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INSTALLED BUILDING PRODUCTS REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2014
Increased Net Revenue 19.9% to $518.0 Million in Full Year 2014
Increased Adjusted EBITDA 73.6% to $44.0 Million in Full Year 2014
Operating Income Increased 95.6% to $25.6 Million in Full Year 2014
Columbus, Ohio, March 4, 2015. Installed Building Products, Inc. (the Company or IBP) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, announced today results for the fourth quarter and full year ended December 31, 2014.
Fourth Quarter 2014 Highlights
|||Net revenue increased 21.7% to $145.3 million compared to fourth quarter 2013; same branch sales increased 16.2% attributable to higher volume, price gains, and a more favorable customer and product mix|
|||Adjusted EBITDA grew 65.3% to $15.2 million compared to fourth quarter 2013|
|||Operating income improved 105.3% to $9.3 million compared to fourth quarter 2013|
|||Adjusted net income per share increased to $0.20, compared to $0.15 per share in the fourth quarter 2013. GAAP earnings per share increased to $0.16 compared to earnings per share of $0.03 in the fourth quarter 2013|
|||In November 2014, acquired Installed Building Solutions, LLC, an installer of insulation, which strengthened the Companys presence in Minnesota, Wisconsin and North Dakota|
Full Year 2014 Highlights
|||Net revenue increased 19.9% to $518.0 million compared to full year 2013; same branch sales increased 16.4%|
|||Adjusted EBITDA improved 73.6% to $44.0 million compared to full year 2013|
|||Operating income increased 95.6% to $25.6 million compared to full year 2013|
|||Adjusted net income per share increased to $0.54, compared to $0.34 per share in full year 2013. GAAP net loss per share was $0.20 compared to a net loss per share of $0.01 in full year 2013|
The positive momentum in our business continued through the fourth quarter of 2014, resulting in solid growth in our net revenue and profitability for the full year of 2014, stated Jeff Edwards, Chairman and Chief Executive Officer. In the fourth quarter, we were especially pleased with our 21.7% increase in net revenue which resulted in another quarter of significant operating leverage. Our profitable growth strategy remains focused on providing exceptional service to our customers at the local level, capitalizing on improving residential end markets and pursuing select accretive acquisitions to continue driving strong results. Into 2015, we expect housing completions to continue improving at a steady pace and we are energized by our prospects to continue scaling our business in a disciplined manner to further expand our national network of attractively positioned branch locations.
The following information was filed by Installed Building Products, Inc. (IBP) on Wednesday, March 4, 2015 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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