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INSTALLED BUILDING PRODUCTS REPORTS RECORD RESULTS
FOR FOURTH QUARTER AND FULL YEAR 2017
- Record Annual Revenues and Earnings
- Acquired $172 Million in Annual Revenues
- Authorizes $50 Million Stock Repurchase Program
Columbus, Ohio, February 28, 2018 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 full year ended December 31, 2017.
Fourth Quarter 2017 Highlights
|||Net revenue increased 28.2% to $299.9 million|
|||Net income was $10.8 million|
|||Adjusted EBITDA* increased 21.5% to $36.2 million|
|||Net income per diluted share was $0.34|
|||Adjusted net income per diluted share* increased 18.2% to $0.52|
|||In October 2017, acquired A+ Insulation, LLC, an insulation installer in Kansas City with annual revenues of $3.8 million|
|||In October 2017, acquired Building Solutions, LLC, an insulation installer in Oklahoma with annual revenues of approximately $2.0 million|
|||In December 2017, acquired Blind Ambitions, LLC, an installer of window blinds, shades and shutters in multiple locations throughout the Southeast with trailing-twelve month revenue of $9.4 million|
|||In December 2017, acquired Allpro Insulation Co, an insulation installer in Raleigh with trailing-twelve month revenue of $2.8 million|
|||In January 2018, acquired Rocket Insulation & Coatings Inc., an insulation installer in New York with annual revenues of $5.4 million|
|||In January 2018, acquired Allstate Insulation, an insulation installer in Kentucky with annual revenues of approximately $1.5 million|
|||IBPs Board of Directors authorized a $50 million stock repurchase program effective as of March 2, 2018 through February 28, 2019, unless extended by the Board of Directors|
IBPs record 2017 financial and operating results reflect the continued success of the Companys growth-oriented business model, disciplined acquisition strategy, and service-oriented culture, stated Jeff Edwards, Chairman and Chief Executive Officer. Since going public in February 2014, IBP has successfully grown revenues to a record $1.1 billion, a 162% increase from $431.9 million for the full year 2013. In addition, we have enhanced our business platform by diversifying our installation services and expanding our geographic footprint to many of the strongest U.S. housing markets. As a result, at December 31, 2017 67% of revenues were from insulation installation services versus 74% at December 31, 2013. This diversification and expansion strategy positions IBP to provide more installation services and deepens our relationships with builders across the country.
The following information was filed by Installed Building Products, Inc. (IBP) on Wednesday, February 28, 2018 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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