BBDRU?32)U[9#I_W(H.'%2S&>U"D
M_UU<\H= )%NU3
@ =:N)EHCC&0^@8[NF?^+XK4*6GK(B,U05PI[
M-R]_'IK26P.O^NPB?C3) K$EO+%PU8WRX:<5KFHV^C%Q 6UUT/N\P3JD.DYZ
M>SFDZ>7--Q=>J$+K PEBU39QR)#BP3KZ_1*?L5R8 A[1N_8]IZ]E#;M6+_&!
MIFRT0U)[2YJ6<%LCPJ"YXP6)R'KSVJS>;0@M2EUPXEA04?/'&RENW&1KJ'4Z
MC16N8.@"ISW7J7-*6?A<#F=R-^<*KW_RYM:)P40F?5L7[%/(DTX0Y[V$,=
MIA"@Y\#E? VYT !CL@_""(7_
M@ <6ZF$/>J#C'/&P*-)9[ E[X$4NGL$'0U5&"N)0"!<[R+4/AF=X8-G7/Z Q
M.T,MCV,T4