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INSTALLED BUILDING PRODUCTS REPORTS RECORD RESULTS
FOR FIRST QUARTER 2018
Columbus, Ohio, May 3, 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 first quarter ended March 31, 2018.
First Quarter 2018 Highlights
|||Net revenue increased 18.0% to $301.7 million|
|||Net income was $6.4 million|
|||Adjusted EBITDA* increased 19.4% to $31.4 million|
|||Net income per diluted share was $0.20|
|||Adjusted net income per diluted share* increased 28.6% to $0.45|
|||Purchased 413 thousand shares of common stock for approximately $24.6 million|
|||In January 2018, acquired Rocket Insulation & Coatings Inc., an insulation installer in New York with annual revenues of approximately $5.4 million|
|||In January 2018, acquired Allstate Insulation, an insulation installer in Kentucky with annual revenues of approximately $1.5 million|
|||In March 2018, acquired Custom Overhead Door, LLC, a provider of garage door, gates and access control systems and maintenance services to commercial and residential customers in North Carolina with annual revenues of approximately $15.0 million|
|||In April 2018, acquired H2H Blinds, LLC, an installer of blinds and shutters primarily for the residential construction market in Georgia and North Carolina with annual revenues of approximately $7.5 million|
First quarter net revenues increased at a strong rate, outpacing completions growth, as we achieved our first quarter with revenues over $300 million, stated Jeff Edwards, Chairman and Chief Executive Officer. The 18.0% increase in net revenue during the first quarter was driven by IBPs presence in strong housing markets, the contribution of our recent acquisitions, and the growing diversity of installation services across our end markets and products. During the 2018 first quarter, net revenues per total U.S. housing completions was $1,136, an increase of 9.0% from the same period last year and is up 61.6% over the past three years. IBPs growth in revenues per completions reflects the proactive strategy to diversify IBPs installation services to complementary building products with similar margin characteristics. Diversifying IBPs product mix allows IBP to provide more installation services to our customers, expand our end markets, and deepen our relationships with builders across the country.
As we stated last quarter, manufacturers have aggressively increased pricing in 2018, which impacted first quarter profitability. While we are actively adjusting pricing with our customers, we realized selling price increases at a slower rate than the increase in material costs. We have been successful negotiating better pricing with our customers and experienced accelerating price momentum during the month of March. As a result, we believe pricing will continue to improve during the second quarter, which will benefit margins and incremental earnings.
The following information was filed by Installed Building Products, Inc. (IBP) on Thursday, May 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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