10/30/2024 | Press release | Distributed by Public on 10/30/2024 05:49
($Millions, except EPS) Three Months Ended September 30,
|
|||||||
|
2024
|
2023
|
Change
|
|
2024
|
2023
|
Change
|
Net Sales
|
$361.2
|
$390.7
|
(7.6)%
|
Adjusted Net Sales
|
$361.2
|
$385.2
|
(6.2)%
|
Net Income
|
$34.0
|
$39.3
|
(13.5)%
|
Adjusted Net Income
|
$38.9
|
$42.1
|
(7.6)%
|
Diluted EPS
|
$1.11
|
$1.28
|
(13.3)%
|
Adjusted Diluted EPS
|
$1.27
|
$1.37
|
(7.3)%
|
($Millions) Three Months Ended September 30,
|
|||||||
|
2024
|
2023
|
Change
|
|
2024
|
2023
|
Change
|
Net Sales
|
$212.4
|
$227.7
|
(6.7)%
|
Adjusted Net Sales
|
$212.4
|
$227.7
|
(6.7)%
|
Operating Income
|
$42.1
|
$42.2
|
(0.2)%
|
Adjusted Operating Income
|
$42.4
|
$42.8
|
(0.9)%
|
Operating Margin
|
19.8%
|
18.5%
|
130 bps
|
Adjusted Operating Margin
|
19.9%
|
18.8%
|
110 bps
|
($Millions) Three Months Ended September 30,
|
|||||||
|
2024
|
2023
|
Change
|
|
2024
|
2023
|
Change
|
Net Sales
|
$84.1
|
$106.4
|
(21.0)%
|
Adjusted Net Sales
|
$84.1
|
$101.6
|
(17.2)%
|
Operating Income
|
$0.8
|
$12.9
|
(93.8)%
|
Adjusted Operating Income
|
$5.5
|
$17.1
|
(67.8)%
|
Operating Margin
|
1.0%
|
12.1%
|
(1110)bps
|
Adjusted Operating Margin
|
6.5%
|
16.9%
|
(1040)bps
|
($Millions) Three Months Ended September 30,
|
|||||||
|
2024
|
2023
|
Change
|
|
2024
|
2023
|
Change
|
Net Sales
|
$41.5
|
$31.7
|
30.9%
|
Adjusted Net Sales
|
$41.5
|
$30.9
|
34.3%
|
Operating Income
|
$3.9
|
$2.1
|
85.7%
|
Adjusted Operating Income
|
$4.2
|
$1.7
|
147.1%
|
Operating Margin
|
9.3%
|
6.7%
|
260 bps
|
Adjusted Operating Margin
|
10.1%
|
5.6%
|
450 bps
|
($Millions) Three Months Ended September 30,
|
|||||||
|
2024
|
2023
|
Change
|
|
2024
|
2023
|
Change
|
Net Sales
|
$23.2
|
$25.0
|
(7.2)%
|
Adjusted Net Sales
|
$23.2
|
$25.0
|
(7.2)%
|
Operating Income
|
$6.5
|
$6.4
|
1.6%
|
Adjusted Operating Income
|
$6.5
|
$6.4
|
1.6%
|
Operating Margin
|
27.9%
|
25.6%
|
230 bps
|
Adjusted Operating Margin
|
27.9%
|
25.6%
|
230 bps
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
2024 | 2023 | 2024 | 2023 | |||||
Net sales | $ | 361,196 | $ | 390,744 | $ | 1,006,707 | $ | 1,048,925 |
Cost of sales | 267,670 | 285,360 | 732,920 | 769,873 | ||||
Gross profit | 93,526 | 105,384 | 273,787 | 279,052 | ||||
Selling, general, and administrative expense | 49,528 | 52,194 | 155,584 | 153,415 | ||||
Income from operations | 43,998 | 53,190 | 118,203 | 125,637 | ||||
Interest (income) expense | (1,931) | 417 | (4,176) | 3,216 | ||||
Other expense (income) | 455 | (1,040) | (219) | (1,946) | ||||
Income before taxes | 45,474 | 53,813 | 122,598 | 124,367 | ||||
Provision for income taxes | 11,435 | 14,536 | 31,415 | 33,268 | ||||
Net income | $ | 34,039 | $ | 39,277 | $ | 91,183 | $ | 91,099 |
Net earnings per share: | ||||||||
Basic | $ | 1.11 | $ | 1.29 | $ | 2.98 | $ | 2.97 |
Diluted | $ | 1.11 | $ | 1.28 | $ | 2.96 | $ | 2.96 |
Weighted average shares outstanding: | ||||||||
Basic | 30,530 | 30,485 | 30,564 | 30,638 | ||||
Diluted | 30,750 | 30,715 | 30,788 | 30,808 |
September 30, 2024 |
December 31, 2023 |
|||
(unaudited) | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 228,879 | $ | 99,426 |
Trade receivables, net of allowance of $5,418 and $5,351, respectively | 206,842 | 172,736 | ||
Costs in excess of billings, net | 41,603 | 51,814 | ||
Inventories, net | 138,171 | 120,503 | ||
Prepaid expenses and other current assets | 26,796 | 17,772 | ||
Total current assets | 642,291 | 462,251 | ||
Property, plant, and equipment, net | 109,811 | 107,603 | ||
Operating lease assets | 39,153 | 44,918 | ||
Goodwill | 511,941 | 513,383 | ||
Acquired intangibles | 118,983 | 125,980 | ||
Other assets | 2,411 | 2,316 | ||
$ | 1,424,590 | $ | 1,256,451 | |
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ | 163,295 | $ | 92,124 |
Accrued expenses | 89,510 | 88,719 | ||
Billings in excess of cost | 53,788 | 44,735 | ||
Total current liabilities | 306,593 | 225,578 | ||
Deferred income taxes | 56,497 | 57,103 | ||
Non-current operating lease liabilities | 30,990 | 35,989 | ||
Other non-current liabilities | 27,277 | 22,783 | ||
Stockholders' equity: | ||||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding | - | - | ||
Common stock, $0.01 par value; authorized 100,000 shares; 34,298 and 34,219 shares issued and outstanding in 2024 and 2023 | 343 | 342 | ||
Additional paid-in capital | 341,306 | 332,621 | ||
Retained earnings | 829,694 | 738,511 | ||
Accumulated other comprehensive loss | (2,793) | (2,114) | ||
Cost of 3,944 and 3,778 common shares held in treasury in 2024 and 2023 | (165,317) | (154,362) | ||
Total stockholders' equity | 1,003,233 | 914,998 | ||
$ | 1,424,590 | $ | 1,256,451 |
Nine Months Ended September 30, |
||||
2024 | 2023 | |||
Cash Flows from Operating Activities | ||||
Net income | $ | 91,183 | $ | 91,099 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 20,237 | 20,574 | ||
Stock compensation expense | 8,686 | 7,257 | ||
Exit activity costs, non-cash | 163 | 572 | ||
(Benefit of) provision for deferred income taxes | (615) | 179 | ||
Other, net | 4,160 | 2,945 | ||
Changes in operating assets and liabilities net of effects from acquisitions: | ||||
Trade receivables and costs in excess of billings | (23,995) | (44,331) | ||
Inventories | (18,131) | 30,431 | ||
Other current assets and other assets | (11,781) | (1,426) | ||
Accounts payable | 70,867 | 53,198 | ||
Accrued expenses and other non-current liabilities | 13,561 | 46,158 | ||
Net cash provided by operating activities | 154,335 | 206,656 | ||
Cash Flows from Investing Activities | ||||
Acquisitions, net of cash acquired | - | (9,863) | ||
Purchases of property, plant, and equipment, net | (14,326) | (7,976) | ||
Net proceeds from sale of business | 350 | - | ||
Net cash used in investing activities | (13,976) | (17,839) | ||
Cash Flows from Financing Activities | ||||
Proceeds from long-term debt | - | 50,000 | ||
Long-term debt payments | - | (141,000) | ||
Purchase of common stock at market prices | (10,940) | (29,182) | ||
Net cash used in financing activities | (10,940) | (120,182) | ||
Effect of exchange rate changes on cash | 34 | (778) | ||
Net increase in cash and cash equivalents | 129,453 | 67,857 | ||
Cash and cash equivalents at beginning of year | 99,426 | 17,608 | ||
Cash and cash equivalents at end of period | $ | 228,879 | $ | 85,465 |
Three Months Ended September 30, 2024 | ||||||||||||
Income before taxes | Provision for income taxes | Net income | Net income per share - diluted | |||||||||
As Reported in GAAP Statements | $ | 45,474 | $ | 11,435 | $ | 34,039 | $ | 1.11 | ||||
Restructuring Charges (1) | 5,106 | 1,128 | 3,978 | 0.13 | ||||||||
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) | 1,194 | 276 | 918 | 0.03 | ||||||||
Adjusted Financial Measures | $ | 51,774 | $ | 12,839 | $ | 38,935 | $ | 1.27 | ||||
Residential | Renewables | Agtech | Infrastructure | Corporate | Consolidated | |||||||
Operating Margin | 19.8 | % | 1.0 | % | 9.3 | % | 27.9 | % | n/a | 12.2 | % | |
Restructuring Charges (1) | - | % | 5.5 | % | 0.8 | % | - | % | n/a | 1.4 | % | |
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) | 0.1 | % | - | % | - | % | - | % | n/a | 0.3 | % | |
Adjusted Operating Margin | 19.9 | % | 6.5 | % | 10.1 | % | 27.9 | % | n/a | 13.9 | % | |
Income from Operations | $ | 42,055 | $ | 825 | $ | 3,853 | $ | 6,494 | $ | (9,229) | $ | 43,998 |
Restructuring Charges (1) | 106 | 4,641 | 328 | - | 31 | 5,106 | ||||||
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) | 195 | - | - | - | 817 | 1,012 | ||||||
Adjusted Income from Operations | $ | 42,356 | $ | 5,466 | $ | 4,181 | $ | 6,494 | $ | (8,381) | $ | 50,116 |
Net Sales & Adjusted Net Sales (3) | $ | 212,363 | $ | 84,064 | $ | 41,527 | $ | 23,242 | $ | - | $ | 361,196 |
(1) Comprised primarily of exit activities costs associated with 80/20 simplification, lean initiatives and / or discontinued operations. | ||||||||||||
(2) Represents senior leadership transition costs associated with changes in leadership positions, acquisition related expenses including due diligence costs and portfolio management costs resulting from terminated or liquidated businesses. | ||||||||||||
(3) There were no Non-GAAP adjustments to Net Sales in 2024. |
Three Months Ended September 30, 2023 | ||||||||||||
Income before taxes | Provision for income taxes | Net income | Net income per share - diluted | |||||||||
As Reported in GAAP Statements | $ | 53,813 | $ | 14,536 | $ | 39,277 | $ | 1.28 | ||||
Restructuring Charges (1) | 5,033 | 1,232 | 3,801 | 0.12 | ||||||||
Acquisition Related Items (2) | 698 | 175 | 523 | 0.02 | ||||||||
Portfolio Management (3) | (1,568) | (450) | (1,118) | (0.04) | ||||||||
Adjusted Financial Measures Previously Reported | $ | 57,976 | $ | 15,493 | $ | 42,483 | $ | 1.38 | ||||
Portfolio Management (4) | (505) | (105) | (400) | (0.01) | ||||||||
Adjusted Financial Measures Recast | $ | 57,471 | $ | 15,388 | $ | 42,083 | $ | 1.37 | ||||
Residential | Renewables | Agtech | Infrastructure | Corporate | Consolidated | |||||||
Operating Margin | 18.5 | % | 12.1 | % | 6.7 | % | 25.6 | % | n/a | 13.6 | % | |
Restructuring Charges (1) | 0.3 | % | 4.2 | % | - | % | - | % | n/a | 1.3 | % | |
Acquisition Related Items (2) | - | % | 0.4 | % | - | % | - | % | n/a | 0.2 | % | |
Portfolio Management (3) | - | % | - | % | (1.3) | % | - | % | n/a | (0.1) | % | |
Adjusted Operating Margin Previously Reported | 18.8 | % | 16.7 | % | 5.6 | % | 25.6 | % | n/a | 15.0 | % | |
Portfolio Management (4) | - | % | 0.2 | % | - | % | - | % | n/a | 0.1 | % | |
Adjusted Operating Margin Recast | 18.8 | % | 16.9 | % | 5.6 | % | 25.6 | % | n/a | 15.1 | % | |
Income from Operations | $ | 42,158 | $ | 12,907 | $ | 2,136 | $ | 6,386 | $ | (10,397) | $ | 53,190 |
Restructuring Charges (1) | 676 | 4,385 | 5 | - | (33) | 5,033 | ||||||
Acquisition Related Items (2) | 12 | 457 | - | - | 229 | 698 | ||||||
Portfolio Management (3) | - | - | (399) | - | 72 | (327) | ||||||
Adjusted Income from Operations Previously Reported | $ | 42,846 | $ | 17,749 | $ | 1,742 | $ | 6,386 | $ | (10,129) | $ | 58,594 |
Portfolio Management (4) | - | (603) | - | - | - | (603) | ||||||
Adjusted Income from Operations Recast | $ | 42,846 | $ | 17,146 | $ | 1,742 | $ | 6,386 | $ | (10,129) | $ | 57,991 |
Net Sales | $ | 227,747 | $ | 106,362 | $ | 31,666 | $ | 24,969 | $ | - | $ | 390,744 |
Portfolio Management (3) | - | - | (780) | - | - | (780) | ||||||
Adjusted Net Sales Previously Reported | $ | 227,747 | $ | 106,362 | $ | 30,886 | $ | 24,969 | $ | - | $ | 389,964 |
Portfolio Management (4) | - | (4,760) | - | - | - | (4,760) | ||||||
Adjusted Net Sales Recast | $ | 227,747 | $ | 101,602 | $ | 30,886 | $ | 24,969 | $ | - | $ | 385,204 |
(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations and costs associated with new and / or terminated senior leadership positions. | ||||||||||||
(2) Comprised primarily of consulting and legal fees for the acquisition and integration of recent business combinations. | ||||||||||||
(3) Represents the results generated by the Company's processing business liquidated in 2023. | ||||||||||||
(4) Represents the results generated by the Company's Japan renewables business sold in 2023. |
Nine Months Ended September 30, 2024 | ||||||||||||
Income before taxes | Provision for income taxes | Net income | Net income per share - diluted | |||||||||
As Reported in GAAP Statements | $ | 122,598 | $ | 31,415 | $ | 91,183 | $ | 2.96 | ||||
Restructuring Charges (1) | 10,050 | 2,356 | 7,694 | 0.25 | ||||||||
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) | 825 | (133) | 958 | 0.03 | ||||||||
Adjusted Financial Measures | $ | 133,473 | $ | 33,638 | $ | 99,835 | $ | 3.24 | ||||
Residential | Renewables | Agtech | Infrastructure | Corporate | Consolidated | |||||||
Operating Margin | 19.6 | % | 1.9 | % | 7.9 | % | 25.2 | % | n/a | 11.7 | % | |
Restructuring Charges (1) | - | % | 4.4 | % | 0.4 | % | - | % | n/a | 1.0 | % | |
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) | - | % | 0.1 | % | - | % | - | % | n/a | 0.1 | % | |
Adjusted Operating Margin | 19.6 | % | 6.4 | % | 8.4 | % | 25.2 | % | n/a | 12.9 | % | |
Income from Operations | $ | 119,714 | $ | 4,116 | $ | 8,743 | $ | 17,605 | $ | (31,975) | $ | 118,203 |
Restructuring Charges (1) | 179 | 9,359 | 477 | - | 35 | 10,050 | ||||||
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) | 195 | 233 | - | - | 1,044 | 1,472 | ||||||
Adjusted Income from Operations | $ | 120,088 | $ | 13,708 | $ | 9,220 | $ | 17,605 | $ | (30,896) | $ | 129,725 |
Net Sales & Adjusted Net Sales (3) | $ | 611,790 | $ | 214,941 | $ | 110,062 | $ | 69,914 | $ | - | $ | 1,006,707 |
(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations. | ||||||||||||
(2) Represents senior leadership transition costs associated with changes in leadership positions, acquisition related expenses including due diligence costs and portfolio management costs resulting from terminated or liquidated businesses. | ||||||||||||
(3) There were no Non-GAAP adjustments to Net Sales in 2024. |
Nine Months Ended September 30, 2023 | ||||||||||||
Income before taxes | Provision for income taxes | Net income | Net income per share - diluted | |||||||||
As Reported in GAAP Statements | $ | 124,367 | $ | 33,268 | $ | 91,099 | $ | 2.96 | ||||
Restructuring Charges (1) | 8,779 | 2,229 | 6,550 | 0.21 | ||||||||
Acquisition Related Items (2) | 978 | 248 | 730 | 0.02 | ||||||||
Portfolio Management (3) | 2,286 | 140 | 2,146 | 0.07 | ||||||||
Adjusted Financial Measures Previously Reported | $ | 136,410 | $ | 35,885 | $ | 100,525 | $ | 3.26 | ||||
Portfolio Management (4) | (1,314) | (265) | (1,049) | (0.03) | ||||||||
Adjusted Financial Measures Recast | $ | 135,096 | $ | 35,620 | $ | 99,476 | $ | 3.23 | ||||
Residential | Renewables | Agtech | Infrastructure | Corporate | Consolidated | |||||||
Operating Margin | 18.2 | % | 8.7 | % | 3.3 | % | 22.0 | % | n/a | 12.0 | % | |
Restructuring Charges (1) | 0.1 | % | 3.0 | % | 0.7 | % | - | % | n/a | 0.8 | % | |
Acquisition Related Items (2) | - | % | 0.3 | % | - | % | - | % | n/a | 0.1 | % | |
Portfolio Management (3) | - | % | - | % | 4.3 | % | - | % | n/a | 0.4 | % | |
Adjusted Operating Margin Previously Reported | 18.3 | % | 11.9 | % | 8.7 | % | 22.0 | % | n/a | 13.4 | % | |
Portfolio Management (4) | - | % | - | % | - | % | - | % | n/a | - | % | |
Adjusted Operating Margin Recast | 18.3 | % | 11.9 | % | 8.7 | % | 22.0 | % | n/a | 13.4 | % | |
Income from Operations | $ | 115,626 | $ | 21,084 | $ | 3,349 | $ | 14,928 | $ | (29,350) | $ | 125,637 |
Restructuring Charges (1) | 790 | 7,319 | 722 | - | (52) | 8,779 | ||||||
Acquisition Related Items (2) | 12 | 637 | 37 | - | 292 | 978 | ||||||
Portfolio Management (3) | - | - | 4,458 | - | 96 | 4,554 | ||||||
Adjusted Income from Operations Previously Reported | $ | 116,428 | $ | 29,040 | $ | 8,566 | $ | 14,928 | $ | (29,014) | $ | 139,948 |
Portfolio Management (4) | - | (1,511) | - | - | - | (1,511) | ||||||
Adjusted Income from Operations Recast | $ | 116,428 | $ | 27,529 | $ | 8,566 | $ | 14,928 | $ | (29,014) | $ | 138,437 |
Net Sales | $ | 635,476 | $ | 243,026 | $ | 102,546 | $ | 67,877 | $ | - | $ | 1,048,925 |
Portfolio Management (3) | - | - | (4,059) | - | - | (4,059) | ||||||
Adjusted Net Sales Previously Reported | $ | 635,476 | $ | 243,026 | $ | 98,487 | $ | 67,877 | $ | - | $ | 1,044,866 |
Portfolio Management (4) | - | (10,791) | - | - | - | (10,791) | ||||||
Adjusted Net Sales Recast | $ | 635,476 | $ | 232,235 | $ | 98,487 | $ | 67,877 | $ | - | $ | 1,034,075 |
(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations and costs associated with new and / or terminated senior leadership positions. | ||||||||||||
(2) Comprised primarily of consulting and legal fees for the acquisition and integration of recent business combinations. | ||||||||||||
(3) Represents the results generated by the Company's processing business liquidated in 2023. | ||||||||||||
(4) Represents the results generated by the Company's Japan renewables business sold in 2023. |
Year Ended December 31, 2023 | ||||||||||||
Income before taxes | Provision for income taxes | Net income | Net income per share - diluted | |||||||||
As Reported in GAAP Statements | $ | 148,992 | $ | 38,459 | $ | 110,533 | $ | 3.59 | ||||
Restructuring Charges (1) | 18,072 | 4,583 | 13,489 | 0.43 | ||||||||
Portfolio Management & Acquisition Related Items (2) | 3,900 | 1,382 | 2,518 | 0.09 | ||||||||
Adjusted Financial Measures Previously Reported | $ | 170,964 | $ | 44,424 | $ | 126,540 | $ | 4.11 | ||||
Portfolio Management (3) | (1,069) | (322) | (747) | (0.02) | ||||||||
Adjusted Financial Measures Recast | $ | 169,895 | $ | 44,102 | $ | 125,793 | $ | 4.09 | ||||
Residential | Renewables | Agtech | Infrastructure | Corporate | Consolidated | |||||||
Operating Margin | 17.6 | % | 9.1 | % | (0.6) | % | 21.2 | % | n/a | 10.9 | % | |
Restructuring Charges (1) | 0.6 | % | 2.8 | % | 2.7 | % | - | % | n/a | 1.3 | % | |
Portfolio Management & Acquisition Related Items (2) | - | % | 0.3 | % | 2.8 | % | - | % | n/a | 0.4 | % | |
Adjusted Operating Margin Previously Reported | 18.2 | % | 12.3 | % | 5.1 | % | 21.2 | % | n/a | 12.7 | % | |
Portfolio Management (3) | - | % | - | % | - | % | - | % | n/a | - | % | |
Adjusted Operating Margin Recast | 18.2 | % | 12.3 | % | 5.1 | % | 21.2 | % | n/a | 12.7 | % | |
Income from Operations | $ | 143,068 | $ | 30,160 | $ | (928) | $ | 18,529 | $ | (40,100) | $ | 150,729 |
Restructuring Charges (1) | 4,811 | 9,394 | 3,918 | - | (51) | 18,072 | ||||||
Portfolio Management & Acquisition Related Items (2) | 12 | 968 | 4,156 | - | 389 | 5,525 | ||||||
Adjusted Income from Operations Previously Reported | $ | 147,891 | $ | 40,522 | $ | 7,146 | $ | 18,529 | $ | (39,762) | $ | 174,326 |
Portfolio Management (3) | - | (1,252) | - | - | - | (1,252) | ||||||
Adjusted Income from Operations Recast | $ | 147,891 | $ | 39,270 | $ | 7,146 | $ | 18,529 | $ | (39,762) | $ | 173,074 |
Net Sales | $ | 814,803 | $ | 330,738 | $ | 144,967 | $ | 87,228 | $ | - | $ | 1,377,736 |
Portfolio Management (4) | - | - | (4,059) | - | - | (4,059) | ||||||
Adjusted Net Sales Previously Reported | $ | 814,803 | $ | 330,738 | $ | 140,908 | $ | 87,228 | $ | - | $ | 1,373,677 |
Portfolio Management (3) | - | (11,724) | - | - | - | (11,724) | ||||||
Adjusted Net Sales Recast | $ | 814,803 | $ | 319,014 | $ | 140,908 | $ | 87,228 | $ | - | $ | 1,361,953 |
(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations and costs associated with new and / or terminated senior leadership positions. | ||||||||||||
(2) Comprised primarily of consulting and legal fees for the acquisition and integration of recent business combinations, along with the results generated by the Company's processing business liquidated in 2023. | ||||||||||||
(3) Represents the results generated by the Company's Japan renewables business sold in 2023. | ||||||||||||
(4) Represents the net sales generated by the Company's processing business liquidated in 2023. |
Three Months Ended September 30, 2024 | ||||||||||
Consolidated | Residential | Renewables | Agtech | Infrastructure | ||||||
Adjusted Net Sales | $ | 361,196 | $ | 212,363 | $ | 84,064 | $ | 41,527 | $ | 23,242 |
Net Income | 34,039 | |||||||||
Provision for Income Taxes | 11,435 | |||||||||
Interest Income | (1,931) | |||||||||
Other Expense | 455 | |||||||||
Operating Profit | 43,998 | 42,055 | 825 | 3,853 | 6,494 | |||||
Adjusted Measures* | 6,118 | 301 | 4,641 | 328 | - | |||||
Adjusted Operating Profit | 50,116 | 42,356 | 5,466 | 4,181 | 6,494 | |||||
Adjusted Operating Margin | 13.9 | % | 19.9 | % | 6.5 | % | 10.1 | % | 27.9 | % |
Adjusted Other Expense | 273 | - | - | - | - | |||||
Depreciation & Amortization | 6,821 | 2,545 | 2,102 | 782 | 744 | |||||
Stock Compensation Expense | 2,328 | 464 | 235 | 95 | 63 | |||||
Less: SLT Related Stock Compensation Expense | (59) | - | - | - | - | |||||
Adjusted Stock Compensation Expense | 2,269 | 464 | 235 | 95 | 63 | |||||
Adjusted EBITDA | $ | 58,933 | $ | 45,365 | $ | 7,803 | $ | 5,058 | $ | 7,301 |
Adjusted EBITDA Margin | 16.3 | % | 21.4 | % | 9.3 | % | 12.2 | % | 31.4 | % |
Cash Flow - Operating Activities | 64,682 | |||||||||
Purchase of PPE, Net | (5,619) | |||||||||
Free Cash Flow | 59,063 | |||||||||
Free Cash Flow - % of Adjusted Net Sales | 16.4 | % | ||||||||
*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures |
Three Months Ended September 30, 2023 | ||||||||||
Consolidated | Residential | Renewables | Agtech | Infrastructure | ||||||
Adjusted Net Sales* | $ | 385,204 | $ | 227,747 | $ | 101,602 | $ | 30,886 | $ | 24,969 |
Net Income | 39,277 | |||||||||
Provision for Income Taxes | 14,536 | |||||||||
Interest Expense | 417 | |||||||||
Other Income | (1,040) | |||||||||
Operating Profit | 53,190 | 42,158 | 12,907 | 2,136 | 6,386 | |||||
Adjusted Measures* | 4,801 | 688 | 4,239 | (394) | - | |||||
Adjusted Operating Profit | 57,991 | 42,846 | 17,146 | 1,742 | 6,386 | |||||
Adjusted Operating Margin | 15.1 | % | 18.8 | % | 16.9 | % | 5.6 | % | 25.6 | % |
Adjusted Other Expense** | 147 | - | - | - | - | |||||
Depreciation & Amortization** | 6,909 | 2,586 | 2,171 | 943 | 783 | |||||
Less: Japan Depreciation & Amortization | (178) | - | (178) | - | - | |||||
Adjusted Depreciation & Amortization | 6,731 | 2,586 | 1,993 | 943 | 783 | |||||
Stock Compensation Expense | 2,201 | 528 | 204 | (194) | 109 | |||||
Adjusted EBITDA Recast** | $ | 66,776 | $ | 45,960 | $ | 19,343 | $ | 2,491 | $ | 7,278 |
Adjusted EBITDA Margin Recast** | 17.3 | % | 20.2 | % | 19.0 | % | 8.1 | % | 29.1 | % |
Adjusted EBITDA Previously Reported | $ | 67,459 | $ | 45,960 | $ | 20,124 | $ | 2,491 | $ | 7,278 |
Adjusted EBITDA Margin Previously Reported | 17.3 | % | 20.2 | % | 18.9 | % | 8.1 | % | 29.1 | % |
Cash Flow - Operating Activities | 92,562 | |||||||||
Purchase of PPE, Net | (2,692) | |||||||||
Free Cash Flow | 89,870 | |||||||||
Free Cash Flow - % of Adjusted Net Sales | 23.0 | % | ||||||||
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures | ||||||||||
**Recast to exclude sale of Japan based solar racking business within the Renewables segment |
Nine Months Ended September 30, 2024 | ||||||||||
Consolidated | Residential | Renewables | Agtech | Infrastructure | ||||||
Adjusted Net Sales | $ | 1,006,707 | $ | 611,790 | $ | 214,941 | $ | 110,062 | $ | 69,914 |
Net Income | 91,183 | |||||||||
Provision for Income Taxes | 31,415 | |||||||||
Interest Income | (4,176) | |||||||||
Other Income | (219) | |||||||||
Operating Profit | 118,203 | 119,714 | 4,116 | 8,743 | 17,605 | |||||
Adjusted Measures* | 11,522 | 374 | 9,592 | 477 | - | |||||
Adjusted Operating Profit | 129,725 | 120,088 | 13,708 | 9,220 | 17,605 | |||||
Adjusted Operating Margin | 12.9 | % | 19.6 | % | 6.4 | % | 8.4 | % | 25.2 | % |
Adjusted Other Expense | 428 | - | - | - | - | |||||
Depreciation & Amortization | 20,237 | 7,643 | 6,052 | 2,420 | 2,236 | |||||
Stock Compensation Expense | 8,686 | 1,341 | 684 | 283 | 181 | |||||
Less: SLT Related Stock Compensation Expense | (59) | - | - | - | - | |||||
Adjusted Stock Compensation Expense | 8,627 | 1,341 | 684 | 283 | 181 | |||||
Adjusted EBITDA | $ | 158,161 | $ | 129,072 | $ | 20,444 | $ | 11,923 | $ | 20,022 |
Adjusted EBITDA Margin | 15.7 | % | 21.1 | % | 9.5 | % | 10.8 | % | 28.6 | % |
Cash Flow - Operating Activities | 154,335 | |||||||||
Purchase of PPE, Net | (14,326) | |||||||||
Free Cash Flow | 140,009 | |||||||||
Free Cash Flow - % of Adjusted Net Sales | 13.9 | % | ||||||||
*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures |
Nine Months Ended September 30, 2023 | ||||||||||
Consolidated | Residential | Renewables | Agtech | Infrastructure | ||||||
Adjusted Net Sales* | $ | 1,034,075 | $ | 635,476 | $ | 232,235 | $ | 98,487 | $ | 67,877 |
Net Income | 91,099 | |||||||||
Provision for Income Taxes | 33,268 | |||||||||
Interest Expense | 3,216 | |||||||||
Other Income | (1,946) | |||||||||
Operating Profit | 125,637 | 115,626 | 21,084 | 3,349 | 14,928 | |||||
Adjusted Measures* | 12,800 | 802 | 6,445 | 5,217 | - | |||||
Adjusted Operating Profit | 138,437 | 116,428 | 27,529 | 8,566 | 14,928 | |||||
Adjusted Operating Margin | 13.4 | % | 18.3 | % | 11.9 | % | 8.7 | % | 22.0 | % |
Adjusted Other Expense** | 125 | - | - | - | - | |||||
Depreciation & Amortization** | 20,574 | 7,542 | 6,561 | 2,850 | 2,349 | |||||
Less: Japan Depreciation & Amortization | (561) | - | (561) | - | - | |||||
Adjusted Depreciation & Amortization | 20,013 | 7,542 | 6,000 | 2,850 | 2,349 | |||||
Stock Compensation Expense | 7,257 | 1,135 | 651 | 140 | 212 | |||||
Adjusted EBITDA Recast** | $ | 165,582 | $ | 125,105 | $ | 34,180 | $ | 11,556 | $ | 17,489 |
Adjusted EBITDA Margin Recast** | 16.0 | % | 19.7 | % | 14.7 | % | 11.7 | % | 25.8 | % |
Adjusted EBITDA Previously Reported | $ | 167,457 | $ | 125,105 | $ | 36,252 | $ | 11,556 | $ | 17,489 |
Adjusted EBITDA Margin Previously Reported | 16.0 | % | 19.7 | % | 14.9 | % | 11.7 | % | 25.8 | % |
Cash Flow - Operating Activities | 206,656 | |||||||||
Purchase of PPE, Net | (7,976) | |||||||||
Free Cash Flow | 198,680 | |||||||||
Free Cash Flow - % of Adjusted Net Sales | 19.0 | % | ||||||||
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures | ||||||||||
**Recast to exclude sale of Japan based solar racking business within the Renewables segment |
Year Ended December 31, 2023 | ||||||||||
Consolidated | Residential | Renewables | Agtech | Infrastructure | ||||||
Adjusted Net Sales* | $ | 1,361,953 | $ | 814,803 | $ | 319,014 | $ | 140,908 | $ | 87,228 |
Net Income | 110,533 | |||||||||
Provision for Income Taxes | 38,459 | |||||||||
Interest Expense | 3,002 | |||||||||
Other Income | (1,265) | |||||||||
Operating Profit | 150,729 | 143,068 | 30,160 | (928) | 18,529 | |||||
Adjusted Measures* | 22,345 | 4,823 | 9,110 | 8,074 | - | |||||
Adjusted Operating Profit | 173,074 | 147,891 | 39,270 | 7,146 | 18,529 | |||||
Adjusted Operating Margin | 12.7 | % | 18.2 | % | 12.3 | % | 5.1 | % | 21.2 | % |
Adjusted Other Expense** | 228 | - | - | - | - | |||||
Depreciation & Amortization** | 27,378 | 10,079 | 8,670 | 3,790 | 3,137 | |||||
Less: Japan Depreciation & Amortization | (676) | - | (676) | - | - | |||||
Adjusted Depreciation & Amortization | 26,702 | 10,079 | 7,994 | 3,790 | 3,137 | |||||
Stock Compensation Expense | 9,750 | 1,633 | 881 | 197 | 289 | |||||
Adjusted EBITDA Recast** | $ | 209,298 | $ | 159,603 | $ | 48,145 | $ | 11,133 | $ | 21,955 |
Adjusted EBITDA Margin Recast** | 15.4 | % | 19.6 | % | 15.1 | % | 7.9 | % | 25.2 | % |
Adjusted EBITDA Previously Reported | $ | 211,043 | $ | 159,603 | $ | 50,073 | $ | 11,133 | $ | 21,955 |
Adjusted EBITDA Margin Previously Reported | 15.4 | % | 19.6 | % | 15.1 | % | 7.9 | % | 25.2 | % |
Cash Flow - Operating Activities | 218,476 | |||||||||
Purchase of PPE, Net | (13,906) | |||||||||
Free Cash Flow | 204,570 | |||||||||
Free Cash Flow - % of Adjusted Net Sales | 14.9 | % | ||||||||
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures | ||||||||||
**Recast to exclude sale of Japan based solar racking business within the Renewables segment |