Gibraltar Industries (ROCK) FY2021 results: revenue $1.3 billion, up 29.8% on the year

Gibraltar Industries, Inc. (ROCK) reported revenue of $1.3 billion for fiscal 2021, the year ended 31 December 2021, up 29.8% on the year before. Net income was $76 million, up 17.1%, and diluted earnings per share $2.29. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$1.3 billion

+29.8% on the year

FY2014FY2021

Operating margin

7.2%

10.4% a year earlier

FY2014FY2021

Net income

$76 million

+17.1% on the year

FY2014FY2021

Diluted EPS

$2.29

+16.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,340	1,033	898	+29.8%
Cost of revenue	1,050	776	678	+35.2%
Gross profit	290	256	220	+13.1%
Gross margin	21.6%	24.8%	24.5%
Selling, general and administrative	185	149	139	+23.8%
Operating income	97.0	107	80.8	-9.5%
Operating margin	7.2%	10.4%	9.0%
Pre-tax income	99.6	108	78.1	-7.6%
Income tax	25.0	24.5	18.2	+2.4%
Effective tax rate	25.2%	22.7%	23.2%
Net income	75.6	64.6	65.1	+17.1%
Net margin	5.6%	6.3%	7.2%
Diluted EPS	$2.29	$1.96	$1.99	+16.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	23.1	89.1	130	-74.1%
Capital expenditure	17.7	13.1	8.8	+35.5%
Free cash flow	5.4	76.0	121	-92.9%
Free cash flow margin	0.4%	7.4%	13.5%
Cash from investing	24.5	-327	-19.7
Cash from financing	-66.6	79.5	-217
Depreciation and amortisation	32.0	20.9	17.6	+52.8%
Share-based compensation	8.7	8.2	12.6	+5.9%
Buybacks	6.5	6.7	4.3	-2.4%
Diluted shares, weighted	33m	33m	33m	+0.4%
Shares outstanding at period end	34m	34m	n/a	+0.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	825	744	674	+11.0%
Debt	23.8	85.6	0.0	-72.2%
Operating lease liabilities	11.4	17.7	14.9	-35.8%
Other liabilities	354	365	296	-3.0%
Total liabilities and equity	1,215	1,212	984	+0.2%
Fixed assets	96.9	89.6	78.2	+8.2%
Goodwill	511	514	307	-0.6%
Intangible assets	142	156	76.7	-9.5%
Cash and equivalents	12.8	32.1	191	-59.9%
Receivables	236	198	134	+19.4%
Inventory	176	98.3	62.0	+79.2%
Other assets	40.1	124	135	-67.7%
Total assets	1,215	1,212	984	+0.2%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.