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INSTALLED BUILDING PRODUCTS REPORTS RESULTS
FOR SECOND QUARTER 2018
Columbus, Ohio, August 2, 2018. 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 second quarter ended June 30, 2018.
Second Quarter 2018 Highlights
|||Net revenue increased 17.9% to a record $332.6 million|
|||Net income increased 36.3% to a record $16.3 million|
|||Adjusted EBITDA* increased 16.2% to a record $45.6 million|
|||Net income per diluted share increased 36.8% to $0.52|
|||Adjusted net income per diluted share* increased 32.2% to $0.78|
|||In June 2018, successfully increased the size of its existing Term Loan B facility as well as its revolving credit facility and extended the maturity date for each by approximately one year.|
|||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 sales of approximately $7.5 million|
|||In May 2018, acquired Green Star Plus Insulation, an insulation installer located in Southern Indiana with approximately $2.3 million in sales.|
|||In May 2018, acquired Advanced Insulation, a spray foam and fiberglass installer located in St Augustine, Florida with approximately $1.3 million in sales.|
Record revenues and an improving pricing environment helped IBP produce record adjusted EBITDA* for the 2018 second quarter, stated Jeff Edwards, Chairman and Chief Executive Officer. We continue to successfully negotiate better pricing with our customers and experienced strong price momentum during the quarter. Based on current and improving market conditions, we believe pricing will continue to improve throughout the remainder of the year, which will benefit margins and incremental earnings. In addition, IBP produced strong operating leverage during the quarter with selling and administrative expenses as a percent of revenues at the lowest level weve reported since the Company went public in 2014.
We remain committed to our acquisition growth strategy and believe we have developed a strong, unique, and experienced platform. Since our IPO in 2014, we have acquired a diverse group of installation businesses, representing more than 40 companies and approximately $425 million of annual revenues at the time of acquisition. IBPs pipeline remains strong as we continue to pursue accretive acquisitions that expand our geographic presence and diversify our product and end market mix. We continue to expect 2018 will be another year of record sales and earnings.
Second Quarter 2018 Results Overview
For the second quarter of 2018, net revenue was $332.6 million, an increase of 17.9% from $282.2 million in the second quarter of 2017. On a same branch basis, net revenue improved 11.3% from the prior year quarter. Residential same branch sales growth was 12.1% in the quarter, with more than half of the increase attributable to growth in the number of completed jobs and the remainder through price gains and more favorable customer and product mix. Same branch single-family sales grew 14.5% during the second
The following information was filed by Installed Building Products, Inc. (IBP) on Thursday, August 2, 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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