Gibraltar Industries Inc (NASDAQ: ROCK), a manufacturer and provider of services and products for the renewable energy, residential, agtech, and infrastructure markets, recently reported its financial and operational results for the second quarter of 2021.
According to Gibraltar CEO and president Bill Busway, the company delivered a solid performance amid a dynamic and inflationary market environment with 37% of revenue growth, 8% of adjusted operating income growth, and adjusted EPS growth of 7%. In addition, the order backlog increased 54% (32% on a proforma basis) to more than $400 million, a record for the company.
Busway added that material cost inflation continued to accelerate towards the end of 1Q2021. However, working with customers and suppliers in 4Q2020 helped the company implement an ongoing pricing and productivity initiative that has helped it manage these dynamics and deliver 2Q2021 results. Furthermore, the integration of Sunfig and TerraSmart is on track while the company’s Agtech business is recovering as planned, and overall demand is in line with expectations.
The company’s net sales from continuing operations rose by 36.5% to $348.4 million, with a 14% contribution by organic growth and 22.5% by recent acquisitions. Organic growth was a result of increasing market demand and gains in participation for all segments.
Gibraltar also reported a 7.8% increase in the GAAP earnings of $0.80 per share ($26.4 million) and a 6.9% increase in adjusted earnings of $0.80 per share ($26.3 million). This resulted from continued execution across the business segments, 80/20 productivity initiatives, and the TerraSmart acquisition.
Remarkable results from the renewable business
The headwinds affecting the solar industry in 1Q2021, including supply chain challenges with panels, steel inflation, and the safe harbor ITC extension announced in December 2020, continued into 2Q2021. Nevertheless, the renewable business accelerated, delivering year-over-year revenue growth of 95.2%, through combining the legacy and TerraSmart businesses and pro forma organic growth of 25%. The growth resulted from increased demand across the company’s vast offering of fixed to tracker, canopy, and eBos product solutions.
Curaleaf Holdings Inc (OTCMKTS: CURLF) Announces Revenue of $312 Million in Second Quarter of 2021
Curaleaf Holdings Inc (OTCMKTS: CURLF) is a top global cannabis-based consumer products corporation that recently announced a $312 million revenue in Q2 F21. The company provided all this information in U.S dollars.
Total revenue recorded in Q2 F21 was $312 million, representing a year-over-year increase of 166%, compared to the $117 million reported in the same quarter of the previous fiscal year. When they excluded international business operations, total revenue came to $307 million. In the second quarter of this fiscal year, the company opened a total of five new cannabis and CBD-based dispensaries. This included a second New Jersey location, one in Illinois, two in Pennsylvania, and an adult-use retail store in Maine (the first of its kind), which pushed the company’s total to 107 dispensaries by the end of the quarter.
The retail revenue recorded by the company was $222 million, which represented a 235% year-over-year growth and 18.4% sequential growth. Robust growth in the company’s retail business operations was mainly driven by the increase in repeat clients/customers and new customer acquisition. Retail revenue made up for 71% of the company’s total revenue.
Wholesale revenue came to $89 million, which was 29% of all its revenue. Strong wholesale operation growth was driven primarily by the boost in sales productivity and new accounts additions. Gross profit recorded in this quarter was $155 million, which was a lot more than the $43 million they recorded in the same quarter of the previous fiscal year.
CurAleaf’s Executive Chairman, Boris Jordan, said that July is when the United States introduced the most comprehensive cannabis-related reform that the Federal government has ever proposed. Combined with the significant investments the company is making in distribution, cultivation, and production and United States state-level liberation, the CEO said that they’re developing a robust foundation for future growth. He claimed that this includes expanding their Connecticut, New Jersey, and New York markets in the short-term.
Canopy Growth Corp (NASDAQ: CGC) Records Revenue Growth of 23% in Q1 F22
Canopy Growth Corporation (NASDAQ: CGC) is a global, diversified CBD-based and cannabis consumer product corporation that focuses on strengthening communities, ending prohibition, and improving lives by showing the true power of cannabis recently reported revenue growth of 23% in Q1 F22.
Canopy’s Chief Executive Officer, David Klein, said that with a robust foundation and right strategy in place, they’re confident in their ability to achieve long-term success as the company’s brands and products show how appealing they are to the consumers in their core markets. He continued to say that while they’re encouraged by the United States’ regulatory advancements, the company isn’t waiting and will continue to scale the business efforts on Canadian and U.S. soil with a new, innovative, and exciting product pipeline set for the fiscal quarters ahead.
The CEO said that the company continues to boost operational efficiencies and cost savings across the board and are quite on track to hit their target range of $150 to $200 million in the next fiscal year. He confirmed that they’re looking forward to scaling their new and improved operating model as they push their profitability goals forward.
Recorded a $136 million net revenue in Q1 F22, a 23% increase from what they reported in the same quarter of the previous fiscal year. This is was largely due to the significant double-digit growth the company experienced across cannabis products in Canada and other CBD-related consumer products. The cannabis net revenue came to about $93 million in this quarter being highlighted, which represented a 17% increase from the same quarter of the previous fiscal year.
There was a decline of 17% in total operating expenses in Q2 F22. Year-over-year reductions in R&D (research and development) and G&A (general and administrative) are one of the things that helped drive the decline of total operating expenses in this quarter. The company also reported $390 million in net earnings in Q2 F22 and $64 million Adjusted EBITDA in the same quarter.
GrowGeneration Corp (NASDAQ: GRWG) Reports $125.9 Million Revenue in Q2 F21
GrowGeneration Corp (NASDAQ: GRWG) is a vast chain of organic garden and specialty hydroponic facilities with fifty-eight centers across twelve states, which recently announced record revenue of $125.9 million in Q2 F21. This was way more than the $43.5 million they recorded in the same quarter of the previous fiscal year. GrowGeneration also reported a record pre-tax GAAP net income of roughly $9.6 million in the same quarter, more than the $2.7 million they had in the same quarter of the previous fiscal year. In addition, they recorded a $0.11 diluted earnings per/share, tax expense included in the same quarter.
The company’s Chief Executive Officer and Co-Founder, Darren Lampert, said that GrowGeneration’s team managed to deliver an exceptionally robust second quarter, with a 190% increase in revenues compared to what they recorded in the same quarter of the previous financial year. The entire company managed to bring in more revenue in Q1 F21 than it did the whole of the last financial year. The CEO said that they closed twelve acquisitions this financial year, adding a total of twenty hydroponic retail sites, bringing the company’s capacity to fifty-eight. He further claimed that their ability to both buy and attract the country’s largest hydroponic operators was again evident when they signed the nation’s third-largest hydroponic operator, HGS Hydro. It looks like the strategies that were implemented by the company many quarters ago are starting to help boost margins.
Mr. Lampert said that they increased their inventory positions in all the key product sectors so that they could be well-prepared for price increases. The company also expanded its private-label purchases. He claimed that their proprietary and private-label products now make up roughly 7% of their overall sales. He said that he was both encouraged and proud with their gross profit margin, which happened despite container cost increases, supply chain interruptions, and port delays.