Gibraltar to Record Fourth Quarter 2022 Charge for Processing Business Write-Down

Jan 31, 2023

Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today announced it will record a fourth quarter 2022 non-cash charge estimated to be $14 million, or $0.35 per share, to write down assets associated with its processing equipment business, which was classified as held for sale as of March 31, 2022, to estimated fair market value. As a result, the Company now expects GAAP earnings per share for the year ended December 31, 2022 to be in the range of $2.50 to $2.60, down from the prior estimated range of $2.90 to $3.00. The revenue range of $1.38 billion to $1.43 billion and adjusted EPS range of $3.30 to $3.40 for the year ended December 31, 2022 are unaffected by the write-down.

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