2021 Revenue of $1.34B, GAAP EPS of $2.25, Adjusted EPS of $2.78

Q4 Revenue of $334.4M, Q4 GAAP EPS of $0.30; Adjusted EPS of $0.54

Order Backlog Increased 16%, Led by Renewables, with Strength Across the Board

2022 Outlook: Revenue $1.38B-$1.43B, EPS: GAAP $2.80-$3.00, Adjusted $3.20-$3.40

Gibraltar Industries, Inc. (NASDAQ:ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today reported its financial results for the three-month period ended December 31, 2021.

"Fourth quarter results were within our previously-announced range, capping off a year of top-line growth as we increased our leadership positions in sustainable, high-demand markets, while grappling with increasing complexity in a challenging inflation and supply chain environment," Chairman and CEO Bill Bosway stated. "Renewables' results, as previously disclosed, were impacted by increased cost absorption from supply disruptions causing increased field costs and unanticipated levels of structural steel inflation. We delivered solid results in our Residential, Agtech, and Infrastructure segments, all of which expanded margins on achieving greater balance in price/cost and improving supply chain management and execution. We are proud of all of our teams and appreciate their focus and agility in confronting each obstacle as we progressed through 2021."

Fourth Quarter 2021 Consolidated Results from Continuing Operations

Below are fourth quarter 2021 consolidated results from continuing operations:

	Three Months Ended December 31,
$Millions, except EPS	GAAP			Adjusted
	2021	2020	% Change	2021	2020	% Change
Net Sales	$334.4	$265.2	26.1%	$334.4	$265.2	26.1%
Net Income	$9.8	$17.6	-44.3%	$18.0	$19.5	-7.7%
Diluted EPS	$0.30	$0.53	-43.4%	$0.54	$0.59	-8.5%

Net sales from continuing operations increased 26.1% to $334.4 million, with organic growth contributing 8.6% and recent acquisitions contributing 17.5% despite continued supply chain challenges in the quarter, driven by price, volume, and participation gains.

GAAP earnings decreased 44.3% to $9.8 million, or $0.30 per share, and adjusted earnings decreased 7.7% to $18.0 million, or $0.54 per share. As previously announced, the quarter was impacted by margin compression in the Renewables segment from two issues – supply disruptions causing increased field costs, and an unanticipated level of inflation on structural steel in solar canopy racking projects. Positive contributors to the quarter included: Residential segment margins recovered through pricing actions, volume, participation gains, and continued 80/20 initiatives; Infrastructure segment margins benefited from lean productivity initiatives and favorable product line mix; Agtech segment margin improved sequentially on continued execution from lean enterprise initiatives and supply chain improvements. Adjusted measures remove charges for restructuring initiatives, acquisition-related items, and senior leadership transition costs, as further described in the appended reconciliation of adjusted financial measures.

Fourth Quarter Segment Results

Renewables

For the fourth quarter, the Renewables segment reported:

	Three Months Ended December 31,
$Millions	GAAP			Adjusted
	2021	2020	% Change	2021	2020	% Change
Net Sales	$108.7	$64.6	68.3%	$108.7	$64.6	68.3%
Operating Income	$(1.0)	$8.3	-112.0%	$1.4	$8.3	-83.1%
Operating Margin	(1.0)%	12.8%	(1380) bps	1.3%	12.8%	(1150) bps

Revenue increased 68.3% including the TerraSmart acquisition, with organic revenue decreasing 2.3% driven by solar project delays related to supply chain and field operations disruptions. Backlog increased 27%, driven by strength in both ground mount and canopy solutions.

Adjusted operating income decreased to $1.4 million and operating margins contracted to 1.3% as field project management inefficiencies associated with market supply disruptions and an unanticipated level of cost inflation on structural steel used in solar canopy projects. The integration of TerraSmart remains on track with organization, process development, information systems, supply chain, and in-sourcing activities gaining momentum per plan.

Residential

For the fourth quarter, the Residential segment reported:

	Three Months Ended December 31,
$Millions	GAAP			Adjusted
	2021	2020	% Change	2021	2020	% Change
Net Sales	$159.5	$128.2	24.4%	$159.5	$128.2	24.4%
Operating Income	$26.3	$20.3	29.6%	$26.5	$20.4	29.9%
Operating Margin	16.5%	15.8%	70 bps	16.6%	15.9%	70 bps

Revenue increased 24.4%, marking the sixth consecutive quarter of double-digit growth, nearly all of which was organic. Revenue was driven by price, volume and participation gains.

Adjusted operating income grew 29.9% and adjusted operating margin of 16.6% improved 70 basis points as price management and key operating actions began to drive year-over-year margin recovery. Gibraltar continues to work with supply chain partners to support customer needs while continuing its focus on price/cost management, simplification, in-lining, and automation.

Agtech

For the fourth quarter, the Agtech segment reported:

	Three Months Ended December 31,
$Millions	GAAP			Adjusted
	2021	2020	% Change	2021	2020	% Change
Net Sales	$49.8	$59.9	-16.9%	$49.8	$59.9	-16.9%
Operating Income	$(5.1)	$3.4	-250.0%	$3.1	$3.8	-18.4%
Operating Margin	(10.2)%	5.7%	(1590) bps	6.3%	6.4%	(10) bps

Revenue decreased 16.9% as state and local agencies continued to work through construction permit backlogs for facilities designed to grow fruits and vegetables. For the states which legalized cannabis in 2020, the process of issuing production and processing licenses to operators remains slower than expected resulting in additional customer project delays during the quarter. The commercial greenhouse business continued solid growth across its core product lines serving the retail, institutional and car wash markets. Order backlog increased modestly in the quarter, with continued strength in produce and commercial businesses.

Adjusted operating margin improved 120 basis points compared to the third quarter on continued execution from lean enterprise initiatives, ongoing integration activities, and efforts to optimize supply chain, particularly in sourcing roofing systems and glass; margin was essentially flat year-over-year.

Infrastructure

For the fourth quarter, the Infrastructure segment reported:

	Three Months Ended December 31,
$Millions	GAAP			Adjusted
	2021	2020	% Change	2021	2020	% Change
Net Sales	$16.5	$12.4	33.1%	$16.5	$12.4	33.1%
Operating Income	$1.0	$0.6	66.7%	$1.1	$0.8	37.5%
Operating Margin	6.4%	4.6%	180 bps	6.5%	6.4%	10 bps

Revenue increased 33.1%, driven by growth in both fabricated and in non-fabricated products. Management expects to see the impact of incremental government spending on infrastructure toward the end of 2022. Order backlog increased 12%.

Adjusted operating margin was up slightly as the benefits of 80/20 initiatives and favorable mix offset unanticipated structural steel inflation as well as labor availability challenges.

Business Outlook

"2021 was a challenging year in which we gained valuable learning from an environment that pressure-tested our systems, processes, tools, and organization and operating paradigms. These challenges - unprecedented inflation, supply chain inefficiencies, and labor availability issues along with acquisition integrations and additional pandemic variants - helped us identify additional opportunities to improve our business, portfolio, business systems, and organization," stated Mr. Bosway.

"As we enter 2022, our demand is solid across the business and the robust long-term fundamentals supporting our end markets remain intact. We expect the market environment to be dynamic for at least the first half of the year as inflation, labor, transportation, and pandemic challenges persist," Mr. Bosway concluded. "I am confident, given the successes we achieved and the investments we made over the last 12 months in our organization, systems, and processes, we will enhance our 2022 performance and deliver full year growth and margin expansion as we continue to execute toward our 2025 objectives."

Gibraltar is providing guidance for revenue and earnings for the full year 2022. Consolidated revenue is expected to range between $1.38 billion and $1.43 billion, compared to $1.34 billion in 2021. GAAP EPS is expected to range between $2.80 and $3.00, compared to $2.25 in 2021, and adjusted EPS is expected to range between $3.20 and $3.40, compared to $2.78 in 2021.

Fourth Quarter 2021 Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the fourth quarter of 2021. Interested parties may access the webcast through the Investors section of the Company's website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call may also be accessed by dialing into the call at (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company's website for one year.

About Gibraltar

Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar's mission, to make 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 in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news 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 about the Company's business, and management's beliefs about future operations, results, and financial position. 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 such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, availability of labor at our manufacturing and distribution facilities or on our project sites, the impacts of COVID-19 on the global economy and on our customers, suppliers, employees, operations, business, liquidity and cash flows, the loss of any key customers, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, disruptions to our IT systems, the impact of regulation, rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding our company, we strongly advise you to read the section entitled "Risk Factors" in our most recent annual report on Form 10-K which can be accessed under the "SEC Filings" link of 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 may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar's consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release, including adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS) and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) each a non-GAAP financial measure. Adjusted net income, operating income and margin excludes special charges consisting of restructuring costs primarily associated with 80/20 simplification or lean initiatives, senior leadership transition costs, and acquisition related costs. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes depreciation, amortization and stock compensation. In 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 meaningful supplemental data to investors that are indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA is also a useful measure of the Company's ability to service debt and is one of the measures used for determining the Company's debt covenant compliance. Special charges are excluded since they may not be considered directly related to the Company's ongoing business operations.

Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures excluding special charges provided in the supplemental financial schedules that accompany this news release These adjusted measures should not be viewed as a substitute for the Company's GAAP results and may be different than adjusted measures used by other companies and our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Reconciliations of non-GAAP measures related to full-year 2022 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2021			2020			2021			2020
Net sales	$	334,449		$	265,201		$	1,339,783		$	1,032,578
Cost of sales		268,639			202,775			1,049,772			776,235
Gross profit		65,810			62,426			290,011			256,343
Selling, general, and administrative expense		42,724			39,704			184,723			149,153
Intangible asset impairment		8,300			—			8,300			—
Income from operations		14,786			22,722			96,988			107,190
Interest expense, net		459			220			1,639			703
Other expense (income)		66			150			(4,213	)		(1,272	)
Income before taxes		14,261			22,352			99,562			107,759
Provision for income taxes		4,468			4,754			25,046			24,468
Income from continuing operations		9,793			17,598			74,516			83,291
Discontinued operations:
(Loss) income before taxes		(388	)		(25,992	)		1,479			(16,602	)
Provision for income taxes		43			151			366			2,123
(Loss) income from discontinued operations		(431	)		(26,143	)		1,113			(18,725	)
Net income (loss)	$	9,362		$	(8,545	)	$	75,629		$	64,566
Net earnings per share – Basic:
Income from continuing operations	$	0.30		$	0.54		$	2.27		$	2.55
(Loss) income from discontinued operations		(0.02	)		(0.80	)		0.03			(0.57	)
Net income (loss)	$	0.28		$	(0.26	)	$	2.30		$	1.98
Weighted average shares outstanding – Basic		32,910			32,719			32,873			32,664
Net earnings per share – Diluted:
Income from continuing operations	$	0.30		$	0.53		$	2.25		$	2.53
(Loss) income from discontinued operations		(0.02	)		(0.79	)		0.04			(0.57	)
Net income (loss)	$	0.28		$	(0.26	)	$	2.29		$	1.96
Weighted average shares outstanding – Diluted		33,055			33,016			33,054			32,918

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)

	December 31, 2021			December 31, 2020
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	12,849		$	32,054
Accounts receivable, net of allowance of $3,738 and $3,529, respectively		236,444			197,990
Inventories, net		176,207			98,307
Prepaid expenses and other current assets		21,467			19,671
Assets of discontinued operations		—			77,438
Total current assets		446,967			425,460
Property, plant, and equipment, net		96,885			89,562
Operating lease assets		18,120			25,229
Goodwill		510,942			514,279
Acquired intangibles		141,504			156,365
Other assets		483			1,599
	$	1,214,901		$	1,212,494
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	172,286		$	134,738
Accrued expenses		67,993			83,505
Billings in excess of cost		46,711			34,702
Liabilities of discontinued operations		—			49,295
Total current liabilities		286,990			302,240
Long-term debt		23,781			85,636
Deferred income taxes		40,278			39,057
Non-current operating lease liabilities		11,390			17,730
Other non-current liabilities		27,204			24,026
Stockholders' equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding		—			—
Common stock, $0.01 par value; authorized 100,000 and 50,000 shares in 2021 and 2020; 33,799 and 33,568 shares issued and outstanding in 2021 and 2020		338			336
Additional paid-in capital		314,541			304,870
Retained earnings		545,572			469,943
Accumulated other comprehensive income (loss)		187			(2,461	)
Cost of 1,107 and 1,028 common shares held in treasury in 2021 and 2020		(35,380	)		(28,883	)
Total stockholders' equity		825,258			743,805
	$	1,214,901		$	1,212,494

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

	Twelve Months Ended December 31,
	2021			2020
Cash Flows from Operating Activities
Net income	$	75,629		$	64,566
Income (loss) from discontinued operations		1,113			(18,725	)
Income from continuing operations		74,516			83,291
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		31,966			20,915
Intangible asset impairment		8,300			—
Stock compensation expense		8,652			8,173
Gain on sale of business		—			(1,881	)
Exit activity costs, non-cash		1,193			493
Provision for deferred income taxes		2,968			3,786
Other, net		1,570			1,944
Changes in operating assets and liabilities (excluding the effects of acquisitions):
Accounts receivable		(41,887	)		2,277
Inventories		(85,763	)		(5,719	)
Other current assets and other assets		(426	)		5,467
Accounts payable		38,367			(1,160	)
Accrued expenses and other non-current liabilities		(14,384	)		(44,570	)
Net cash provided by operating activities of continuing operations		25,072			73,016
Net cash (used in) provided by operating activities of discontinued operations		(2,002	)		16,088
Net cash provided by operating activities		23,070			89,104
Cash Flows from Investing Activities
Acquisitions, net of cash acquired		4,143			(313,686	)
Net proceeds from sale of property and equipment		214			77
Purchases of property, plant, and equipment		(17,705	)		(13,068	)
Net proceeds from sale of business		38,062			2,000
Net cash provided by (used in) investing activities of continuing operations		24,714			(324,677	)
Net cash used in investing activities of discontinued operations		(176	)		(2,033	)
Net cash provided by (used in) investing activities		24,538			(326,710	)
Cash Flows from Financing Activities
Proceeds from long-term debt		59,500			85,000
Long-term debt payments		(120,636	)		—
Purchase of common stock at market prices		(6,497	)		(6,656	)
Net proceeds from issuance of common stock		1,021			1,119
Net cash (used in) provided by financing activities		(66,612	)		79,463
Effect of exchange rate changes on cash		(201	)		(1,166	)
Net decrease in cash and cash equivalents		(19,205	)		(159,309	)
Cash and cash equivalents at beginning of year		32,054			191,363
Cash and cash equivalents at end of year	$	12,849		$	32,054

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

	Three Months Ended December 31, 2021

	As Reported In GAAP Statements			Restructuring & Intangible Asset Impairment Charges			Senior Leadership Transition Costs			Acquisition Related Items			Adjusted Financial Measures
Net Sales
Renewables	$	108,671		$	—		$	—		$	—		$	108,671
Residential		159,534			—			—			—			159,534
Agtech		49,751			—			—			—			49,751
Infrastructure		16,493			—			—			—			16,493
Consolidated sales		334,449			—			—			—			334,449

Income from operations
Renewables		(1,037	)		74			251			2,145			1,433
Residential		26,250			216			—			—			26,466
Agtech		(5,064	)		8,203			—			—			3,139
Infrastructure		1,048			26			—			—			1,074
Segment Income		21,197			8,519			251			2,145			32,112
Unallocated corporate expense		(6,411	)		49			1			2			(6,359	)
Consolidated income from operations		14,786			8,568			252			2,147			25,753

Interest expense		459			—			—			—			459
Other expense		66			—			—			—			66
Income before income taxes		14,261			8,568			252			2,147			25,228
Provision for income taxes		4,468			2,153			58			536			7,215
Income from continuing operations	$	9,793		$	6,415		$	194		$	1,611		$	18,013
Income from continuing operations per share – diluted	$	0.30		$	0.20		$	—		$	0.04		$	0.54

Operating margin
Renewables		(1.0	)%		0.1	%		0.2	%		1.9	%		1.3	%
Residential		16.5	%		0.1	%		—	%		—	%		16.6	%
Agtech		(10.2	)%		16.5	%		—	%		—	%		6.3	%
Infrastructure		6.4	%		0.2	%		—	%		—	%		6.5	%
Segments Margin		6.3	%		2.6	%		0.1	%		0.7	%		9.6	%
Consolidated		4.4	%		2.6	%		0.1	%		0.7	%		7.7	%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

	Three Months Ended December 31, 2020

	As Reported In GAAP Statements			Restructuring Charges			Senior Leadership Transition Costs			Acquisition Related Items			Adjusted Financial Measures
Net Sales
Renewables	$	64,648		$	—		$	—		$	—		$	64,648
Residential		128,205			—			—			—			128,205
Agtech		59,905			—			—			—			59,905
Infrastructure		12,443			—			—			—			12,443
Consolidated sales		265,201			—			—			—			265,201

Income from operations
Renewables		8,254			—			—			—			8,254
Residential		20,287			70			—			—			20,357
Agtech		3,402			369			—			34			3,805
Infrastructure		573			226			—			—			799
Segment Income		32,516			665			—			34			33,215
Unallocated corporate expense		(9,794	)		259			14			1,666			(7,855	)
Consolidated income from operations		22,722			924			14			1,700			25,360

Interest expense		220			—			—			—			220
Other expense		150			—			—			—			150
Income before income taxes		22,352			924			14			1,700			24,990
Provision for income taxes		4,754			251			—			439			5,444
Income from continuing operations	$	17,598		$	673		$	14		$	1,261		$	19,546
Income from continuing operations per share – diluted	$	0.53		$	0.02		$	—		$	0.04		$	0.59

Operating margin
Renewables		12.8	%		—	%		—	%		—	%		12.8	%
Residential		15.8	%		0.1	%		—	%		—	%		15.9	%
Agtech		5.7	%		0.6	%		—	%		0.1	%		6.4	%
Infrastructure		4.6	%		1.8	%		—	%		—	%		6.4	%
Segments Margin		12.3	%		0.3	%		—	%		—	%		12.5	%
Consolidated		8.6	%		0.3	%		—	%		0.6	%		9.6	%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

	Twelve Months Ended December 31, 2021

	As Reported In GAAP Statements			Restructuring & Intangible Asset Impairment Charges			Senior Leadership Transition Costs			Acquisition Related Items			Adjusted Financial Measures
Net Sales
Renewables	$	432,096		$	—		$	—		$	—		$	432,096
Residential		635,505			—			—			—			635,505
Agtech		199,161			—			—			—			199,161
Infrastructure		73,021			—			—			—			73,021
Consolidated sales		1,339,783			—			—			—			1,339,783

Income from operations
Renewables		20,158			5,962			643			7,967			34,730
Residential		105,821			393			—			—			106,214
Agtech		(931	)		9,987			—			—			9,056
Infrastructure		8,911			26			—			—			8,937
Segment Income		133,959			16,368			643			7,967			158,937
Unallocated corporate expense		(36,971	)		145			1,312			970			(34,544	)
Consolidated income from operations		96,988			16,513			1,955			8,937			124,393

Interest expense		1,639			—			—			—			1,639
Other (income) expense		(4,213	)		—			—			4,747			534
Income before income taxes		99,562			16,513			1,955			4,190			122,220
Provision for income taxes		25,046			4,150			450			609			30,255
Income from continuing operations	$	74,516		$	12,363		$	1,505		$	3,581		$	91,965
Income from continuing operations per share – diluted	$	2.25		$	0.38		$	0.04		$	0.11		$	2.78

Operating margin
Renewables		4.7	%		1.4	%		0.1	%		1.9	%		8.0	%
Residential		16.7	%		0.1	%		—	%		—	%		16.7	%
Agtech		(0.5	)%		5.0	%		—	%		—	%		4.5	%
Infrastructure		12.2	%		—	%		—	%		—	%		12.2	%
Segments Margin		10.0	%		1.2	%		—	%		0.6	%		11.9	%
Consolidated		7.2	%		1.2	%		0.1	%		0.6	%		9.3	%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

	Twelve Months Ended December 31, 2020

	As Reported In GAAP Statements			Restructuring Charges			Senior Leadership Transition Costs			Acquisition Related Items			Gain on Sale of Business			Adjusted Financial Measures
Net Sales
Renewables	$	238,107		$	—		$	—		$	—		$	—		$	238,107
Residential		522,814			—			—			—			—			522,814
Agtech		209,460			—			—			—			—			209,460
Infrastructure		62,197			—			—			—			—			62,197
Consolidated sales		1,032,578			—			—			—			—			1,032,578

Income from operations
Renewables		30,105			15			—			—			—			30,120
Residential		94,430			740			—			—			—			95,170
Agtech		10,633			932			—			2,779			—			14,344
Infrastructure		7,233			226			—			—			—			7,459
Segment Income		142,401			1,913			—			2,779			—			147,093
Unallocated corporate expense		(35,211	)		375			2,526			1,991			—			(30,319	)
Consolidated income from operations		107,190			2,288			2,526			4,770			—			116,774

Interest expense		703			—			—			—			—			703
Other (income) expense		(1,272	)		—			—			—			1,881			609
Income before income taxes		107,759			2,288			2,526			4,770			(1,881	)		115,462
Provision for income taxes		24,468			547			—			1,164			(469	)		25,710
Income from continuing operations	$	83,291		$	1,741		$	2,526		$	3,606		$	(1,412	)	$	89,752
Income from continuing operations per share – diluted	$	2.53		$	0.05		$	0.08		$	0.11		$	(0.04	)	$	2.73

Operating margin
Renewables		12.6	%		—	%		—	%		—	%		—	%		12.6	%
Residential		18.1	%		0.1	%		—	%		—	%		—	%		18.2	%
Agtech		5.1	%		0.4	%		—	%		1.3	%		—	%		6.8	%
Infrastructure		11.6	%		0.4	%		—	%		—	%		—	%		12.0	%
Segments Margin		13.8	%		0.2	%		—	%		0.3	%		—	%		14.2	%
Consolidated		10.4	%		0.2	%		0.2	%		0.5	%		—	%		11.3	%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Income From Continuing Operations to Adjusted EBITDA
(in thousands)
(unaudited)

	Three Months Ended December 31, 2021

	Consolidated			Renewables			Residential			Agtech			Infrastructure

Net Sales	$	334,449		$	108,671		$	159,534		$	49,751		$	16,493

Income From Continuing Operations		9,793
Provision for Income Taxes		4,468
Interest Expense		459
Other (Income) / Expense		66
Operating Profit		14,786			(1,037	)		26,250			(5,064	)		1,048
Restructuring Charges		8,568			74			216			8,203			26
Senior Leadership Transition Costs		252			251			—			—			—
Acquisition Related Items		2,147			2,145			—			—			—
Adjusted Operating Profit		25,753			1,433			26,466			3,139			1,074
Adjusted Operating Margin		7.7	%		1.3	%		16.6	%		6.3	%		6.5	%
Adjusted Other (Income) / Expense		66			—			—			—			—
Depreciation & Amortization		8,008			3,749			2,125			1,295			782
Less: Acquisition-Related Amortization		(1,567	)		(1,567	)		—			—			—
Adjusted Depreciation & Amortization		6,441			2,182			2,125			1,295			782
Stock Compensation Expense		1,755			162			224			86			33
Adjusted EBITDA		33,883			3,777			28,815			4,520			1,889

Adjusted EBITDA Margin		10.1	%		3.5	%		18.1	%		9.1	%		11.5	%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Income From Continuing Operations to Adjusted EBITDA
(in thousands)
(unaudited)

	Three Months Ended December 31, 2020

	Consolidated			Renewables			Residential			Agtech			Infrastructure

Net Sales	$	265,201		$	64,648		$	128,205		$	59,905		$	12,443

Income From Continuing Operations		17,598
Provision for Income Taxes		4,754
Interest Expense		220
Other (Income) / Expense		150
Operating Profit		22,722			8,254			20,287			3,402			573
Restructuring Charges		924			—			70			369			226
Senior Leadership Transition Costs		14			—			—			—			—
Acquisition Related Items		1,700			—			—			34			—
Adjusted Operating Profit		25,360			8,254			20,357			3,805			799
Adjusted Operating Margin		9.6	%		12.8	%		15.9	%		6.4	%		6.4	%
Adjusted Other (Income) / Expense		150			—			—			—			—
Depreciation & Amortization		5,166			827			2,232			1,373			761
Less: Acquisition-Related Amortization		(34	)		—			—			(34	)		—
Adjusted Depreciation & Amortization		5,132			827			2,232			1,339			761
Stock Compensation Expense		2,022			86			287			331			36
Adjusted EBITDA		32,364			9,167			22,876			5,475			1,596

Adjusted EBITDA Margin		12.2	%		14.2	%		17.8	%		9.1	%		12.8	%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Income From Continuing Operations to Adjusted EBITDA
(in thousands)
(unaudited)

	Twelve Months Ended December 31, 2021

	Consolidated			Renewables			Residential			Agtech			Infrastructure

Net Sales	$	1,339,783		$	432,096		$	635,505		$	199,161		$	73,021

Income From Continuing Operations		74,516
Provision for Income Taxes		25,046
Interest Expense		1,639
Other (Income) / Expense		(4,213	)
Operating Profit		96,988			20,158			105,821			(931	)		8,911
Restructuring Charges		16,513			5,962			393			9,987			26
Senior Leadership Transition Costs		1,955			643			—			—			—
Acquisition Related Items		8,937			7,967			—			—			—
Adjusted Operating Profit		124,393			34,730			106,214			9,056			8,937
Adjusted Operating Margin		9.3	%		8.0	%		16.7	%		4.5	%		12.2	%
Adjusted Other (Income) / Expense		534			—			—			—			—
Depreciation & Amortization		31,966			14,682			8,694			5,279			3,092
Less: Acquisition-Related Amortization		(6,273	)		(6,273	)		—			—			—
Adjusted Depreciation & Amortization		25,693			8,409			8,694			5,279			3,092
Stock Compensation Expense		7,895			772			990			599			104
Adjusted EBITDA		157,447			43,911			115,898			14,934			12,133

Adjusted EBITDA Margin		11.8	%		10.2	%		18.2	%		7.5	%		16.6	%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Income From Continuing Operations to Adjusted EBITDA
(in thousands)
(unaudited)

	Twelve Months Ended December 31, 2020

	Consolidated			Renewables			Residential			Agtech			Infrastructure

Net Sales	$	1,032,578		$	238,107		$	522,814		$	209,460		$	62,197

Income From Continuing Operations		83,291
Provision for Income Taxes		24,468
Interest Expense		703
Other (Income) / Expense		(1,272	)
Operating Profit		107,190			30,105			94,430			10,633			7,233
Restructuring Charges		2,288			15			740			932			226
Senior Leadership Transition Costs		2,526			—			—			—			—
Acquisition Related Items		4,770			—			—			2,779			—
Adjusted Operating Profit		116,774			30,120			95,170			14,344			7,459
Adjusted Operating Margin		11.3	%		12.6	%		18.2	%		6.8	%		12.0	%
Adjusted Other (Income) / Expense		609			—			—			—			—
Depreciation & Amortization		20,915			3,376			8,120			6,068			3,060
Less: Acquisition-Related Amortization		(905	)		—			—			(905	)		—
Adjusted Depreciation & Amortization		20,010			3,376			8,120			5,163			3,060
Stock Compensation Expense		8,173			86			767			845			50
Adjusted EBITDA		144,348			33,582			104,057			20,352			10,569

Adjusted EBITDA Margin		14.0	%		14.1	%		19.9	%		9.7	%		17.0	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20220223005401/en/

Gibraltar Announces Fourth Quarter and 2021 Financial Results