Installed Building Products posts sales growth
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.
Eco Building Products expands its production capabilities
Eco Building Products, Inc. is beefing up its production through the purchase of additional automated coating equipment and the use of a currently operational facility in Augusta, Ga.
The increased production capacity will help boost panel production to meet increasing big box demands, especially in the Northeastern U.S, the company said.
"The demand in the northeast started with one house, and today we are positioned with multiple coating lines and affiliate production facilities to support that market," said president and CEO Steve Conboy. "More recently, Eco sold a whole-house pack into Omaha, Nebraska and already the supply chain is calling for Eco Red Shield protected lumber. In the Pacific Northwest, Eco’s Salem facility remains fairly busy with lumber distributors like Shelter Products and Blazer Industries sending product in for coating services to support production jobsites in Texas, Colorado and pre-fab buildings heading off-shore into Hawaii."
The company will also refurbish an existing production line under the provisions of its quality control program. The line is outfitted with pre- and post-conditioning tunnels for added quality.
"We are expecting the same in the south as we are getting calls from distributors already," added Conboy. "Once we raise the Eco Flag in the south, it is certain that the market will come to Eco for coating services because we are convincing the lumber industry Eco is the best in the business and here to stay."
Centex Homes recalls solar panels, citing fire hazard
Centex Homes is recalling approximately 240 homes’ worth of SolarSave roof panels, which have been reported to pose a fire hazard.
So far, two incidents have been reported involving roof fires in or near the panels, both in homes sold by Centex. No injuries have yet been reported.
The recall affects Open Energy 34 watt (OE-34) Solar Panel energy systems sold under the brand name Open Energy SolarSave Roofing Tiles. The affected modles are brown, terracotta and gray OE-34 SolarSave tiles installed on new homes sold by Centex.
Centex says it has directly contacted the customers impacted by the recall and performed free installations of new solar panels.