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INSTALLED BUILDING PRODUCTS REPORTS
RECORD SECOND QUARTER 2019 RESULTS
Columbus, Ohio, August 8, 2019. 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, 2019.
Second Quarter 2019 Highlights
Net revenue increased 11.8% to a record $371.8 million
Net income increased 16.0% to a record $18.9 million
Adjusted EBITDA* increased 8.9% to a record $49.6 million
Net income per diluted share increased 21.2% to a record $0.63 per diluted share
Adjusted net income per diluted share* increased 11.5% to a record $0.87 per diluted share
In June 2019, acquired Expert Insulation, Inc., an insulation installer serving the Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota markets with annual revenues of approximately $12.0 million
In June 2019, acquired a Pennsylvania-based insulation installer with annual revenues of approximately $3.6 million
We continue to benefit from our diversified product and end-market strategy, stated Jeff Edwards, Chairman and Chief Executive Officer. Our record financial results for the second quarter 2019 reflects our solid operating performance, strong position in compelling markets and an improving pricing environment. Our price / mix was up nearly 6% in the second quarter compared to the prior year quarter primarily as a result of realizing price increases. In addition, we believe industry dynamics remain positive as we experienced strong year-over-year growth across our single-family, multi-family and commercial end-markets. We expect this, combined with typical seasonal trends, to benefit results for the remainder of the year.
Our pipeline of acquisition candidates remains strong as we continue to pursue acquisitions that expand our geography and diversify our end-products and end-markets. I am extremely encouraged by the direction in which we are headed, and the positive business and market trends we are experiencing. As a result, we believe we are well-positioned for continued robust sales and earnings growth in 2019, concluded Mr. Edwards.
Second Quarter 2019 Results Overview
For the second quarter of 2019, net revenue was $371.8 million, an increase of 11.8% from $332.6 million in the second quarter of 2018. On a same branch basis, net revenue improved 7.8% from the prior year quarter. Residential same branch sales growth was 5.2% in the quarter, attributable to price gains and more favorable customer and product mix. Same branch single-family sales grew 4.4% during the second quarter, compared to growth in U.S. single-family housing completions of 6.1%, while our large commercial construction end market had organic growth of 21.0%.
Gross profit improved 12.1% to $107.3 million from $95.6 million in the prior year quarter. Adjusted gross profit*, as a percent of net revenue, was 29.0%, compared to 28.9% for the same period last year.
The following information was filed by Installed Building Products, Inc. (IBP) on Thursday, August 8, 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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