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INSTALLED BUILDING PRODUCTS REPORTS RESULTS
FOR FOURTH QUARTER AND FULL YEAR 2015
- Record Annual Revenues and Earnings
- Acquisitions Contributed $84.1 Million to Annual Revenues
- Management Optimistic 2016 Will Be Another Strong Year
Columbus, Ohio, March 2, 2016. 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, 2015.
Fourth Quarter 2015 Highlights
|||Net Revenue Increased 31.8% to $191.5 Million|
|||Adjusted EBITDA Increased 54.1% to $23.5 Million|
|||Operating Income Increased 62.1% to $15.1 Million|
|||Adjusted Net Income from Continuing Operations Per Diluted Share Increased 50.0% to $0.30|
Full Year 2015 Highlights
|||Net Revenue Increased 27.9% to a Record $662.7 Million|
|||Adjusted EBITDA Increased 61.7% to a Record $71.2 Million|
|||Operating Income Increased 75.7% to a Record $45.0 Million|
|||Adjusted Net Income from Continuing Operations Per Diluted Share Increased 64.8% to $0.89|
Throughout 2015, we achieved strong quarter-over-quarter growth and ended the year with record revenues and earnings, stated Jeff Edwards, Chairman and Chief Executive Officer. Our results reflect our continued focus and delivery on our growth strategy. Revenues increased nearly 28% to a record $662.7 million, inclusive of $84.1 million of acquired revenues, as well as strong same branch sales, which have exceeded the growth in U.S. housing completions for each quarter we have been a public company. We also achieved higher margins in 2015 on greater revenues and improved operating efficiencies, so that we achieved record Adjusted EBITDA and net income.
Acquisitions remain a strong component of our growth strategy, and we continue to have a robust pipeline of potential acquisitions. We believe 2016 will be another year with strong organic growth, the contribution of additional acquisitions, and a housing market that continues to show signs of recovery, concluded Mr. Edwards.
Fourth Quarter 2015 Results Overview
For the fourth quarter of 2015, net revenue was $191.5 million, an increase of 31.8% from $145.3 million in the fourth quarter of 2014. On a same branch basis, net revenue improved 14.8% from the prior year quarter, with over 60% of the growth attributable to an increase in the number of completed jobs, and the remainder through price gains and a more favorable customer and product mix. Single family same branch sales increased 18.1% as compared to an increase of 4.6% in single family completions (please refer to the Supplementary Tables at the end of this Press Release).
The following information was filed by Installed Building Products, Inc. (IBP) on Wednesday, March 2, 2016 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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