Gibraltar Industries (ROCK) FY2023 results: revenue $1.0 billion, down 24.7% on the year

Gibraltar Industries, Inc. (ROCK) reported revenue of $1.0 billion for fiscal 2023, the year ended 31 December 2023, down 24.7% on the year before. Net income was $111 million, up 34.1%, and diluted earnings per share $3.59. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$1.0 billion

-24.7% on the year

FY2016FY2023

Operating margin

11.5%

9.4% a year earlier

FY2016FY2023

Net income

$111 million

+34.1% on the year

FY2016FY2023

Diluted EPS

$3.59

+40.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,047	1,390	1,340	-24.7%
Cost of revenue	765	1,071	1,050	-28.6%
Gross profit	282	319	290	-11.6%
Gross margin	26.9%	22.9%	21.6%
Selling, general and administrative	158	189	185	-16.2%
Operating income	121	130	97.0	-7.3%
Operating margin	11.5%	9.4%	7.2%
Pre-tax income	124	111	99.6	+10.9%
Income tax	32.2	29.1	25.0	+10.9%
Effective tax rate	26.1%	26.1%	25.2%
Net income	111	82.4	75.6	+34.1%
Net margin	10.6%	5.9%	5.6%
Diluted EPS	$3.59	$2.56	$2.29	+40.2%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	218	103	23.1	+112.8%
Capital expenditure	13.9	20.1	17.7	-31.1%
Free cash flow	205	82.6	5.4	+147.8%
Free cash flow margin	19.5%	5.9%	0.4%
Cash from investing	-15.7	-71.7	24.5
Cash from financing	-120	-25.0	-66.6
Depreciation and amortisation	18.7	26.2	32.0	-28.5%
Share-based compensation	8.9	8.3	8.7	+6.4%
Buybacks	29.3	89.5	6.5	-67.2%
Diluted shares, weighted	31m	32m	33m	-4.4%
Shares outstanding at period end	34m	34m	34m	+0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	915	822	825	+11.3%
Debt	0.0	88.8	23.8
Operating lease liabilities	36.0	19.0	11.4	+89.0%
Other liabilities	305	281	354	+8.8%
Total liabilities and equity	1,256	1,211	1,215	+3.8%
Fixed assets	108	110	96.9	-1.8%
Goodwill	329	512	511	-35.8%
Intangible assets	126	138	142	-8.4%
Cash and equivalents	99.4	17.6	12.8	+464.7%
Receivables	173	217	236	-20.5%
Inventory	121	170	176	-29.3%
Other assets	301	46.0	40.1	+554.2%
Total assets	1,256	1,211	1,215	+3.8%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.