Gibraltar Announces Preliminary 2021 Financial Results

Gibraltar Industries, Inc., a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today reported preliminary estimated unaudited consolidated financial results for the fourth quarter and year ended December 31, 2021.

2021 revenue from continuing operations is expected to be in the previous guidance range of $1.31 – $1.35 billion, representing an increase of 25% – 30% compared to $1.03 billion in 2020.

“Our 2021 earnings were impacted by our fourth quarter performance in the Renewables business, driven by two issues – field project management inefficiencies associated with industry and market supply disruptions, and an unanticipated level of inflation on structural steel in our solar canopy racking projects,” Chairman and CEO Bill Bosway stated. “Overall, Renewables had solid revenue in the quarter but our costs to convert demand were higher than expected. We absorbed additional costs in the field related to project schedule changes, and our canopy business was hit with structural steel cost increases. It was a difficult quarter for the Renewables business, but I am proud of the team and how they worked together to manage market disruptions and ongoing inflation with customers and suppliers.”

“Despite the challenge in the fourth quarter, we have strong demand across our businesses and we continue to adapt our systems and processes to better execute in the current market conditions,” said Bosway. “We look forward to sharing a detailed review of the fourth quarter and our plan for 2022 on our fourth quarter 2021 earnings call.”

We have provided ranges for our preliminary financial results because our closing procedures for our fiscal quarter and year ended December 31, 2021 are not yet complete. The preliminary financial information presented in this press release reflect our current expectations based solely on information available to us as of the date of this press release and is subject to change, and may be adjusted as a result of, among other things, the completion of the Company’s financial and operating closing procedures, customary audit procedures and other developments that may occur before the completion of these 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 result in differences between the preliminary estimated unaudited consolidated financial results reported in this press release and actual results.

For the full fourth quarter results, click here.

About Gibraltar

Gibraltar Industries is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets. With a three-pillar strategy focused on business systems, portfolio management, and organization and talent development, Gibraltar’s mission is to create compounding and sustainable value with strong leadership positions in higher growth, profitable end markets. Gibraltar serves customers primarily throughout North America. Comprehensive information about Gibraltar can be found on its website at www.gibraltar1.com.

Contact:

Jody Burfening/Carolyn Capaccio – LHA Investor Relations – rock@lhai.com – (212) 838-3777

Source: Gibraltar Industries, Inc.