Installed Building Products earnings soar
Installed Building Products (IBP) reported that first quarter 2019 net revenue increased 13.4% to $342.1 million from first quarter 2018 revenue of $301.7 million.
The Columbus, Ohio-based company also posted a net income of $8.8 million, up 38.2% compared to a net income of $6.4 million for the same period last year.
The installation installer and home building products service provider said residential same branch sales growth was 7%, with same branch single-family sales growth of 6.5% during the first quarter, compared to an increase in U.S. single-family housing completions of 4.2%.
IBP also witnessed commercial construction end-market growth of 6.6%.
The company’s mix of services includes waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors.
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Bottom Line: Net income soars 38.2% to $8.8 million.
From the CEO: “Demand remains strong throughout our geographies and end markets, as revenues increased 13.4% to $342.1 million,” said Jeff Edwards, chairman and CEO of IBP. “First quarter profitability was consistent with the normal seasonal trends within the industry. While builder orders and starts weakened in the fourth quarter of 2018, industry backlogs actually increased. Some of our installation services completed during the first quarter was related to this backlog without the benefit of recent selling price increases. We continue to make progress on improving pricing throughout our markets and we expect to see the contribution of these pricing trends as well as overall profitability improvement in the second half of 2019.”
Company Info: See IBP’s full earnings release here.
The Columbus, Ohio-based company also posted a net income of $8.8 million, up 38.2% compared to a net income of $6.4 million for the same period last year.
The installation installer and home building products service provider said residential same branch sales growth was 7%, with same branch single-family sales growth of 6.5% during the first quarter, compared to an increase in U.S. single-family housing completions of 4.2%.
IBP also witnessed commercial construction end-market growth of 6.6%.
The company’s mix of services includes waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors.
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Bottom Line: Net income soars 38.2% to $8.8 million.
From the CEO: “Demand remains strong throughout our geographies and end markets, as revenues increased 13.4% to $342.1 million,” said Jeff Edwards, chairman and CEO of IBP. “First quarter profitability was consistent with the normal seasonal trends within the industry. While builder orders and starts weakened in the fourth quarter of 2018, industry backlogs actually increased. Some of our installation services completed during the first quarter was related to this backlog without the benefit of recent selling price increases. We continue to make progress on improving pricing throughout our markets and we expect to see the contribution of these pricing trends as well as overall profitability improvement in the second half of 2019.”
Company Info: See IBP’s full earnings release here.