|
|
|
|
|
Delaware
|
|
0-22462
|
|
16-1445150
|
(State or other jurisdiction of
incorporation )
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
Item 2.02 Results of Operations and Financial Condition
|
3
|
||||
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers
|
3
|
||||
Item 7.01 Regulation FD Disclosure
|
3
|
||||
Item 9.01 Financial Statements and Exhibits
|
4
|
||||
|
|||||
|
|||||
SIGNATURE
|
5
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
||
Date:
|
November 1, 2018
|
|
||
|
|
By:
|
/s/ Jeffrey J. Watorek
|
|
|
|
|
Jeffrey J. Watorek
|
|
|
|
|
Vice President, Treasurer and Secretary
|
By:
|
/s/ Cherri L. Syvrud
|
|
Senior Vice President Human Resources
|
|
and Organizational Development
|
By:
|
/s/ Cherri L. Syvrud
|
|
Senior Vice President Human Resources
|
|
and Organizational Development
|
|
Three Months Ended September 30,
|
||||||
Dollars in millions, except EPS
|
GAAP
|
|
Adjusted
|
||||
|
2018
|
2017
|
% Change
|
|
2018
|
2017
|
% Change
|
Net Sales
|
$280.1
|
$274.6
|
2.0%
|
|
$280.1
|
$274.6
|
2.0%
|
Net Income
|
$19.5
|
$20.6
|
(5.3)%
|
|
$23.2
|
$21.5
|
7.9%
|
Diluted EPS
|
$0.60
|
$0.64
|
(6.3)%
|
|
$0.71
|
$0.67
|
6.0%
|
|
Three Months Ended September 30,
|
||||||
Dollars in millions
|
GAAP
|
|
Adjusted
|
||||
|
2018
|
2017
|
% Change
|
|
2018
|
2017
|
% Change
|
Net Sales
|
$125.8
|
$129.5
|
(2.9)%
|
|
$125.8
|
$129.5
|
(2.9)%
|
Operating Margin
|
16.0%
|
18.4%
|
(240) bps
|
|
17.5%
|
19.1%
|
(160) bps
|
|
Three Months Ended September 30,
|
||||||
Dollars in millions
|
GAAP
|
|
Adjusted
|
||||
|
2018
|
2017
|
% Change
|
|
2018
|
2017
|
% Change
|
Net Sales
|
$55.8
|
$56.9
|
(1.9)%
|
|
$55.8
|
$56.9
|
(1.9)%
|
Operating Margin
|
5.2%
|
4.5%
|
70 bps
|
|
8.4%
|
5.1%
|
330 bps
|
|
Three Months Ended September 30,
|
||||||
Dollars in millions
|
GAAP
|
|
Adjusted
|
||||
|
2018
|
2017
|
% Change
|
|
2018
|
2017
|
% Change
|
Net Sales
|
$98.5
|
$88.1
|
11.8%
|
|
$98.5
|
$88.1
|
11.8%
|
Operating Margin
|
15.3%
|
13.1%
|
220 bps
|
|
15.1%
|
13.6%
|
150 bps
|
FY 2018 Guidance Reconciliation
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Gibraltar Industries
|
|
|
||||||||||||||||||||
Dollars in millions, except EPS
|
Operating
|
|
Income
|
|
Net
|
|
Diluted
Earnings
|
|
|
||||||||||||||
|
Income
|
|
Margin
|
|
Taxes
|
|
Income
|
|
Per Share
|
|
|
||||||||||||
GAAP Measures
|
$
|
90-92
|
|
|
|
9.1-9.2 %
|
|
|
$
|
19-20
|
|
|
$
|
58-60
|
|
|
$
|
1.82-1.87
|
|
||||
Restructuring Costs
|
|
10
|
|
|
|
1%
|
|
|
2
|
|
|
|
8
|
|
|
|
0.21
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Measures
|
$
|
100-102
|
|
|
|
10.1-10.2%
|
|
|
$
|
21-22
|
|
|
$
|
66-68
|
|
|
$
|
2.03-2.08
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net Sales
|
$
|
280,086
|
|
|
$
|
274,574
|
|
|
$
|
761,459
|
|
|
$
|
728,806
|
|
Cost of sales
|
209,807
|
|
|
205,839
|
|
|
572,359
|
|
|
548,991
|
|
||||
Gross profit
|
70,279
|
|
|
68,735
|
|
|
189,100
|
|
|
179,815
|
|
||||
Selling, general, and administrative expense
|
40,875
|
|
|
33,042
|
|
|
113,579
|
|
|
109,513
|
|
||||
Income from operations
|
29,404
|
|
|
35,693
|
|
|
75,521
|
|
|
70,302
|
|
||||
Interest expense
|
2,906
|
|
|
3,486
|
|
|
9,305
|
|
|
10,612
|
|
||||
Other expense (income)
|
522
|
|
|
404
|
|
|
(50
|
)
|
|
811
|
|
||||
Income before taxes
|
25,976
|
|
|
31,803
|
|
|
66,266
|
|
|
58,879
|
|
||||
Provision for income taxes
|
6,473
|
|
|
11,184
|
|
|
15,574
|
|
|
21,090
|
|
||||
Income from continuing operations
|
19,503
|
|
|
20,619
|
|
|
50,692
|
|
|
37,789
|
|
||||
Discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Loss before taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(644
|
)
|
||||
Benefit of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(239
|
)
|
||||
Loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(405
|
)
|
||||
Net income
|
$
|
19,503
|
|
|
$
|
20,619
|
|
|
$
|
50,692
|
|
|
$
|
37,384
|
|
Net earnings per share – Basic:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.61
|
|
|
$
|
0.65
|
|
|
$
|
1.59
|
|
|
$
|
1.19
|
|
Loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
||||
Net income
|
$
|
0.61
|
|
|
$
|
0.65
|
|
|
$
|
1.59
|
|
|
$
|
1.18
|
|
Weighted average shares outstanding -- Basic
|
32,115
|
|
|
31,703
|
|
|
31,922
|
|
|
31,700
|
|
||||
Net earnings per share – Diluted:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.60
|
|
|
$
|
0.64
|
|
|
$
|
1.56
|
|
|
$
|
1.17
|
|
Loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
||||
Net income
|
$
|
0.60
|
|
|
$
|
0.64
|
|
|
$
|
1.56
|
|
|
$
|
1.16
|
|
Weighted average shares outstanding -- Diluted
|
32,571
|
|
|
32,210
|
|
|
32,524
|
|
|
32,216
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
|
(unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
245,413
|
|
|
$
|
222,280
|
|
Accounts receivable, net
|
180,875
|
|
|
145,385
|
|
||
Inventories
|
97,486
|
|
|
86,372
|
|
||
Other current assets
|
8,949
|
|
|
8,727
|
|
||
Total current assets
|
532,723
|
|
|
462,764
|
|
||
Property, plant, and equipment, net
|
93,718
|
|
|
97,098
|
|
||
Goodwill
|
323,321
|
|
|
321,074
|
|
||
Acquired intangibles
|
99,545
|
|
|
105,768
|
|
||
Other assets
|
4,480
|
|
|
4,681
|
|
||
|
$
|
1,053,787
|
|
|
$
|
991,385
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
92,997
|
|
|
$
|
82,387
|
|
Accrued expenses
|
76,268
|
|
|
75,467
|
|
||
Billings in excess of cost
|
21,900
|
|
|
12,779
|
|
||
Current maturities of long-term debt
|
400
|
|
|
400
|
|
||
Total current liabilities
|
191,565
|
|
|
171,033
|
|
||
Long-term debt
|
209,809
|
|
|
209,621
|
|
||
Deferred income taxes
|
32,110
|
|
|
31,237
|
|
||
Other non-current liabilities
|
37,428
|
|
|
47,775
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; authorized 50,000 shares; 32,842 shares and 32,332 shares issued and outstanding in 2018 and 2017
|
328
|
|
|
323
|
|
||
Additional paid-in capital
|
280,149
|
|
|
271,957
|
|
||
Retained earnings
|
325,878
|
|
|
274,562
|
|
||
Accumulated other comprehensive loss
|
(6,174
|
)
|
|
(4,366
|
)
|
||
Cost of 778 and 615 common shares held in treasury in 2018 and 2017
|
(17,306
|
)
|
|
(10,757
|
)
|
||
Total shareholders’ equity
|
582,875
|
|
|
531,719
|
|
||
|
$
|
1,053,787
|
|
|
$
|
991,385
|
|
|
Nine Months Ended
September 30, |
||||||
|
2018
|
|
2017
|
||||
Cash Flows from Operating Activities
|
|
|
|
||||
Net income
|
$
|
50,692
|
|
|
$
|
37,384
|
|
Loss from discontinued operations
|
—
|
|
|
(405
|
)
|
||
Income from continuing operations
|
50,692
|
|
|
37,789
|
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
15,449
|
|
|
16,427
|
|
||
Stock compensation expense
|
6,854
|
|
|
5,069
|
|
||
Net gain on sale of assets
|
(203
|
)
|
|
(139
|
)
|
||
Exit activity costs (recoveries), non-cash
|
1,088
|
|
|
(1,931
|
)
|
||
Benefit of deferred income taxes
|
—
|
|
|
(136
|
)
|
||
Other, net
|
1,317
|
|
|
1,411
|
|
||
Changes in operating assets and liabilities, excluding the effects of acquisitions:
|
|
|
|
||||
Accounts receivable
|
(30,534
|
)
|
|
(42,310
|
)
|
||
Inventories
|
(16,263
|
)
|
|
2,016
|
|
||
Other current assets and other assets
|
1,052
|
|
|
(2,002
|
)
|
||
Accounts payable
|
9,237
|
|
|
25,134
|
|
||
Accrued expenses and other non-current liabilities
|
(479
|
)
|
|
7,503
|
|
||
Net cash provided by operating activities
|
38,210
|
|
|
48,831
|
|
||
Cash Flows from Investing Activities
|
|
|
|
||||
Cash paid for acquisitions, net of cash acquired
|
(5,241
|
)
|
|
(18,494
|
)
|
||
Net proceeds from sale of property and equipment
|
3,147
|
|
|
12,935
|
|
||
Purchases of property, plant, and equipment
|
(6,767
|
)
|
|
(5,152
|
)
|
||
Net cash used in investing activities
|
(8,861
|
)
|
|
(10,711
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
||||
Long-term debt payments
|
(400
|
)
|
|
(400
|
)
|
||
Purchase of treasury stock at market prices
|
(6,549
|
)
|
|
(1,982
|
)
|
||
Net proceeds from issuance of common stock
|
1,343
|
|
|
649
|
|
||
Net cash used in financing activities
|
(5,606
|
)
|
|
(1,733
|
)
|
||
Effect of exchange rate changes on cash
|
(610
|
)
|
|
1,468
|
|
||
Net increase in cash and cash equivalents
|
23,133
|
|
|
37,855
|
|
||
Cash and cash equivalents at beginning of year
|
222,280
|
|
|
170,177
|
|
||
Cash and cash equivalents at end of period
|
$
|
245,413
|
|
|
$
|
208,032
|
|
|
|
Three Months Ended
September 30, 2018 |
||||||||||||||||||||||
|
|
As
Reported
In GAAP Statements
|
|
Restructuring Charges
|
|
Senior Leadership Transition Costs
|
|
Acquisition Related Items
|
|
Tax Reform
|
|
Adjusted Financial Measures
|
||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
|
$
|
125,839
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
125,839
|
|
Industrial & Infrastructure Products
|
|
56,033
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56,033
|
|
||||||
Less Inter-Segment Sales
|
|
(272
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(272
|
)
|
||||||
|
|
55,761
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,761
|
|
||||||
Renewable Energy & Conservation
|
|
98,486
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,486
|
|
||||||
Consolidated sales
|
|
280,086
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
280,086
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
|
20,138
|
|
|
1,877
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,015
|
|
||||||
Industrial & Infrastructure Products
|
|
2,892
|
|
|
1,775
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,667
|
|
||||||
Renewable Energy & Conservation
|
|
15,072
|
|
|
(156
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,916
|
|
||||||
Segments Income
|
|
38,102
|
|
|
3,496
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,598
|
|
||||||
Unallocated corporate expense
|
|
(8,698
|
)
|
|
164
|
|
|
386
|
|
|
471
|
|
|
—
|
|
|
(7,677
|
)
|
||||||
Consolidated income from operations
|
|
29,404
|
|
|
3,660
|
|
|
386
|
|
|
471
|
|
|
—
|
|
|
33,921
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
|
2,906
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,906
|
|
||||||
Other expense
|
|
522
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
522
|
|
||||||
Income before income taxes
|
|
25,976
|
|
|
3,660
|
|
|
386
|
|
|
471
|
|
|
—
|
|
|
30,493
|
|
||||||
Provision for income taxes
|
|
6,473
|
|
|
904
|
|
|
91
|
|
|
113
|
|
|
(245
|
)
|
|
7,336
|
|
||||||
Income from continuing operations
|
|
$
|
19,503
|
|
|
$
|
2,756
|
|
|
$
|
295
|
|
|
$
|
358
|
|
|
$
|
245
|
|
|
$
|
23,157
|
|
Income from continuing operations per share - diluted
|
|
$
|
0.60
|
|
|
$
|
0.08
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
|
16.0
|
%
|
|
1.5
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
17.5
|
%
|
||||||
Industrial & Infrastructure Products
|
|
5.2
|
%
|
|
3.2
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
8.4
|
%
|
||||||
Renewable Energy & Conservation
|
|
15.3
|
%
|
|
(0.2
|
)%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
15.1
|
%
|
||||||
Segments Margin
|
|
13.6
|
%
|
|
1.3
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
14.9
|
%
|
||||||
Consolidated
|
|
10.5
|
%
|
|
1.3
|
%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
—
|
%
|
|
12.1
|
%
|
|
|
Three Months Ended
September 30, 2017 |
||||||||||||||||||
|
|
As Reported In GAAP Statements
|
|
Acquisition & Restructuring Charges
|
|
Senior Leadership Transition Costs
|
|
Portfolio Management
|
|
Adjusted Financial Measures
|
||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential Products
|
|
$
|
129,501
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
129,501
|
|
Industrial & Infrastructure Products
|
|
57,162
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57,162
|
|
|||||
Less Inter-Segment Sales
|
|
(224
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(224
|
)
|
|||||
|
|
56,938
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56,938
|
|
|||||
Renewable Energy & Conservation
|
|
88,135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88,135
|
|
|||||
Consolidated sales
|
|
274,574
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
274,574
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from operations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential Products
|
|
23,764
|
|
|
1,008
|
|
|
—
|
|
|
—
|
|
|
24,772
|
|
|||||
Industrial & Infrastructure Products
|
|
2,554
|
|
|
(15
|
)
|
|
260
|
|
|
101
|
|
|
2,900
|
|
|||||
Renewable Energy & Conservation
|
|
11,549
|
|
|
534
|
|
|
—
|
|
|
(77
|
)
|
|
12,006
|
|
|||||
Segments income
|
|
37,867
|
|
|
1,527
|
|
|
260
|
|
|
24
|
|
|
39,678
|
|
|||||
Unallocated corporate expense
|
|
(2,174
|
)
|
|
47
|
|
|
(762
|
)
|
|
—
|
|
|
(2,889
|
)
|
|||||
Consolidated income from operations
|
|
35,693
|
|
|
1,574
|
|
|
(502
|
)
|
|
24
|
|
|
36,789
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
3,486
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,486
|
|
|||||
Other expense
|
|
404
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
404
|
|
|||||
Income before income taxes
|
|
31,803
|
|
|
1,574
|
|
|
(502
|
)
|
|
24
|
|
|
32,899
|
|
|||||
Provision for income taxes
|
|
11,184
|
|
|
618
|
|
|
(183
|
)
|
|
(267
|
)
|
|
11,352
|
|
|||||
Income from continuing operations
|
|
$
|
20,619
|
|
|
$
|
956
|
|
|
$
|
(319
|
)
|
|
$
|
291
|
|
|
$
|
21,547
|
|
Income from continuing operations per share - diluted
|
|
$
|
0.64
|
|
|
$
|
0.03
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.01
|
|
|
$
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating margin
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential Products
|
|
18.4
|
%
|
|
0.8
|
%
|
|
—
|
%
|
|
—
|
%
|
|
19.1
|
%
|
|||||
Industrial & Infrastructure Products
|
|
4.5
|
%
|
|
—
|
%
|
|
0.5
|
%
|
|
0.2
|
%
|
|
5.1
|
%
|
|||||
Renewable Energy & Conservation
|
|
13.1
|
%
|
|
0.6
|
%
|
|
—
|
%
|
|
(0.1
|
)%
|
|
13.6
|
%
|
|||||
Segments margin
|
|
13.8
|
%
|
|
0.6
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
14.5
|
%
|
|||||
Consolidated
|
|
13.0
|
%
|
|
0.6
|
%
|
|
(0.2
|
)%
|
|
—
|
%
|
|
13.4
|
%
|
|
|
Nine Months Ended
September 30, 2018 |
||||||||||||||||||||||
|
|
As Reported In GAAP Statements
|
|
Restructuring Charges
|
|
Senior Leadership Transition Costs
|
|
Acquisition Related Items
|
|
Tax Reform
|
|
Adjusted Financial Measures
|
||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
|
$
|
360,915
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
360,915
|
|
Industrial & Infrastructure Products
|
|
172,218
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
172,218
|
|
||||||
Less Inter-Segment Sales
|
|
(861
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(861
|
)
|
||||||
|
|
171,357
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
171,357
|
|
||||||
Renewable Energy & Conservation
|
|
229,187
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
229,187
|
|
||||||
Consolidated sales
|
|
761,459
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
761,459
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
|
57,572
|
|
|
1,682
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,254
|
|
||||||
Industrial & Infrastructure Products
|
|
12,098
|
|
|
1,262
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,360
|
|
||||||
Renewable Energy & Conservation
|
|
28,690
|
|
|
(23
|
)
|
|
178
|
|
|
—
|
|
|
—
|
|
|
28,845
|
|
||||||
Segments Income
|
|
98,360
|
|
|
2,921
|
|
|
178
|
|
|
—
|
|
|
—
|
|
|
101,459
|
|
||||||
Unallocated corporate expense
|
|
(22,839
|
)
|
|
431
|
|
|
844
|
|
|
471
|
|
|
—
|
|
|
(21,093
|
)
|
||||||
Consolidated income from operations
|
|
75,521
|
|
|
3,352
|
|
|
1,022
|
|
|
471
|
|
|
—
|
|
|
80,366
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
|
9,305
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,305
|
|
||||||
Other income
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
||||||
Income before income taxes
|
|
66,266
|
|
|
3,352
|
|
|
1,022
|
|
|
471
|
|
|
—
|
|
|
71,111
|
|
||||||
Provision for income taxes
|
|
15,574
|
|
|
798
|
|
|
264
|
|
|
113
|
|
|
(177
|
)
|
|
16,572
|
|
||||||
Income from continuing operations
|
|
$
|
50,692
|
|
|
$
|
2,554
|
|
|
$
|
758
|
|
|
$
|
358
|
|
|
$
|
177
|
|
|
$
|
54,539
|
|
Income from continuing operations per share – diluted
|
|
$
|
1.56
|
|
|
$
|
0.08
|
|
|
$
|
0.02
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
1.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
|
16.0
|
%
|
|
0.5
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
16.4
|
%
|
||||||
Industrial & Infrastructure Products
|
|
7.1
|
%
|
|
0.7
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
7.8
|
%
|
||||||
Renewable Energy & Conservation
|
|
12.5
|
%
|
|
—
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
—
|
%
|
|
12.6
|
%
|
||||||
Segments Margin
|
|
12.9
|
%
|
|
0.4
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
13.3
|
%
|
||||||
Consolidated
|
|
9.9
|
%
|
|
0.5
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
10.6
|
%
|
|
|
Nine Months Ended
September 30, 2017 |
||||||||||||||||||
|
|
As Reported In GAAP Statements
|
|
Acquisition & Restructuring Charges
|
|
Senior Leadership Transition Costs
|
|
Portfolio Management
|
|
Adjusted Financial Measures
|
||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential Products
|
|
$
|
361,304
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
361,304
|
|
Industrial & Infrastructure Products
|
|
165,806
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
165,806
|
|
|||||
Less Inter-Segment Sales
|
|
(994
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(994
|
)
|
|||||
|
|
164,812
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
164,812
|
|
|||||
Renewable Energy & Conservation
|
|
202,690
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
202,690
|
|
|||||
Consolidated sales
|
|
728,806
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
728,806
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from operations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential Products
|
|
61,984
|
|
|
1,253
|
|
|
—
|
|
|
—
|
|
|
63,237
|
|
|||||
Industrial & Infrastructure Products
|
|
5,914
|
|
|
(15
|
)
|
|
260
|
|
|
482
|
|
|
6,641
|
|
|||||
Renewable Energy & Conservation
|
|
18,381
|
|
|
534
|
|
|
252
|
|
|
2,342
|
|
|
21,509
|
|
|||||
Segments income
|
|
86,279
|
|
|
1,772
|
|
|
512
|
|
|
2,824
|
|
|
91,387
|
|
|||||
Unallocated corporate expense
|
|
(15,977
|
)
|
|
325
|
|
|
(342
|
)
|
|
—
|
|
|
(15,994
|
)
|
|||||
Consolidated income from operations
|
|
70,302
|
|
|
2,097
|
|
|
170
|
|
|
2,824
|
|
|
75,393
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
10,612
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,612
|
|
|||||
Other expense
|
|
811
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
811
|
|
|||||
Income before income taxes
|
|
58,879
|
|
|
2,097
|
|
|
170
|
|
|
2,824
|
|
|
63,970
|
|
|||||
Provision for income taxes
|
|
21,090
|
|
|
813
|
|
|
69
|
|
|
(70
|
)
|
|
21,902
|
|
|||||
Income from continuing operations
|
|
$
|
37,789
|
|
|
$
|
1,284
|
|
|
$
|
101
|
|
|
$
|
2,894
|
|
|
$
|
42,068
|
|
Income from continuing operations per share - diluted
|
|
$
|
1.17
|
|
|
$
|
0.04
|
|
|
$
|
—
|
|
|
$
|
0.10
|
|
|
$
|
1.31
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating margin
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential Products
|
|
17.2
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
—
|
%
|
|
17.5
|
%
|
|||||
Industrial & Infrastructure Products
|
|
3.6
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
0.3
|
%
|
|
4.0
|
%
|
|||||
Renewable Energy & Conservation
|
|
9.1
|
%
|
|
0.3
|
%
|
|
0.1
|
%
|
|
1.2
|
%
|
|
10.6
|
%
|
|||||
Segments margin
|
|
11.8
|
%
|
|
0.2
|
%
|
|
0.1
|
%
|
|
0.4
|
%
|
|
12.5
|
%
|
|||||
Consolidated
|
|
9.6
|
%
|
|
0.2
|
%
|
|
—
|
%
|
|
0.4
|
%
|
|
10.3
|
%
|