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INSTALLED BUILDING PRODUCTS REPORTS RECORD RESULTS
FOR FOURTH QUARTER AND FISCAL YEAR 2019
Annual Revenue Increased 13.1% to a Record $1.5 Billion
Annual Diluted EPS Increased 30.3% to a Record $2.28 per share
Cash Flow from Operations Increased 27.4% to a Record $123.1 Million
Completed Eight Acquisitions Representing Approximately $64 Million of Annual Revenues
Columbus, Ohio, February 27, 2020 Installed Building Products, Inc. (the Company or IBP) (NYSE:IBP), an industry-leading installer of insulation and complementary building products, today announced record results for the fourth quarter and fiscal year ended December 31, 2019.
Fourth Quarter 2019 Highlights (Comparisons are to Prior Year Period)
Net revenue increased 13.6% to a quarterly record of $401.2 million
Large commercial construction revenue increased 10.2%
Net income increased 16.5% to a record $19.2 million
Adjusted EBITDA* increased 27.5% to a fourth quarter record of $55.6 million
Net income per diluted share increased 18.5% to $0.64
Adjusted net income per diluted share* increased 27.8% to $0.92
In November 2019, acquired Premier Building Supply, LLC., a residential insulation and garage door installer in Utah with annual revenues of $23.0 million
In December 2019, acquired Gulf Coast Insulation, a spray foam and fiberglass insulation installer in Florida with annual revenues of $4.7 million
In December 2019, the Installed Building Products Foundation announced that the organization exceeded its goal of donating $1 million during the year to nonprofits and individuals
In December 2019, the company completed the repricing of its existing $200 million Term Loan B facility
IBP achieved another strong year of record revenue and earnings, stated Jeff Edwards, Chairman and Chief Executive Officer. As expected, 2019 benefited from a pricing environment more in line with historical trends compared to the pricing landscape in 2018, and positive overall market dynamics. In addition, our geographic, end market, and product diversification strategies continue to strengthen our results. Revenue from commercial customers was 18.2% of total revenue in 2019, compared to 16.5% in 2018, while non-insulation revenue was 35.8% of total revenue compared to 34.4% in the prior year. In addition, 2019 was another strong year for acquisition growth as we completed eight acquisitions, representing $64 million of annual revenue during the year.
Our record results reflect the ongoing dedication of our more than 8,000 employees across the U.S. Our commitment to our employees through our financial wellness program, longevity stock program, and various community engagement programs continue to have a positive impact on employee retention rates as evidenced by our improved employee turnover in 2019 which remains well below the industry average.
As we look to the new year, the housing market remains healthy, the pricing environment continues to follow historic trends, and we expect to continue to benefit from our national platform, profit focused business model, and the increasing diversification of our business. I am extremely proud of the financial and operating accomplishments we achieved in 2019 and remain excited by the continued opportunities IBP has to grow and create even greater value for our shareholders, concluded Mr. Edwards.
The following information was filed by Installed Building Products, Inc. (IBP) on Thursday, February 27, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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