Gibraltar Industries Revises 2024 Financial Guidance

By Tamara Parker • Friday, October 11 10:30 • Permanent Link

Gibraltar Industries, Inc. (NASDAQ: ROCK) has announced updates to its financial guidance for 2024 due to ongoing market challenges in the renewables and residential businesses. The company's preliminary results of net sales, GAAP EPS, and adjusted EPS for the three months ended September 30, 2024, compared to 2023, and the updated guidance for 2024 compared to previously announced guidance and 2023 results are as follows:

Net sales for the three months ended September 30, 2024, are estimated to be in the range of $359-362 million, compared to $390.7 million in 2023.
Adjusted net sales for the same period are estimated to be in the range of $359-362 million, compared to $385.2 million in 2023.
GAAP EPS for the three months ended September 30, 2024, are estimated to be in the range of $1.09-$1.12, lower than the $1.28 reported in 2023.
Adjusted EPS for the same period are estimated to be in the range of $1.25-$1.28, down from $1.37 in 2023.

The company cited ongoing headwinds in the solar industry, including trade and regulatory uncertainties, as well as a slower-than-expected residential market, including the repair and remodel sector, as the primary reasons for the revised guidance. As a result, Gibraltar Industries expects its net sales to decline and to report GAAP and adjusted EPS below last year for the third quarter of 2024.

Chairman and CEO Bill Bosway mentioned that the solar industry is dealing with challenges driven by the impact from independent ad/cvd investigations, with the expectation of industry headwinds improving during the first half of 2025. Additionally, the residential market's slowdown has delayed the timing and benefit of the company's participation gains.

The company emphasized that the preliminary financial information is subject to change and may be adjusted as a result of the completion of financial and operating closing procedures and other developments.

Investors and stakeholders are advised to consider the evolving nature of the company's financial outlook. The third-quarter 2024 results conference call is scheduled to be held on October 30, 2024, at 9:00 a.m. ET. Today the company's shares have moved -5.7% to a price of $66.19. Check out the company's full 8-K submission here.

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