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INSTALLED BUILDING PRODUCTS REPORTS RECORD RESULTS
FOR FOURTH QUARTER AND FISCAL YEAR 2018
- Record Annual Revenues and Earnings
- Strong Price / Mix Growth in Fourth Quarter
- Completed 12 Acquisitions Representing Approximately $83 Million of Annual Revenues
- Returned $89.4 Million of Capital to Shareholders Through Repurchase Program During 2018
Columbus, Ohio, February 28, 2019 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 fiscal year ended December 31, 2018.
Fourth Quarter 2018 Highlights
Net revenue increased 17.8% to a record $353.1 million
Net income increased 52.6% to a record $16.5 million
Adjusted EBITDA* increased 20.5% to $43.6 million
Net income per diluted share increased 58.8% to $0.54 per diluted share
Adjusted net income per diluted share increased 38.5% to $0.72 per diluted share*
In October 2018, acquired Advanced Fiber Technology, a manufacturer of cellulose insulation and industrial fibers in Bucyrus, Ohio with annual revenues of approximately $18.0 million
In December 2018, acquired Carolina Glass & Mirror, Inc., a commercial and residential glass applications installer in North Carolina with annual revenues of $6.2 million
In December 2018, acquired Hamilton Benchmark Inc., a commercial fire-stopping solutions installer in Wisconsin with annual revenues of $1.3 million
During the fourth quarter, IBP repurchased 1.3 million shares of its common stock, for a total price of $46.5 million
IBP ended the year with strong operating and financial momentum, and I am encouraged by our fourth quarter performance, stated Jeff Edwards, Chairman and Chief Executive Officer. Throughout the year we worked with our suppliers and customers to successfully manage the atypical pricing environment. During the 2018 fourth quarter, price / mix contributed 7.8% of sales growth during the quarter, which combined with strong operating leverage helped drive record fourth quarter net income.
IBPs record results would not be possible if it wasnt for the dedication and commitment of our 7,700 employees across the United States. We experienced improved employee retention rates in 2018 as a direct result of our financial wellness program, longevity stock program, and various community engagement programs. In addition, IBP returned $89.4 million of capital back to shareholders through our stock repurchase program.
For 2018, sales increased 18.0%, outpacing the 3.4% year-over-year growth in total U.S. housing completions. This performance is a direct result of our ability to grow our core insulation installation business, while diversifying our installation services to new geographies, end markets, and product offerings. During 2018, IBP completed 12 acquisitions representing approximately $83 million of annual revenues. We also saw an 11.5% increase in sales of our large commercial construction installation business in 2018. As our financial results show, IBP continues to build upon its national platform of installation services and I am excited by future opportunities to grow and create greater value for our shareholders, concluded Mr. Edwards.
The following information was filed by Installed Building Products, Inc. (IBP) on Thursday, February 28, 2019 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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