About Gibraltar Industries

Gibraltar Industries, Inc. operates as a manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets. Strategy The foundation of the company's strategy is built on three core pillars: Business System, Portfolio Management, and Organization Development. Business System reflects the necessary systems, processes, and management tools required to deliver consistent and continuous performance improvement, every day. The company’s business system is a critical enabler to grow, scale, and deliver its plans. The company’s focus is on deploying effective tools to drive growth, improve operating performance, and develop the organization utilizing 80/20 and lean quote-to-cash initiatives along with digital systems for speed, agility and responsiveness. The Business System pillar challenges existing operating paradigms, drives day-to-day performance, forces prioritization of resources, tests the company's business models, and drives new product and services innovation. Portfolio Management is focused on optimizing the company’s business portfolio in higher growth markets with leadership positions. In 2023, the company acquired the assets of a privately held Utah-based company in the Residential segment and sold its Japan-based solar racking business within the Renewables segment to help achieve these objectives. Organization Development drives the company’s continuous focus on ensuring it has the right design and structure to scale the organization in order to execute the company’s plans and meet commitments. Segments The company serves customers primarily in North America, including renewable energy (solar) developers, home improvement retailers, wholesalers, distributors, institutional and commercial growers of fruits, vegetables, flowers and other plants, and contractors. As of December 31, 2023, the company operated thirty facilities, which were consisted of twenty-three manufacturing facilities, one distribution center, and six offices, and were located within sixteen states, Canada and China. The company’s operational infrastructure provides the necessary scale to support regional and national customers in each of its markets. The company operates and reports its results in the following four reporting segments: Renewables, Residential, Agtech, and Infrastructure. Value-Added Products and Services The company provides optimal solutions to its customers: racking, foundation, and electrical systems for photovoltaic solar systems, commercial growing greenhouses for biologically grown food, floriculture, and other plants; roof-related ventilation and weather protection to support healthy home environments; mail and package storage for home and retail and non-retail sites; and structural bearings, expansion joints and rubber products for bridges and other transportation structures. The company’s products and services are highly engineered, supported with intellectual property, and driven by effective business systems and IT infrastructure. On December 1, 2023, the company sold its Japan-based solar racking business within its Renewables segment to a third party. On July 5, 2023, the company acquired the assets of a privately held Utah-based company that manufactures and distributes roof flashing and accessory products. Customers and Products The company’s customers are located primarily throughout North America. One customer, a home improvement retailer which purchases from the Residential segment represented 13%, 14% and 13% of the company's consolidated net sales for the years ended December 31, 2023, 2022 and 2021, respectively. No other customer in any segment or segments accounted for more than 10% of the company's consolidated net sales. Renewables The Renewables segment designs, manufactures and installs solar energy mounting systems, including foundation, racking, and electrical balance of systems for developers, EPCs and owners / operators of solar fields. An integral part of solar projects is the design, engineering, and fabrication of unique structures and electrical balance of systems (‘eBOS’), as well as the field installation of both whether applied to a ground-mounted or carport systems. The company provides both fixed tilt and tracker racking systems along with either a screw or pile driven foundation systems. Most of the company's production is completed using computer numerical control machines, roll forming machines, laser cutters and other fabrication tools. The structural metal components are designed, engineered, fabricated and installed in accordance with applicable building codes. New products introduced in recent years include screw-based racking and foundation solutions, operating software to optimize solar energy investments, and single-axis tracker systems. The company’s screw-based racking foundation offers rapid and secure installation on any terrain. The company’s operating software enables its team to optimize solar project design utilizing solar irradiance data and topography analysis to quickly and automatically generate multiple potential layouts for complex projects. The single-axis tracker systems support and adapt to a variety of site conditions while also reducing the typical civil work preparation and installation costs associated with projects. The patented design eliminates complexities incorporated in traditional systems, simplifying the operations and maintenance of the system, along with streamlining the installation process. Other products offered include solar racking systems for both carports and pile-driven ground mount systems and eBOS. Solar racking systems for carports serve as protection for cars from the effects of the sun and intense heat while providing a renewable energy source. Similarly, solar racking systems installed on idle land, such as solid waste landfills, or on challenging, rocky terrain, converts such land into a useful property by providing clean renewable power generating capabilities. An eBOS system supports the conversion of captured sunlight to direct current energy. The company is a full eBOS solution provider, from combiner boxes that take multiple source circuits and combine them into a single output to pre-fabricated and customized wire harnesses and source circuit lengths which greatly shorten field installation time. Residential The Residential segment serves both the residential repair and remodeling and new housing construction markets in North America with products and services, including roof and foundation ventilation products, single point and centralized mail systems and electronic package solutions, outdoor living space products (sun-shading), rain dispersion systems, metal roofing job site services, and other construction accessories. The company’s residential product offerings are sold through major retail home centers, building material wholesalers, building product distributors, buying groups, roofing distributors, residential contractors, property management companies, manufactured housing dealers, postal services distributors and providers, and online direct to end consumers. The company’s mail and electronic package solutions include single mailboxes, cluster style mail and parcel boxes for single and multi-family housing, and electronic package locker systems. The company’s remaining residential product offerings consist of roof edging and flashing, soffits and trim, drywall corner bead, metal roofing and accessories, rain dispersion products, including gutters and accessories, and exterior retractable awnings. Each of these product offerings can be sold separately or as part of a system solution. The company strives to improve its product-solution offerings while adapting to local and regional building codes and new products recently introduced include efficient-installation ventilation solutions, next generation single mailboxes, electronic parcel lockers, pipe flashings and remote-controlled deck awnings and valances for sun protection. The company’s ventilation and roof flashing products provide protection and extend the life of residential structures while providing a safer, healthier environment for residents. The company’s building products are manufactured primarily from galvanized and painted steel, anodized and painted aluminum, and various resins. The company’s cluster box mail delivery products provide delivery cost savings to the postal service while offering secure storage for delivered mail and packages. The company’s electronic parcel lockers systems provide multi-family communities and businesses a secure storage solution to handle both package deliveries and receipt of other goods, along with helping retail businesses and their customers to transact via buy online, pick up in store transactions. The company leverages its production capabilities and supply chain across the U.S. while maintaining the capability to support the many local and regional customer requirements. The production facilities and processes are designed to provide a broad, but locally focused product range of residential products, and includes automated roll forming and injection molding, welding, stamping, and finished painting. The company maintains its equipment through daily maintenance and a preventive maintenance program. In some cases, the company sources products from third-party vendors to optimize cost and quality in order to provide the very best and affordable solution for customers. Agtech The Agtech segment designs, manufactures, and builds advanced-technology turnkey greenhouse growing facilities for large-scale indoor commercial growers of fruits and vegetables, plants and flowers, and agricultural research and development facilities with over 100 universities in the United States. Large scale greenhouse facilities are unique to a particular type of plant, vegetable, flower, or fruit, and require unique structures, growing systems, and the integration of the structure and the systems. Infrastructure The Infrastructure segment serves highway and bridge construction and airports through commercial and transportation contractors and fabricators. The company’s products include expansion joints, structural bearings, rubber pre-formed seals and other sealants, elastomeric concrete, and bridge cable protection systems. Infrastructure's products are manufactured primarily from plate, rail and structural steel along with various resin and rubber based materials. The products manufactured are highly engineered to meet the exact specifications for the particular project undertaken. New products introduced in recent years extend the infrastructure products into new markets. High speed and traditional rail projects involving elevated structures have created new opportunities in recent years. Engineered pavement sealants for roadways are commonly used in airport runways, for both existing runways and expansion projects. Its corrosion-protection products for cable-suspension bridges are now marketed and sold internationally and have been used on numerous signature bridges. Engineering and Technical Services The company’s business segments employ engineers and other technical personnel to perform a variety of key tasks which include the identification and implementation of improvements to its manufacturing process, redesign of its products for better performance, the development of new products and identification and execution of cost reduction activities. In addition, the company's engineering staff employs a range of software to design highly specialized and technically precise products. In the Renewables, Agtech, and Infrastructure segments, drawings are approved and stamped by state licensed professional engineers as required by individual projects. Technical service personnel also work in conjunction with the company's sales and product management teams in the new product development process to determine the types of products and services that suit the needs of customers. Sales and Marketing In 2023, approximately 41% of the company's revenues were generated from products and services that were sold directly to the end user, with the remainder of revenues generated through retailers, wholesalers and distributors. The company’s sales process regularly includes a competitive bid process, and its reputation for product and service quality and meeting delivery requirements make the company a preferred provider for many customers. The company’s Customer Relationship Management systems provides important aggregate market data and visibility into sales account status and enabling cross-sell and up-sell opportunities. Seasonality The company’s end markets have historically experienced seasonal demand fluctuation, with lower demand typically in the first and fourth quarters (year ended December 2023). History Gibraltar Industries, Inc. was founded in 1972. The company was incorporated in 1993.