Gibraltar Industries, Inc. reported a decline in net sales for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, net sales were $361.2 million, down 7.6% from $390.7 million in 2023. For the nine months ended September 30, 2024, net sales totaled $1.007 billion, a decrease of 4.0% from $1.049 billion in the prior year. The Residential segment saw a 6.7% decline in sales to $212.4 million, while the Renewables segment experienced a significant 21.0% drop to $84.1 million. Conversely, the Agtech segment reported a 30.9% increase in sales to $41.5 million.
Gross profit for the third quarter of 2024 was $93.5 million, down from $105.4 million in 2023, resulting in a gross margin of 25.9%, compared to 27.0% in the prior year. Income from operations also decreased to $44.0 million for the third quarter, down from $53.2 million in 2023. For the nine-month period, income from operations was $118.2 million, a decline from $125.6 million in 2023. Despite these declines, net income for the nine months ended September 30, 2024, was $91.2 million, slightly up from $91.1 million in 2023.
The company’s total assets increased to $1.425 billion as of September 30, 2024, compared to $1.256 billion at the end of 2023. Cash and cash equivalents rose significantly to $228.9 million from $99.4 million at year-end 2023. The company reported a total stockholders' equity of $1.003 billion, up from $915.0 million at the end of 2023.
Strategically, Gibraltar Industries acquired a Utah-based company for $10.4 million in July 2023, which has been integrated into its Residential segment. The company also sold its Japan-based solar racking business for $8.0 million in December 2023. Additionally, Gibraltar is exploring potential restructuring, including facility consolidation and overhead cost reductions, to enhance liquidity and shareholder returns.
The company faced challenges due to ongoing regulatory and trade uncertainties, particularly affecting its Renewables segment, which has seen a slowdown in contract signings. The effective tax rate for the third quarter was 25.1%, down from 27.0% in the previous year, reflecting changes in state taxes and other factors. Overall, Gibraltar Industries is navigating a complex market environment while focusing on operational efficiencies and strategic growth initiatives.
About GIBRALTAR INDUSTRIES, INC.
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