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- **Revenue Growth**: 13% Q3 adj. net sales driven by Metal Roofing (+$15M) and Building Accessories (+$5.5M), despite Mail and Package decline.
- **Margin Challenges**: Residential op margin -200bps to 14.8%, Agtech op margin -440bps to 12.3% due to integration costs and volume.
- **Cash Flow Strength**: $57M from operations (39% YoY growth), free cash flow 16% of sales vs. 10% target.
- **Strategic Moves**: On track to close Renewables sale; M&A pipeline active in Building Products with ~$10-20M tuck-ins.

**【CEO Opening Remarks】**
- Q3 2025 adjusted net sales grew 13%, driven by Building Accessories (2% growth in a down residential roofing market) and acquired Metal Roofing businesses. However, delays in a large CEA project and lower Mail and Package demand caused revenue to miss plan.
- Adjusted EPS and operating income declined <1% YoY due to business mix and integration costs. Free cash flow reached $49M (16% of sales), up 39% YoY.
- Renewables business sale on track for Q4 closure; M&A pipeline active in Building Products.

**【CFO Financial Commentary】**
- **Residential Segment**: Net sales +9.8% (Metal Roofing +$15M, Building Accessories +$5.5M). Operating margin -200bps to 14.8% due to mix and integration costs. Organic revenue -1%.
- **Agtech Segment**: Net sales +38.8% (Lane Supply acquisition). Operating margin -440bps to 12.3% due to lower volume and integration expenses. Bookings +121% YoY.
- **Infrastructure Segment**: Net sales flat, but margins -740bps due to supplier transition. New D.S. Brown sealant product sold 350 miles in 13 states.
- **Cash Flow**: $57M from operations (39% YoY growth). Free cash flow target 10% of sales for 2025.

**【Q&A Highlights】**
- **Agtech Margins**: CEO expects 15%+ operating margins in near term as mix shifts to higher-margin commercial/institutional projects. Lane Supply integration costs ~$1M/Q3.
- **Mail and Package Outlook**: 90%+ of revenue tied to new construction starts, which remain depressed. Margins stable but growth dependent on housing recovery.
- **M&A Pipeline**: Active in Building Accessories and Metal Roofing, with focus on ~$10-20M tuck-ins. No material multiples disclosed.
- **2025 Guidance**: Net sales $1.15-1.175B (15% growth), adj. EPS $4.20-4.30 (10-12% growth). Free cash flow 10% of sales.


Gibraltar Industries, Inc. (ROCK) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ROCK

ROCK fundamentals

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