Net revenue increased 30.6% for Installed Building Products, rising to $119.3 million,
Net income from continuing operations was reported as $2.4 million, essentially flat from the prior-year quarter.
The company, which describes itself as "the nation's second largest insulation installer for the residential new construction market," said the growth was the result of improving demand for services, especially in new residential end markets.
"We are well positioned to continue capitalizing on the new-home construction recovery, strengthening our market position and pursuing value-enhancing acquisitions while remaining disciplined with our costs to improve profitability," said Jeff Edwards, chairman and CEO. "In the first quarter of 2014, adverse winter weather conditions have slowed sales growth in many of our markets due to delayed construction activity; however, we expect to regain most of any weather-impacted demand during the remainder of the year.”
For the full year of 2013, net revenue was $431.9 million, an increase of 43.4% from $301.3 million in the full year of 2012. On a same branch basis, net revenue increased 29.6% from the prior year.
Also for the full year, net income from continuing operations was $6.6 million, compared with a net loss from continuing operations of $4.3 million in the prior year.
In addition to insulation, IBP also installs garage doors, rain gutters, shower doors, closet shelving and mirrors throughout the United States.