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INSTALLED BUILDING PRODUCTS REPORTS RECORD REVENUE FOR THIRD QUARTER 2018 AND EXPANDS STOCK REPURCHASE PROGRAM BY $100.0 MILLION
Columbus, Ohio, November 1, 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 third quarter ended September 30, 2018.
Third Quarter 2018 Highlights
Net revenue increased 18.2% to a record $349.0 million
Net income increased 29.6% to $15.6 million
Adjusted EBITDA* increased 11.2% to $43.8 million
Net income per diluted share increased 31.6% to $0.50
Adjusted net income per diluted share* increased 26.3% to $0.72
Purchased 381 thousand shares of common stock for approximately $18.2 million
In September 2018, acquired Water-Tite Solution, Inc., a provider of commercial waterproofing installation services in the Tampa, Florida market with annual revenue of over $6.0 million.
In September 2018, acquired Trademark Roofing and Gutters, a provider of roofing and gutter installation services primarily to the new residential construction market in Raleigh, North Carolina with annual revenue of approximately $9.0 million.
In August 2018, acquired Cutting Edge Glass, a provider of glass and glazing systems primarily to the commercial construction market in Denver, Colorado with annual revenue of over $10.0 million.
In October 2018, acquired Advanced Fiber Technology, a manufacturer of cellulose insulation, asphalt, and industrial fibers in Bucyrus, Ohio with annual revenues of approximately $18.0 million
IBPs Board of Directors expands stock repurchase program by $100.0 million, effective as of November 5, 2018, and extends program through February 28, 2020
IBP achieved record revenue in the 2018 third quarter, which was driven by our presence in many of the countrys strongest housing markets. Third quarter revenue growth also benefitted from the contribution of our recent acquisitions, strong revenue performance at Alpha, and price/mix growth, stated Jeff Edwards, Chairman and Chief Executive Officer. We reported strong year-over-year earnings growth in the quarter, even though profitability was impacted by material inflation of approximately $4.5 million as manufacturers continue to announce price increases. We are proactively working with customers and suppliers to mitigate these cost impacts, and believe it may take a few quarters for us to fully address the current inflationary material price environment.
Our proven acquisition strategy is focused on geographic, product, and end market expansion and I am encouraged by the performance of our recent acquisitions. IBPs pipeline remains strong and we continue to pursue accretive acquisitions that fit our criteria. Given IBPs current valuation and the strength of our balance sheet, we are pleased with the Boards decision to approve a $100.0 million expansion of our stock repurchase program, which demonstrates our commitment to creating shareholder value and our focused approach on maximizing returns on capital.
The following information was filed by Installed Building Products, Inc. (IBP) on Thursday, November 1, 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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