Gibraltar Industries, Inc. reported a decrease in financial performance for the first quarter of 2025, with net sales of $290.0 million, down 0.9% from $292.5 million in the same period last year. The company's gross profit also fell to $77.7 million, representing a gross margin of 26.8%, compared to 28.9% in the prior year. Net income for the quarter was $21.1 million, or $0.70 per share, down from $24.9 million, or $0.82 per share, in the first quarter of 2024. The decline in profitability was attributed to a combination of market softness in the Renewables segment and the impact of portfolio management activities from the previous year.
In terms of operational changes, Gibraltar Industries made significant acquisitions during the quarter, purchasing Lane Supply, Inc. for $117.1 million and two metal roofing businesses for a combined $90.2 million. These acquisitions are expected to enhance the company's presence in the Agtech and Residential segments, respectively. The company reported a 30% increase in consolidated backlog to $434 million, indicating potential future revenue growth. However, the Agtech segment saw a 12.6% decrease in organic sales due to project delays, which the company anticipates will be resolved by the end of the second quarter.
The company's selling, general, and administrative expenses decreased slightly to $52.2 million, reflecting lower performance-based compensation. Despite the overall decline in net income, the Infrastructure segment reported an operating margin improvement to 24.7%, driven by effective supply chain management and product mix. Conversely, the Renewables segment experienced a significant drop in operating margin to -7.2%, impacted by lower volume and inefficiencies related to new product launches.
Gibraltar Industries ended the quarter with cash and cash equivalents of $25.1 million, a significant decrease from $269.5 million at the end of 2024, primarily due to cash used in acquisitions and share repurchases totaling $62.4 million. The company has a revolving credit facility of $400 million, with $395.1 million available as of March 31, 2025. Looking ahead, the company remains focused on integrating its recent acquisitions and optimizing its operations to improve financial performance, while also navigating macroeconomic challenges that may affect demand and costs in the coming quarters.
About GIBRALTAR INDUSTRIES, INC.
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