COLUMBUS, Ohio – Installed Building Products, Inc. (NYSE:), a leading manufacturer of insulation and construction products, reported a strong first quarter with record earnings that beat analysts’ expectations.
The company’s adjusted earnings per share (EPS) for the first quarter ended March 31, 2024 reached $2.47, beating analysts’ estimates of $2.30. This figure represents a significant increase of 14.9% compared to the same quarter last year.
Net revenue rose 5.1% to $692.9 million, beating the consensus estimate of $683.65 million and marking a notable increase from $659.3 million in the previous year’s first quarter. Installation revenue, which includes sales from recent acquisitions, contributed to that growth, rising 5.3% to $655.9 million. Other revenue, which includes the company’s manufacturing and distribution activities, also rose to $37.0 million from $36.6 million.
IBP’s net income rose to a record first quarter of $55.9 million, up 13.4% from the prior year. The company’s net profit for the quarter rose to 8.1% from 7.5% in the previous year. Adjusted EBITDA followed suit, setting a first-quarter record, rising 11.6% to $117.3 million.
Chairman and CEO Jeff Edwards commented on the results: “Our financial results for the first quarter reflect improvement in our single-family home end market and continued healthy sales growth in our multifamily home end market. We believe our customers are committed to building single-family homes in the current macroeconomic and industrial environment.”
Edwards also highlighted the company’s strategic focus, which resulted in record net income and adjusted EBITDA margin for the three months ended March 31, 2024. With a strong balance sheet and cash flow generation, IBP is prioritizing acquisitions and cash dividend distributions while also considering common stock repurchases.
remove advertising
.
Looking ahead, IBP’s board of directors declared a regular second quarter cash dividend of $0.35 per share, representing a 6% increase over last year’s second quarter cash dividend payment. This announcement is consistent with the company’s commitment to delivering shareholder value and confidence in its financial strength.
IBP’s acquisition strategy remains a key component of its growth, with recent acquisitions of First State Building Products, LLC and Trade Partners, Inc. expected to fuel the company’s expansion and revenue growth.
This article was created with the help of AI and reviewed by an editor. For more information please see our Terms and Conditions.