Q1 2024 Gibraltar Industries Inc Earnings Call Transcript
Key Points
- Adjusted net sales increased by 1%, with operating income up by 4%, EBITDA up by 6%, and EPS up by 13%, demonstrating solid financial performance.
- Generated $53 million of operating cash flow through margin expansion and better working capital performance, achieving a free cash flow rate to sales of 17%.
- Residential, agtech, and infrastructure segments collectively generated 4% revenue growth, indicating strong market activity and participation gains.
- Renewables segment backlog increased by 8% at the end of the quarter, showing continued demand and an active pipeline of projects.
- Infrastructure segment sales increased by 17.1% due to strong execution and solid end market demand, with adjusted operating and EBITDA margins improving significantly.
- Renewables segment net sales decreased by 10.1% due to delays in revenue recognition as customers transitioned to new technology preferences.
- AgTech segment backlog was down 21% at quarter end, reflecting timing issues with order bookings which were expected in Q1 but occurred in April.
- Adjusted operating and EBITDA margins in the renewables segment decreased due to lower volumes and product line mix shift.
- Total company backlog was down 3% versus last year at quarter end, indicating some challenges in order backlog growth.
- Ongoing industry-wide issues such as permitting delays and awaiting final domestic content tax credit guidance from the Department of Treasury, which affects project planning and execution.
Greetings. Welcome to the Gibraltar Industries First Quarter 2024 Financial Results Conference Call.
(Operator's Instructions)
Please note, this conference is being recorded. I will now turn the conference over to your host, Carolyn Capaccio of LHA Investor Relations. You may begin.
Thank you, operator. Good morning, everyone, and thank you for joining us today. With me on the call is Bill Bosway, Gibraltar Industries Chairman, President and Chief Executive Officer; and Tim Murphy, Gibraltar's Chief Financial Officer. The earnings press release that was issued this morning as well as a slide presentation that management will use during the call are both available in the Investors section of the company's website to gibraltar1.com. Gibraltar's earnings press release and remarks contain non-GAAP financial measures. Tables of reconciliation of GAAP to adjusted financial measures can be found in the earnings press release that was issued today. Further, please note that adjusted results exclude
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