Gibraltar Industries, Inc. reported its third quarter 2024 financial results on October 30, 2024, with consolidated net sales reaching $361.2 million, a 7.6% decrease compared to $390.7 million in the prior year. Adjusted net sales also saw a decline of 6.2% to $361.2 million from $385.2 million in Q3 2023.
The company's GAAP diluted EPS for the quarter was $1.11, a 13.3% decrease from $1.28 in the third quarter of 2023. Adjusted diluted EPS was $1.27, down 7.3% from $1.37 in the previous year, although operating cash flow generation remained strong at $65 million.
Segment performance was varied, with Agtech net sales increasing by 30.9% to $41.5 million, driven by accelerating project starts. However, the Renewables segment experienced a 21.0% decrease in net sales to $84.1 million due to trade and regulatory headwinds, and its backlog decreased by 24%. The company reaffirmed its updated 2024 outlook for net sales between $1.31 billion and $1.33 billion, and adjusted EPS between $4.11 and $4.25.
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