Gibraltar Industries (ROCK) FY2022 results: revenue $1.4 billion, up 3.7% on the year

Gibraltar Industries, Inc. (ROCK) reported revenue of $1.4 billion for fiscal 2022, the year ended 31 December 2022, up 3.7% on the year before. Net income was $82 million, up 9.0%, and diluted earnings per share $2.56. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$1.4 billion

+3.7% on the year

FY2015FY2022

Operating margin

9.4%

7.2% a year earlier

FY2015FY2022

Net income

$82 million

+9.0% on the year

FY2015FY2022

Diluted EPS

$2.56

+11.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,390	1,340	1,033	+3.7%
Cost of revenue	1,071	1,050	776	+2.0%
Gross profit	319	290	256	+9.9%
Gross margin	22.9%	21.6%	24.8%
Selling, general and administrative	189	185	149	+2.1%
Operating income	130	97.0	107	+34.1%
Operating margin	9.4%	7.2%	10.4%
Pre-tax income	111	99.6	108	+12.0%
Income tax	29.1	25.0	24.5	+16.1%
Effective tax rate	26.1%	25.2%	22.7%
Net income	82.4	75.6	64.6	+9.0%
Net margin	5.9%	5.6%	6.3%
Diluted EPS	$2.56	$2.29	$1.96	+11.8%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	103	23.1	89.1	+345.1%
Capital expenditure	20.1	17.7	13.1	+13.7%
Free cash flow	82.6	5.4	76.0	+1,438.7%
Free cash flow margin	5.9%	0.4%	7.4%
Cash from investing	-71.7	24.5	-327
Cash from financing	-25.0	-66.6	79.5
Depreciation and amortisation	26.2	32.0	20.9	-18.1%
Share-based compensation	8.3	8.7	8.2	-3.7%
Buybacks	89.5	6.5	6.7	+1,277.5%
Diluted shares, weighted	32m	33m	33m	-2.6%
Shares outstanding at period end	34m	34m	34m	+0.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	822	825	744	-0.4%
Debt	88.8	23.8	85.6	+273.2%
Operating lease liabilities	19.0	11.4	17.7	+67.2%
Other liabilities	281	354	365	-20.8%
Total liabilities and equity	1,211	1,215	1,212	-0.4%
Fixed assets	110	96.9	89.6	+13.1%
Goodwill	512	511	514	+0.3%
Intangible assets	138	142	156	-2.8%
Cash and equivalents	17.6	12.8	32.1	+37.0%
Receivables	217	236	198	-8.2%
Inventory	170	176	98.3	-3.3%
Other assets	46.0	40.1	124	+14.8%
Total assets	1,211	1,215	1,212	-0.4%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.