Gibraltar Industries Inc.

05/07/2026 | Press release | Distributed by Public on 05/07/2026 07:54

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
Certain information set forth herein includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and, therefore are, or may be deemed to be, "forward-looking statements." These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "anticipates," "aspires," "expects," "estimates," "seeks," "projects," "intends," "plans," "may," "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, competition, strategies, margins, integration of acquired businesses, the industries in which we operate and the expected impact of evolving laws and regulation. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in the "Risk Factors" disclosures in our most recent Annual Report on Form 10-K. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition, liquidity and the development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements contained herein. In addition, even if our results of operations, financial condition, liquidity, and the development of the industries in which we operate are consistent with the forward-looking statements contained in this Quarterly Report on Form 10-Q, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements that we make herein speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
The Company uses certain operating performance measures, specifically consolidated gross margin, operating margin by segment and consolidated operating margin, to manage the Company's businesses, set operational goals, and establish performance targets for incentive compensation for the Company's employees. The Company defines consolidated gross margin as a percentage of total consolidated gross profit to total consolidated net sales. The Company defines operating margin by segment as a percentage of total income from operations by segment to total net sales by segment and consolidated operating margin as a percentage of total consolidated income from operations to total consolidated net sales. The Company believes consolidated gross margin, consolidated operating margin, and operating margin by segment may be useful to investors in evaluating the profitability of the Company's segments and the Company on a consolidated basis.
Overview
The Company is a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets, and it operates and reports its results through three reporting segments: Residential, Agtech, and Infrastructure.
The Company serves customers primarily in the U.S. and Canada including home improvement retailers, wholesalers, distributors, contractors, institutional and commercial growers of fruits, vegetables, flowers and other plants.
On February 2, 2026, the Company acquired OmniMax, a leading U.S.- and Canada-based manufacturer and provider of residential roofing accessories and rainwater management systems. The acquisition of OmniMax furthers the Company's goal of helping innovate and reshape the markets in which it operates and provide better solutions for its customers and the channels it serves.
As of March 31, 2026, the Company's continuing operations operated in fifty-six facilities, comprised of fifty manufacturing facilities, strategically located across twenty-three states and Canada, and six offices, including a sourcing office located in China. The Company's operational infrastructure provides the necessary scale to support local, regional, and national customers in each of the Company's markets.
Recent Trends
Impacts of Macroeconomic and Geopolitical Conditions on Our Business
The Company continues to monitor macroeconomic and geopolitical conditions that may adversely affect its business, results of operations, and liquidity. These factors include global economic uncertainty, inflationary pressures, supply chain disruptions, changes in interest rates and foreign currency exchange rates, labor availability, international conflicts, and evolving trade and tariff policies. Volatility in these conditions may impact demand for the Company's products, input costs, logistics expenses, and the timing of customer orders, resulting in variability in operating results.
In addition, geopolitical instability in regions, including the Middle East, have and may continue to disrupt logistics networks, increase energy and transportation costs, affecting regional customers and suppliers. Changes in U.S. trade policy, including modifications to tariffs on certain steel and aluminum related products, may also increase costs or require changes to sourcing practices. The ultimate impact of these conditions remains uncertain and will depend on future developments and the duration and severity of these events.
Business Strategy
The Company's mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology.
The Company strives to create compounding and sustainable value for its stockholders and stakeholders by maintaining strong, relevant leadership positions in higher-growth profitable end markets while continuously innovating its products, services, and business processes to further optimize the important end markets it serves in the U.S. and Canada; residential and light commercial housing, infrastructure, and controlled environment agriculture growing and research. 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 while ensuring its financial capital and human resources are effectively and efficiently deployed to deliver sustainable, profitable growth while increasing its relevance with customers and shaping its markets.
•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. The Company's focus is on creating an environment for our people to have the best opportunity for success, continue to develop, grow and learn. At the core of this pillar is the Company's development process focused on helping employees reach their potential, improve performance, develop career roadmaps, identify ongoing education requirements, and respective succession plans. The Company believes doing so helps it attract and retain the best people to execute its business plans.
The Company continues to transform itself to focus on providing solutions to some of today's most significant challenges-including living in safe and comfortable housing, growing food more sustainably, and improving the infrastructure across the U.S. and Canada.
The Company's strategy is to continue to broaden its presence and product portfolio with the addition of new products, while simultaneously investing in its customer relationships and its go-to-market infrastructure. The acquisition of OmniMax strengthens the Company's presence in its largest and highly profitable residential segment and represents a transformative strategic step intended to rapidly accelerate the Company's building products revenue growth. In addition, the Company's 2025 acquisition, Lane Supply within its Agtech segment, expands the Company's structures business to service complementary markets, such as fuel stations and convenience stores.
Acquisition of OmniMax
On February 2, 2026, Gibraltar completed the acquisition of OmniMax, a leading U.S.- and Canada-based manufacturer and provider of residential roofing accessories and rainwater management systems, for a purchase price of $1.335 billion in cash. The acquisition was pursuant to the terms and conditions of the Securities Purchase Agreement, among the Company, Barnsbury Estate LLC and Arundel Square Garden, LLC, dated November 16, 2025.
The Company believes that the addition of OmniMax's complementary brands, product portfolio and geographic footprint accelerates the Company's presence in its largest and most profitable business segment, creates a more optimal operating platform to serve customers and partner with suppliers, and opens new opportunities for growth with new and existing customers across the U.S. and Canada. OmniMax will be reported as part of the Company's Residential segment.
Additional Recent Developments
As referred to above, on February 2, 2026, the Company completed the acquisition of OmniMax, a leading U.S.- and Canada-based manufacturer and provider of residential roofing accessories and rainwater management systems. In connection with the acquisition of OmniMax, on February 2, 2026, the Company entered into a new credit agreement with Bank of America, N.A., as administrative agent and collateral agent, and other financial institutions from time to time party thereto. The Credit Agreement provides for (i) a senior secured revolving credit facility in an initial aggregate principal amount of up to $500 million, (ii) a senior secured term loan A facility in an initial aggregate principal amount of up to $650 million and (iii) a senior secured term loan B facility in an initial aggregate principal amount of up to $650 million. Borrowings under the Credit Agreement were used, together with cash on hand, to fund the acquisition of OmniMax, refinance certain existing indebtedness, and pay related fees and expenses. The Revolving Credit Facility may be used for working capital and other general corporate purposes. The Revolving Credit Facility and Term Loan A Facility mature on February 2, 2031, and the Term Loan B Facility matures on February 2, 2033. In connection with the entry into the Credit Agreement, on February 2, 2026, the Company terminated its existing credit agreement, dated as of December 8, 2022, and repaid all amounts outstanding thereunder.
On February 20, 2026, the Company sold certain assets within its Renewables business pertaining to its electrical balance of systems products. The sale of these assets generated net proceeds of approximately $70 million in cash, subject to working capital and other customary post-closing adjustments, that were applied to debt reduction. Refer to "Discontinued Operations" below for more information on the Renewables business which was classified as held for sale and reported as discontinued operations in the Company's consolidated financial statements.
Discontinued Operations
In June 2025, the Company committed to a plan to sell its Renewables business, which represents a strategic shift in operations. The decision was driven by a change in the Company's strategy to focus its asset portfolio and resources on its Residential, Agtech and Infrastructure segments. The Renewables business was classified as held for sale as of June 30, 2025, and met the criteria for discontinued operations. Subsequent to classification as held for sale and as discontinued operations, the Company recognized a combined impairment loss and remeasurement adjustment in aggregate of approximately $223 million before income taxes. Unless otherwise indicated, all results and information presented exclude discontinued operations disclosures.
As referred to above, on February 20, 2026, the Company sold certain assets within its Renewables business pertaining to its electrical balance-of-systems products. The remaining portion of the Renewables business is classified as held for sale and as discontinued operations. See Note 13 to the Company's consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on discontinued operations.
Results of Operations
Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
The following table sets forth selected results of operations data and percentage of net sales for the three months ended March 31 (in thousands):
2026 2025
Net sales $ 356,287 100.0 % $ 246,357 100.0 %
Cost of sales 277,416 77.9 % 176,504 71.6 %
Gross profit 78,871 22.1 % 69,853 28.4 %
Selling, general, and administrative expense 83,327 23.4 % 41,198 16.8 %
(Loss) income from operations (4,456) (1.3) % 28,655 11.6 %
Interest expense (income) 13,024 3.6 % (1,637) (0.7) %
Other (income) expense (814) (0.2) % 76 0.0 %
(Loss) income before taxes (16,666) (4.7) % 30,216 12.3 %
(Benefit of) provision for income taxes (4,614) (1.3) % 7,101 2.9 %
(Loss) income from continuing operations (12,052) (3.4) % 23,115 9.4 %
Loss from discontinued operations (55,418) (15.5) % (1,996) (0.8) %
Net (loss) income $ (67,470) (18.9) % $ 21,119 8.6 %
The following table sets forth the Company's net sales by reportable segment for the three months ended March 31, (in thousands):
Impact of
2026 2025 Total
Change 		Acquisitions Ongoing Operations
Net sales:
Residential $ 281,435 $ 179,994 $ 101,441 $ 107,328 $ (5,887)
Agtech 55,630 45,040 10,590 11,775 (1,185)
Infrastructure 19,222 21,323 (2,101) - (2,101)
Consolidated $ 356,287 $ 246,357 $ 109,930 $ 119,103 $ (9,173)
Consolidated net sales increased by $109.9 million, or 44.6%, to $356.3 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase in revenue was driven by $119.1 million, which is a combined total of net sales generated from the Company's current year acquisition of OmniMax along with incremental sales generated from the Company's prior year acquisitions. This increase was partially offset by softness in the building accessories end market, the timing of price/cost adjustments, business and product mix, and anticipated lower Agtech volumes resulting from project timing. Consolidated backlog decreased 10% to $168 million, as compared to the end of the prior year quarter.
Net sales in the Company's Residential segment increased $101.4 million, or 56.3%, to $281.4 million for the three months ended March 31, 2026 compared to $180.0 million for the three months ended March 31, 2025. The revenue of $107.3 million generated from the current year acquisition of OmniMax and the prior year acquisitions of the three metal roofing manufacturers, more than offset a 3% organic net sales decrease, which was a result of a soft end market along with timing of price/cost adjustments and business and product mix.
Net sales in the Company's Agtech segment increased 23.6%, or $10.6 million, to $55.6 million for the three months ended March 31, 2026 compared to $45.0 million for the three months ended March 31, 2025. The revenue increase was largely due to $11.8 million of incremental sales generated from the prior year acquisition of Lane Supply, which more than offset the decrease in organic sales, which was due to timing of projects. Backlog decreased 13% year over year in this segment.
Net sales in the Company's Infrastructure segment decreased $2.1 million, or 9.9%, to $19.2 million for the three months ended March 31, 2026 compared to $21.3 million for the three months ended March 31, 2025, impacted by production timing. Backlog decreased 3% from the prior year, though demand and quoting activity remained strong.
The Company's consolidated gross margin decreased to 22.1% for the three months ended March 31, 2026 compared to 28.4% for the three months ended March 31, 2025. The decrease was driven by business and product line mix, unfavorable alignment of price/material cost, and amortization of fair market value adjustments from business combinations, partially offset by overall continued operational efficiencies along with 80/20 initiatives.
Selling, general, and administrative ("SG&A") expense increased by $42.1 million, or 102.3% to $83.3 million for the three months ended March 31, 2026 compared to $41.2 million for the three months ended March 31, 2025. The $42.1 million increase was primarily due to incremental SG&A expense incurred by recent acquisitions, along with higher acquisition-related expense as compared to the prior year quarter. SG&A expense as a percentage of net sales increased to 23.4% for the three months ended March 31, 2026 compared to 16.8% for the three months ended March 31, 2025.
The following table sets forth the Company's operating (loss) income and operating (loss) income as a percentage of net sales by reportable segment for the three months ended March 31, (in thousands):
2026 2025 Total
Change
Operating (loss) income
Residential $ 20,246 7.2 % $ 31,260 17.4 % $ (11,014)
Agtech 3,327 6.0 % 3,385 7.5 % (58)
Infrastructure 3,717 19.3 % 5,258 24.7 % (1,541)
Unallocated Corporate Expenses (31,746) (8.9) % (11,248) (4.6) % (20,498)
Consolidated operating (loss) income $ (4,456) (1.3) % $ 28,655 11.6 % $ (33,111)
The Residential segment generated an operating margin of 7.2% in the current year quarter compared to 17.4% in the prior year quarter. Operating margin declined year over year, primarily as a result of price/cost alignment, early stage production inefficiencies and the timing of productivity and integration actions and acquisition charges, along with business and product mix during the current year quarter.
The Agtech segment generated an operating margin of 6.0% in the current year quarter compared to 7.5% in the prior year quarter. Operating margin declined year over year due to lower organic volumes.
The Infrastructure segment generated an operating margin of 19.3% during the three months ended March 31, 2026 compared to 24.7% during the three months ended March 31, 2025. The margin decline year over year was the result of business mix.
Unallocated corporate expenses increased $20.5 million to $31.7 million during the three months ended March 31, 2026 from $11.2 million during the three months ended March 31, 2025. The increase was primarily the result of higher acquisition-related expense as compared to the prior year quarter.
The Company recorded interest expense of $13.0 million during the three months ended March 31, 2026 associated with the new issuance of debt to fund the acquisition of OmniMax. The Company recorded interest income of $1.6 million for the three months ended March 31, 2025, the result of earnings on certain interest-bearing cash accounts.
The Company recorded other income of $0.8 million for the three months ended March 31, 2026, compared to other expense of $0.1 million for the three months ended March 31, 2025.
The Company recognized a benefit of income taxes of $4.6 million, with an effective tax rate of 27.7% for the three months ended March 31, 2026. The effective tax rate for the three months ended March 31, 2026 was greater than the U.S. federal statutory rate of 21% due to state taxes and nondeductible permanent differences partially offset by benefits related to tax credit generation or utilization. The Company recognized a provision for income taxes of $7.1 million, with an effective tax rate of 23.5% for the three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2025 was greater than the U.S. federal statutory rate of 21% due to state taxes and nondeductible permanent differences partially offset by benefits related to tax credit generation or utilization and favorable discrete items due to an excess tax benefit on stock-based compensation.
Liquidity and Capital Resources
Sources of Liquidity
The Company has historically financed its working capital requirements, including capital expenditures and acquisitions, through a combination of available cash, cash flows from operations, and borrowings under the Company's 2022 Credit Agreement. As disclosed above, on February 2, 2026, the Company entered into a new Credit Agreement that provides for a senior secured revolving credit facility with an initial aggregate commitment of $500 million and letters of credit in an aggregate amount of up to $100 million. The Revolving Credit Facility under the Credit Agreement matures on February 2, 2031.
The Company expects that its primary cash requirements over the next twelve months will include working capital, capital expenditures, and debt service requirements. The Company believes that cash flows from operations, together with available cash on hand and borrowing capacity under the Revolving Credit Facility-which had approximately $466.6 million of availability as of March 31, 2026-will be sufficient to meet these short-term liquidity requirements. The Company currently expects to continue generating positive operating cash flows during this period and does not anticipate needing to materially increase borrowings to fund its short-term obligations.
Beyond the next twelve months, the Company's liquidity needs will primarily consist of funding ongoing capital expenditures, debt service requirements, future debt maturities and potential strategic investments. The Company expects to meet these long-term obligations through a combination of cash flows generated from operations and continued access to its Revolving Credit Facility. The Company may also evaluate additional financing alternatives, as appropriate, as appropriate, to support its long-term growth initiatives or refinance upcoming maturities. Based on current projections and market conditions, the Company believes that its existing sources of liquidity will be adequate to satisfy its long-term cash requirements.
Historically the Company's international operations have generated cash flow from operations sufficient to fund their working capital needs and capital improvements. As of March 31, 2026 and December 31, 2025, the Company's international subsidiaries held $5.4 million and $4.4 million of cash, respectively.
As disclosed below and in Note 7 to the Company's consolidated financial statements in Part I, Item 1, Financial Statements, of this Quarterly Report on Form 10-Q, the Company incurred significant indebtedness in connection with the acquisition of OmniMax. This level of indebtedness could have important consequences for the Company's business, including the risks described in Item 1A. "Risk Factors" - "Risks Related to the Company's Indebtedness" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Uses of Cash / Cash Requirements
The Company's material short-term cash requirements primarily include accounts payable, purchases of tax credits, certain employee and retiree benefit-related obligations, operating lease obligations, capital expenditures, and other purchase obligations originating in the normal course of business for inventory purchase orders and contractual service agreements.
Credit Agreement
To further support liquidity, and in connection with closing of the acquisition of OmniMax on February 2, 2026 (the "Closing Date"), the Company entered into a new Revolving Credit Facility, as described above, and new senior secured term loan facilities in an aggregate principal amount of $1.3 billion, consisting of the Term Loan A facility in an initial aggregate principal amount of $650 million and the Term Loan B facility in an initial aggregate principal amount of $650 million. Proceeds from the term loans, together with borrowings under the revolving credit facility and cash on hand, were used to fund the acquisition of OmniMax and pay related transaction fees and expenses.
The Revolving Credit Facility and the Term Loan A Facility will mature on the fifth anniversary of the Closing Date, and the Term Loan B Facility will mature on the seventh anniversary of the Closing Date. The Term Loan A Facility requires quarterly amortization payments of 2.50% per annum for the first two years, 5.00% per annum for the next two years and 7.50% per annum for the final year, in each case of the original principal amount thereof. The Term Loan B Facility requires quarterly amortization payments of 1.00% per annum of the original principal amount thereof. The Credit Agreement also requires mandatory prepayments in connection with certain asset sales and excess cash flow, subject to certain exceptions.
Borrowings under the senior secured credit facilities bear interest, at the Company's option, at an annual rate equal to (a) adjusted term SOFR, defined in a customary manner or (b) the base rate plus in each case an applicable rate.
For the Term Loan A Facility and the Revolving Credit Facility, the applicable rate under the Credit Agreement ranges from 1.375% to 2.25% for Term SOFR loans and 0.375% to 1.25% for Base Rate loans, in each case based on the Company's consolidated first lien net leverage ratio. For the Term Loan B Facility, the applicable rate under the Credit Agreement ranges from 1.75% to 2.25% for Term SOFR loans and 0.75% to 1.25% for Base Rate loans, in each case based on the Company's consolidated first lien net leverage ratio. Undrawn commitment fees under the Revolving Credit Facility range from 0.175% to 0.275% based on the Company's consolidated net leverage ratio.
The Credit Agreement contains financial covenants requiring the Company to maintain a maximum consolidated total net leverage ratio of 5.25 to 1.00, which steps down to 4.25 to 1.00 over time, and a minimum interest coverage ratio of 3.00 to 1.00, in each case measured as of the last day of each fiscal quarter, with measurement to commence on the last day of the first full fiscal quarter after the Closing Date. The maximum consolidated total net leverage ratio may be increased at the Company's option by 0.50 times in connection with certain qualifying material acquisitions.
The Credit Agreement contains certain affirmative and negative covenants that limit the ability of the Company, among other things and subject to certain significant exceptions, to incur debt or liens, make investments, enter into certain mergers, consolidations, asset sales and acquisitions, pay dividends and make other restricted payments and enter into transactions with affiliates. Additionally, the Credit Agreement contains certain events of default, including relating to a change of control. If an event of default occurs, the lenders under the Credit Agreement will be entitled to take various actions, including the acceleration of amounts due under the Credit Agreement.
Authorized Share Repurchase Program
In April 2025, the Company's Board of Directors authorized a share repurchase program of up to $200 million of the Company's issued and outstanding common stock. As of March 31, 2026, the Company has not purchased any shares under this authorized program.
The program has a duration of three years and is scheduled to expire on April 30, 2028. Repurchases may be made from time to time in amounts and at prices the Company deems appropriate, subject to certain restrictions under the Credit Agreement, market conditions, applicable legal requirements, debt covenants, and other considerations. Any such repurchases may be executed through open market purchases, privately negotiated agreements, or other transactions. The repurchase program may be suspended or discontinued at any time at the Company's discretion.
Cash Flows
The following table sets forth selected cash flow data for the three months ended March 31, (in thousands):
2026 2025
Net cash (used in) provided by:
Operating activities of continuing operations $ (34,553) $ 5,085
Investing activities of continuing operations (1,346,024) (194,990)
Financing activities 1,216,889 (62,394)
Discontinued operations 68,330 7,925
Effect of foreign exchange rate changes (19) 8
Net decrease in cash and cash equivalents $ (95,377) $ (244,366)
Operating Activities
Net cash used in operating activities of continuing operations for the three months ended March 31, 2026 of $34.5 million consisted of loss from continuing operations of $12.0 million, non-cash net charges totaling $20.2 million, which include depreciation, amortization, stock-based compensation and other non-cash charges, and $42.7 million of cash invested in working capital and other net operating assets. The cash invested in working capital and other net operating assets was primarily the result of increases in accounts receivable and inventory, partially offset by increases in accounts payable, largely the result of seasonal demand, as well as settlement of assumed liabilities related to success-based costs incurred by OmniMax as a result of the sale.
Net cash provided by operating activities of continuing operations for the three months ended March 31, 2026 of $5.1 million consisted of income from continuing operations of $23.1 million, non-cash net charges totaling $9.5 million, which include depreciation, amortization, stock-based compensation and other non-cash charges, and $27.5
million of cash invested in working capital and other net operating assets. The cash invested in working capital and other net operating assets was primarily the result of increases in accounts receivable largely the result of seasonal demand.
Investing Activities
Net cash used in investing activities for the three months ended March 31, 2026 of $1,346.0 million primarily reflected the acquisition of OmniMax for $1,337.9 million and a $2.1 million acquisition-payable payment related to one of the metal roofing businesses acquired in 2025, as well as net capital expenditures of $6.0 million.
Net cash used in investing activities for the three months ended March 31, 2025 of $195.0 million was primarily due to the acquisitions of Lane Supply and the two metal roofing related businesses totaling $184.6 million. To a lesser extent, net capital expenditures of $10.7 million, partially offset by receipt of a $0.3 million final working capital settlement resulting from the sale of the Company's electronic locker business within the Company's Residential segment in the fourth quarter of 2024, also contributed to the net investment of cash.
Financing Activities
Net cash provided by financing activities totaled $1,216.9 million for the three months ended March 31, 2026 primarily reflected $1,325.0 million of proceeds from long-term debt, which were used to fund the acquisition of OmniMax, refinance certain existing indebtedness, and pay related fees and expenses. These inflows were partially offset by $75.0 million of long-term debt repayments, $29.3 million of debt issuance cost payments, $3.4 million was used to repurchase common stock related to the net settlement of tax obligations for participants in the Company's equity incentive plans, and $0.5 million excise tax payment related to the repurchase of common stock in 2025 under the Company's authorized share repurchase program.
Net cash used in financing activities for the three months ended March 31, 2025 of $62.4 million consisted of common stock repurchases. The Company paid $60.0 million during the three months ended March 31, 2025 for the repurchase of 914,679 shares under the Company's authorized share repurchase program. The remainder of the repurchased common stock of $2.4 million related to the net settlement of tax obligations for participants in the Company's equity incentive plans.
Critical Accounting Estimates
There have been no material changes to the Company's critical accounting estimates during the quarter ended March 31, 2026 from those disclosed in the consolidated financial statements and accompanying notes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Recent Accounting Pronouncements
See Note 1 to the Company's consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on recent accounting pronouncements.
Gibraltar Industries Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 07, 2026 at 13:54 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]