Gibraltar Reports First Quarter 2026 Results

OmniMax integration accelerating

Raising 2026 synergy commitment to $26M, $16M included in FY 2026 EBITDA Outlook

Reaffirming full year 2026 guidance

Gibraltar Industries, Inc. (NASDAQ:ROCK), a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2026.

As a reminder, on June 30, 2025, Gibraltar announced that it has reclassified its Renewables business as discontinued operations to focus its asset portfolio and resources on its building products and structures businesses – namely the residential, agtech and infrastructure segments. On February 20, 2026, Gibraltar sold the electrical balance-of-systems (eBOS) business for $70 million in cash.

"The first quarter was very busy with the closing of the OmniMax acquisition on February 2^nd and the subsequent launch of our integration efforts across the combined business. There has been significant progress as our 22 integration planning teams have delivered over 500+ milestones in the last 90 days. We are accelerating key initiatives and have raised our synergy commitment again, adding another $2 million for 2026 to a total of $26 million of which $16 million is planned to be realized in full-year 2026 adjusted EBITDA. In parallel, we continued to navigate a slower Residential end market, deal with accelerating commodity inflation, and manage through some disruptive weather events in the quarter," stated Chairman and CEO Bill Bosway.

"Including two months of OmniMax, net sales increased 44.6% and adjusted EBITDA increased 16.1% while adjusted EPS was down 50% primarily driven by an increase in interest expense and unfavorable price material economics driven by significant increase in aluminum prices during the quarter. We executed price actions in both March and April across 14 of our residential brands and operating units, which we expect will create positive price material economics for us in the second quarter. We consumed cash in the quarter per our range of expectations and applied the $70 million of proceeds of the eBOS divestiture to debt reduction."

First Quarter 2026 Results from Continuing Operations

Net Sales

• Driven by acquisitions of OmniMax, Lane Supply and Metal Roofing with organic growth down slightly

GAAP Income / EPS

• Net loss driven by pretax expenses of $32.6 million, or $0.80 per share related to OmniMax acquisition including deal closing and integration costs, and fair market amortization step-up

Adjusted Net Income / EPS

• Decreased 50.5% to $13.5 million, or $0.45 per share, including the net interest impact of $14.6 million versus first quarter 2025
• Aluminum market price increased significantly in the quarter. Steel, resin, and fuel inflation began to materialize in March post Middle East conflict.
• Price increases in March and April drive positive price material economics in the second quarter
• Lower volume, business and product mix

Adjusted measures are further described in the appended reconciliation of adjusted financial measures.

First Quarter Segment Results

Residential

Net Sales

• OmniMax contributed $89 million and metal roofing acquisitions $18 million in the quarter
• Organic sales: building products down 3.8%, mail and package down 1.5%
• Solid start in the second quarter - April shipments and bookings on plan and ahead of 2025 levels

Operating Income / EBITDA

• Lower volume related to soft end market in the first quarter
• Timing of price realization against significant inflation in the quarter – executed price actions across 14 of our brands and operating units in March and April
• Operating inefficiencies related to close of OmniMax deal in middle of first quarter

OmniMax Integration – First 90 days

• 22 integration planning teams and delivered 500+ milestones
• Phase 1 organization restructuring executed, Phase 2 to be completed in the second quarter
• Raised synergy commitment an additional $2 million to $26 million with $16 million realized in full-year 2026 adjusted EBITDA – added Corporate savings category
• Over 50% of synergy commitment executed to date with realized savings starting to ramp up in the second quarter
• Gained new business in 40+ new customer branches through participation initiatives
• Now have over 60+ existing customer locations buying complementary Gibraltar and OmniMax products through successful cross-selling initiatives

Agtech 

Net sales were driven by the acquisition of Lane Supply. Overall, organic volume was down 3% driven by movement of projects to later in the year. Backlog for the business remains very solid at $84 million but reflects a 13% decrease at quarter-end from the removal of the CEA Arizona project.

Adjusted operating margin in the quarter was driven by lower volume associated with projects moving to later in the year, and the impact of having full quarter results for Lane in 2026.

Infrastructure

Sales were impacted by two separate weather events in March that affected power supply to our facility, resulting in a portion of March orders being shipped in April. Operations performed well, taking care of customers and staying on plan for the second quarter. Customer backlog was down 3% driven by timing of project awards but quoting / bid activity remains very strong and is expected to result in increased bookings in the second quarter and 2026. Margins were impacted by lower volume and mix.

Balance Sheet and Cash Flow

Gibraltar's policy with respect to cash allocation will be to keep a minimum ($20-25 million) of cash on hand, use the revolver as needed to fund seasonal builds and pay down debt with excess cash flow.

During the quarter, Gibraltar used $34.6 million in cash from operations, including the outlays for closing the transaction. The Company applied the $70 million in proceeds from the eBOS sale to debt reduction and, as a result, net debt on the balance sheet was $1.2 billion and revolving credit facility availability was $467 million at quarter-end.

2026 Outlook for Continuing Operations

Mr. Bosway added, "I am pleased with the position we are in heading into the second quarter and the second half of the year. Our Residential business is off to a solid start with both shipments and bookings in April on plan and above 2025 levels. Our leadership team and Integration Management Office continue to integrate the business, identify and implement more synergy savings, execute price initiatives to deliver positive price material economics in the second quarter, and win more with customers as we displace competition and/or expand presence through successful cross-selling initiatives. We are focused on what we can control in a dynamic end market environment. In addition, our Agtech plan remains on track with a backlog of signed and funded projects, and I am excited to see the engineering backlog of Infrastructure convert to order backlog in the second quarter as well."

Reiterating 2026 Guidance Range

First Quarter 2026 Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2026. Interested parties may access the webcast through the Investors section of the Company's website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (888) 396-8049 or (416) 764-8646. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company's website for one year.

About Gibraltar

Gibraltar is a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets. Gibraltar's mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living and productive growing throughout North America. For more please visit www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company's business, and management's beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the ability of Gibraltar to successfully integrate OmniMax and/or to achieve expected cost and operational synergies from the OmniMax transaction; tariffs and retaliatory tariffs imposed by the United States or other countries on imported goods, including raw materials used in the manufacturing of the Company's products; changes to economic conditions and customer demand for the Company's products; the availability and pricing of principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, the ability to continue to improve operating margins, the ability to generate order flow and sales and increase backlog; the ability to translate backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, the ability to develop and launch new products in a cost-effective manner, the ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of trade and regulation, rebates, credits and incentives and variations in government spending and ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding the company, we strongly advise you to read the section entitled "Risk Factors" in the most recent annual report on Form 10-K which can be accessed under the "SEC Filings" link of the "Investor Info" page of the website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar's consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Unless otherwise indicated, the consolidated financial statements, disclosures and related information disclosed herein relate to the Company's continuing operations, which exclude its Renewables business which was classified as a discontinued operation as of June 30, 2025. The Company has recast prior period amounts to reflect discontinued operations. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs (primarily comprised of exit activities costs and impairment of assets associated with 80/20 simplification, lean initiatives and / or discontinued products), acquisition related costs (legal and consulting fees, and integration costs for recent business acquisitions), and portfolio management. These special charges are excluded since they may not be considered directly related to the Company's ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors, as well as management, that are indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company's ability to service debt and adjusted EBITDA is one of the measures used for determining the Company's debt covenant compliance.

Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company's GAAP results and may be different than adjusted measures used by other companies and the Company's presentation of non-GAAP financial measures should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items.

Reconciliations of non-GAAP measures related to full-year 2026 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.

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