Gibraltar Industries, Inc. reported a consolidated net sales of $1.31 billion for the fiscal year ending December 31, 2024, a decrease of 5% from $1.38 billion in 2023. The decline in revenue was attributed to a slowdown in the residential market and challenges in the renewable energy sector, including trade and regulatory headwinds. The company’s gross profit for 2024 was $351.8 million, resulting in a gross margin of 26.9%, an increase from 26.3% in the previous year. Net income rose to $137.3 million, or $4.50 per diluted share, compared to $110.5 million, or $3.59 per diluted share, in 2023.
In terms of operational changes, Gibraltar Industries made significant strategic moves, including the acquisition of Lane Supply, Inc. for $120 million in February 2025, which will enhance its Agtech segment. The company also divested its electronic locker business for $28 million in December 2024, which contributed to a pre-tax gain of $25.3 million. The company’s backlog decreased by 24% to $252 million, reflecting the challenges faced in the Renewables segment, where net sales fell by 13.7% to $285.4 million.
Gibraltar Industries operates through four segments: Residential, Renewables, Agtech, and Infrastructure. The Residential segment saw a 4% decline in sales to $782.5 million, primarily due to a slower market for home repairs and remodeling. The Agtech segment, however, experienced a 5.4% increase in sales to $152.8 million, driven by growth in its produce division. The Infrastructure segment reported a slight increase in sales to $88 million, supported by ongoing federal and state investments.
The company’s liquidity position improved significantly, with cash and cash equivalents rising to $269.5 million from $99.4 million in 2023. Total liquidity, including availability under its revolving credit facility, stood at $664.5 million. Looking ahead, Gibraltar Industries anticipates continued challenges in the residential and renewable energy markets but remains focused on strategic growth initiatives and operational efficiencies to enhance profitability. The company’s management expressed confidence in its ability to navigate market conditions and capitalize on emerging opportunities in its core segments.
About GIBRALTAR INDUSTRIES, INC.
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