BUFFALO, N.Y. - Gibraltar Industries , Inc. (NASDAQ: NASDAQ:ROCK), a prominent manufacturer serving renewable energy, residential, agtech, and infrastructure sectors, reported its fourth quarter financial results, aligning with analyst expectations for adjusted earnings per share (EPS). The company announced a fourth quarter adjusted EPS of $0.85, precisely meeting the consensus estimate. Revenue for the quarter was reported at $328.8 million, slightly missing the analyst projection of $331.5 million.
The company's performance in the fourth quarter was robust, with a 5.1% increase in net sales compared to the same quarter last year. This growth was attributed to contributions from all segments and a more than 10% increase in order backlog versus the previous year. The adjusted operating margin also saw a 50 basis point expansion, and adjusted EPS grew by 18%.
Chairman and CEO Bill Bosway expressed satisfaction with the year's outcomes, highlighting the company's improved quality of earnings and operational execution. Bosway also pointed to strong end market fundamentals and more efficient operating conditions as reasons for optimism in the coming year.
Looking ahead to 2024, Gibraltar Industries anticipates continued strong performance across all segments. The company has provided guidance for consolidated revenue to range between $1.43 billion and $1.48 billion, compared to $1.37 billion in 2023. This forecast is slightly below the analyst consensus of $1.47 billion. However, the projected GAAP EPS range of $4.04 to $4.29 and adjusted EPS range of $4.57 to $4.82 for 2024 both straddle the analyst consensus of $4.73.
The stock saw a modest uptick of 0.50% following the earnings release, indicating a neutral investor response to the in-line EPS and slightly lower revenue. The company's guidance for the next fiscal year suggests a solid growth trajectory, with expected revenue growth between 4-9% and EPS growth of 12-20%.
Gibraltar's commitment to leveraging its operating engine for scale and driving revenue growth, margin expansion, and strong cash flow generation was reiterated by CEO Bosway. He concluded with confidence in the company's strategic direction and its ability to deliver strong performances in the upcoming year.
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