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INSTALLED BUILDING PRODUCTS REPORTS RESULTS
FOR FIRST QUARTER 2019
Columbus, Ohio, May 2, 2019 Installed Building Products, Inc. (the Company or IBP) (NYSE:IBP), an industry-leading installer of insulation and complementary building products, today announced results for the first quarter ended March 31, 2019.
First Quarter 2019 Highlights (year-over-year)
Net revenue increased 13.4% to $342.1 million
Net income increased 38.2% to $8.8 million
Adjusted EBITDA* increased 13.5% to $35.7 million
Net cash provided by operating activities increased 161.1% to $15.9 million
Net income per diluted share increased 50.0% to $0.30
Adjusted net income per diluted share* increased 13.3% to $0.51
In March 2019, acquired 1st State Insulation, LLC, an insulation installer in Delaware with annual revenues of approximately $8.8 million
In March 2019, launched the Installed Building Products Foundation a foundation led by IBP employees for IBP employees, their families, and their communities.
Demand remains strong throughout our geographies and end markets, as revenues increased 13.4% to $342.1 million, stated Jeff Edwards, Chairman and Chief Executive Officer. First quarter profitability was consistent with the normal seasonal trends within the industry. While builder orders and starts weakened in the fourth quarter of 2018, industry backlogs actually increased. Some of our installation services completed during the first quarter was related to this backlog without the benefit of recent selling price increases. We continue to make progress on improving pricing throughout our markets and we expect to see the contribution of these pricing trends as well as overall profitability improvement in the second half of 2019.
Overall I am pleased with the strong start to the year and encouraged by current demand trends within the housing industry. In addition, we remain focused on our acquisition strategy, prioritizing geographic expansion. We have a strong pipeline of acquisition candidates, which includes insulation installers that expand our footprint and complementary building product companies that diversify our end markets. As a result of the strong start to the year, favorable industry trends, and the benefits of our acquisition strategy, we believe we are positioned for a strong year of sales growth and expanded profitability in 2019, concluded Mr. Edwards.
First Quarter 2019 Results Overview
For the first quarter of 2019, net revenue was $342.1 million, an increase of 13.4% from $301.7 million in the first quarter of 2018. On a same branch basis, net revenue improved 7.4% from the prior year quarter, with more than half of the increase attributable to price gains and more favorable customer and product mix, and the remainder attributable to the growth in the number of completed jobs. Residential same branch sales growth was 7.0%, with same branch single-family sales growth of 6.5% during the first quarter,
The following information was filed by Installed Building Products, Inc. (IBP) on Thursday, May 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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