On this page of StockholderLetter.com we present the latest annual shareholder letter from GIBRALTAR INDUSTRIES, INC. — ticker symbol ROCK. Reading current and past ROCK letters to shareholders can bring important insights into the investment thesis.

 •  3/31/2025 Letter Continued (Full PDF)
 •  4/3/2023 ROCK Stockholder Letter
 •  4/1/2024 ROCK Stockholder Letter
 •  More "Construction Materials & Machinery" Category Stockholder Letters
 •  ROCK Benford's Law Stock Score = 91

ROCK Shareholder/Stockholder Letter Transcript:

2024 Annual Report

Company Profile
Gibraltar is a leading manufacturer and provider of products and services for the residential, renewable energy, agtech and
infrastructure markets. Our mission is to make life better for people and the planet, fueled by advancing the disciplines of
engineering, science, and technology. We are innovating to reshape critical markets in sustainable power, comfortable and
efficient living, and productive growing throughout North America. Furthermore, we strive to create compounding and
sustainable value for our stockholders and stakeholders with strong and relevant leadership positions in higher growth,
profitable end markets focused on addressing some of the world's most challenging opportunities. As part of our continuing
operations at December 31, 2024, we operated thirty facilities, comprised of twenty-three manufacturing facilities, two
distribution centers, and five offices, and were located in sixteen states, Canada and China. Our operational infrastructure
provides the necessary scale to support regional and national customers in each of our markets. Our common stock is trading
on the NASDAQ under the ticker symbol    ROCK   .
Selected Financial Highlights (in thousands, except per share data)
Years Ended December 31,
2024
2023
1,308,764
$ 1,377,736
GAAP
Net sales

Intangible asset impairment

11,300

3,797
Depreciation

16,656

16,139
Amortization

10,656

11,239
Income from operations

143,023

150,729
Interest (income) expense, net

(6,171)

3,002
Income before taxes

173,925

148,992
Provision for income taxes

36,585

38,459
Net income

137,340

110,533
Net income per share

4.46

Weighted average shares outstanding     Diluted
3.59
30,785
30,769
Years Ended December 31,
2024
2023
1,308,764
$ 1,361,953
Adjusted Financial Measures
Adjusted net sales

Income from operations

168,019

173,074
Income before income taxes

172,957

169,895
Provision for income taxes

42,156

44,102
Net income

130,801

125,793
Net income per share

4.25

4.09
Weighted average shares outstanding     Diluted
30,769
30,785
Adjusted operating margin
12.8%
12.7%
Adjusted EBITDA

204,909

154,334
Adjusted EBITDA margin
Free cash flow

209,298

204,570
15.7%
Free cash flow - % of adjusted net sales
15.4%
11.8%
Balance Sheet
14.9%
December 31,
2024
2023
651,332
462,251

Current assets

Current liabilities

254,862

225,578
Total assets

1,419,410

1,256,451
Total debt




Total shareholders    equity

1,048,034

914,998
Capital expenditures, net

19,930

13,906
Note: Reconciliation of GAAP to Adjusted Financial Measures in the table above and in the following letter are shown in the
Reconciliation of GAAP to Adjusted Financial Measures provided in final pages of this Annual Report.

Dear Shareholders:
Gibraltar delivered solid performance in 2024 while experiencing slower end markets in our Residential and Renewables
businesses. Consolidated net sales were down 5.0% to $1.31 billion while on an adjusted basis, operating margin, EBITDA
margin, and EPS all expanded, with margin improvement in 3 of our 4 business segments. We generated $174 million in
operating cash flow and $154 million in free cash flow, or 12% of net sales.
The collective performance of the Residential, Agtech, and Infrastructure businesses was also positive for the full year.
Adjusted net sales were down slightly, 1.9% versus 3.9% for the total business, and operating income improved 12% with
operating margin up 180 bps, and EBITDA improved 10% with EBITDA margin also up 180 bps. We delivered solid
performance in these businesses as we worked through market and execution improvements in the Renewables business.
We further optimized our portfolio in 2024 and divested our residential electronic locker business, and in February 2025, we
expanded our Agtech structures business with the acquisition of Lane Supply, an industry leader in the design, manufacture,
and installation of structural canopies serving convenience stores, quick serve restaurants, travel centers, and food retailers.
As we enter 2025, we expect to deliver growth, solid margin expansion, and strong cash flow generation across the business.
We expect participation gains to support growth in our existing businesses, our renewables business to improve execution, and
revenue growth and margin contribution from the addition of Lane Supply in the Agtech segment. Ongoing investment in the
organization, operating systems, and new products will further strengthen our ability to serve and grow with our customers.
Finally, we continue to invest in our three strategic pillars to drive performance     our business system, portfolio management,
and organization development - while also remaining very focused on our core values     Make it Better, Make it Right, Make it
Together, and Make an Impact.
We would like to thank our customers and suppliers, stakeholders, Board of Directors, and our organization, the people that
make it happen each and every day. We look forward to another good year in 2025.
Sincerely,
William T. Bosway
Atlee Valentine Pope
Chairman of the Board, President and
Chief Executive Officer
Lead Independent Director
March 31, 2025



 3/31/2025 Letter Continued (Full PDF)