Gibraltar Industries, Inc.

Greetings and welcome to the Gibraltar Industries first quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Carolyn Capaccio of LHA. Thank you, Carolyn. You may begin.

Thanks, Operator. Good morning, everyone, and thank you for joining us today. With me on the call is Bill Bosway, Gibraltar Industries Chairman, President, and Chief Executive Officer, and Tim Murphy, Gibraltar's Chief Financial Officer. The earnings press release that was issued this morning, as well as the slide presentation that management will use during the call, are both available in the Investors section of the company's website, GibraltarOne.com. Gibraltar's earnings press release and remarks contain non-GAAP financial measures, Tables of reconciliation of GAAP II adjusted financial measures can be found in the earnings press release that was issued today. Also, as noted on slide two of the presentation, the earnings press release and slide presentation contain forward-looking statements with respect to future financial results. These statements are not guaranteed the future performance, and the company's actual results may differ materially from the anticipated events, performance, or results expressed or implied by these forward-looking statements. Gibraltar advises you to read the risk factors, details, and its SEC filings, which can also be accessed through the company's website. Now I will turn the call over to Bill Bosway. Bill?

Thanks, Carolyn. Good morning, everyone, and thank you for joining today's call. We'll start with an overview of the first quarter 2023 results. Tim will then take you through our financial performance, and then I'll walk you through our 2023 outlook, and then we'll open the call for your questions. So let's turn to slide three, titled First Quarter 2023 Results. We got off to a good start in the quarter and delivered the net sales, earnings, and cash performance we expected going into the year and saw a 20% sequential growth and order backlog as the pace of business really started to increase. For the quarter, we delivered 14% adjusted operating income improvement, 17% adjusted EPS growth, and 12% free cash flow margin on a net sales decrease of 8%. We also paid down a large portion of our revolver draw and funded additional purchases on our share repurchase authorizations. Current trends in our end markets and positive customer order activity are also developing as expected and align and support our expectations and 2023 guidance. Let me give you a quick snapshot of our end markets. Start with renewables. Bookings increased at a very solid pace during the quarter, nearly doubled sequentially. As a result, our backlog increased 34% sequentially, and year-over-year backlog comparisons are expected to turn positive as the pace of business continues to strengthen. We also continue to partner and align with customers who are advancing through the UFLPA learning curve and securing panels from other sources for their respective projects. In residential, we're starting to see positive market momentum. Recent customer point of sale results are illustrating positive in-market growth as the residential season begins. Channel inventory is back in balance with seasonal norms. Participation gains with new and existing customers are beginning to have an impact. and the acquisition of QAP has expanded our presence in new geographies and in markets. In ag tech, we saw good momentum across our commercial business, our largest greenhouse segment today. In the quarter, we experienced some project re-scoping as a couple of our customers increased the size and capability of their growing designs, and when finalized, we expect bookings and backlog to increase and drive demand this year, as the active project pipeline is currently at its highest level in company history, driven by large produce and cannabis projects. Our infrastructure business is experiencing solid demand momentum and is expected to continue as new bookings accelerate and drive order backlog accordingly. This business is really set up for a good year. So in summary, we delivered good results in the first quarter by executing our key initiatives and staying focused on what matters most. We continued to simplify and focus. We delivered the first quarter in line with our expectations. And as a result, we remain confident in our full year guidance as well. And with that, I'll turn it over to Tim for a review of our results. Tim?