Installed Building Products mounts big Q4 sales

Installed Building Products (IBP) reported fourth quarter 2020 net revenue increased 10% to a company, quarterly record of $441.5 million from net revenue of $401.2 million in the fourth quarter 2019.

On a same-branch basis, net revenue improved 2.8% from the prior year quarter. Residential same-branch sales growth was 5.5% in the quarter, attributable to a higher volume of jobs completed, compared to an increase in total completions of 3.5%. 

The Columbus, Ohio-based installation and building products installer posted sales of 

For the full fiscal year 2020, net revenue was $1.653 billion, an increase of 9.4% from $1.511 billion in 2019. On a same-branch basis, net revenue improved 4.5% from the prior year. Residential same branch sales growth was 4.7% for the year, attributable to price gains and end-market and product mix, compared to an increase in total completions of 2.5%. 

Commercial sales grew 40% for the fourth quarter and 15.3% for the year.

IBP posted a net income of $27.8 million for the quarter, rising 44.8% from a net income of $19.2 million in the fourth quarter in the prior year. For the full year, IBP’s net income jumped 42.5% to $97.2 million compared to a net income of $68.2 million in the previous year.

The company acquired four businesses in the fourth quarter, which bring in additional annual revenue of $49.5 million, including Custom Glass & Doors in Georgia, WeatherSeal Insulation in New Jersey, Insulation Contractors/Magellan Insulation (Icon) and Norkote, both based in Washington.