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INSTALLED BUILDING PRODUCTS REPORTS RECORD RESULTS
FOR FOURTH QUARTER AND FULL YEAR 2016
- Record Annual Revenues and Earnings
- Acquisitions Contributed $97 Million to Annual Revenues
- Management Optimistic 2017 Will Be Another Strong Year
Columbus, Ohio, February 27, 2017 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 full year ended December 31, 2016.
Fourth Quarter 2016 Highlights
|||Net revenue increased 22.2% to $234 million|
|||Net income increased 19.3% to $11 million|
|||Adjusted EBITDA* increased 26.9% to $30 million|
|||Net income per diluted share increased 16.7% to $0.35|
|||Adjusted net income per diluted share* increased 29.4% to $0.44|
|||In October 2016, acquired East Coast Insulators, a provider of installation service to residential and commercial customers with two locations in Virginia, and trailing-twelve month revenues of approximately $20 million|
|||In November 2016, acquired M.G.D. Inc., a provider of garage doors and services to residential and commercial customers with one location in Indiana, and trailing-twelve month revenues of approximately $1 million|
|||In November 2016, acquired 3R Products & Services, LLC, an installer of shower doors, shelving, and mirrors to residential homebuilders in the greater Indianapolis, Indiana market, and trailing-twelve month revenues of approximately $5 million|
|||In January 2017, closed the previously announced acquisition of Trilok Industries, Inc., Alpha Insulation and Waterproofing, Inc., and Alpha Insulation and Waterproofing Company, a provider of waterproofing, insulation, fireproofing, and fire stopping services to commercial contractors with nine locations throughout the southern U.S., and trailing-twelve month revenues of approximately $89 million|
IBP achieved many milestones during 2016 including record revenues and earnings, the addition of nearly $100 million in acquired revenues, and the announcement of the acquisition of Alpha Insulation and Waterproofing, the largest acquisition we have made to date, stated Jeff Edwards, Chairman and Chief Executive Officer. I am extremely pleased with these accomplishments, which have improved our competitiveness and further enhanced our residential and commercial growth opportunities. For the year, total revenues increased 30.2% to a record $863 million driven by single family sales growth of 28.2% and exceptionally strong multi-family sales growth of 54.1%. This growth was due to our nationwide presence in many of the countrys strongest housing markets, our focus on customer service, outstanding customer relations, and the dedication of our team.
The following information was filed by Installed Building Products, Inc. (IBP) on Monday, February 27, 2017 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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