Q2 2024 Gibraltar Industries Inc Earnings Call Transcript
Key Points
- Adjusted net income increased by 2.8% and adjusted EPS by 2.6%, demonstrating profitability growth.
- AgTech bookings surpassed $90 million in the quarter, driving backlog up 32%, supporting strong revenue growth in the second half.
- Adjusted net sales for renewables increased by 8.2% from last year, indicating strong demand for new products.
- Operating cash flow generation was strong at $36 million, contributing to a robust balance sheet.
- The company remains debt-free with $179 million in cash on hand and $395 million available on its revolver, providing financial flexibility.
- Adjusted net sales were down 2%, driven by market headwinds impacting the residential and renewables businesses.
- Residential segment sales decreased by 6.1% due to a slowing market and channel destocking.
- Backlog for the quarter was down 4%, impacted by the timing of project bookings in renewables and a challenging year-over-year comparison.
- Adjusted operating EBITDA margins for renewables decreased by 270 basis points due to a mix shift to the new 1P tracker product and related ramp learning curve.
- The company had no share repurchases in the quarter, despite having $89 million authorized under its share repurchase program.
Greetings, and welcome to the Gibraltar Industries second quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Carolyn Capaccio of LHA. Thank you, Carolyn, you may begin.
Thank you very much. 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, gibraltarone.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
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