Record Q2 for IBP
Acquisitions and product mix help drive sales and profits.
Installed Building Products reported company record second quarter sales of $371.8 million, up 11.8% from revenue of $332.6 million in the second quarter 2018.
The Columbus, Ohio-based building services provider also reported a record second quarter net income of $18.9 million, up 16% from a net income of $16.3 million for the same period last year.
Residential same branch sales increased 5.2% in the quarter, attributable to price gains and more favorable customer and product mix. Same branch single-family sales grew 4.4% during the second quarter while large commercial construction end-market had organic growth of 21%, the company reported.
During the quarter, IBP acquired Expert Insulation along with a Pennsylvania-based insulation installer, adding more than $15 million in annual revenue.
According to CEO Jeff Edwards, IBP will continue to pursue acquisitions that expand the company’s geography, products and end-markets.
IBP operates more than 175 branches and offers new residential insulation installation along with complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors.
The bottom line: A record second quarter for IBP as sales grow 11.8% and income rises 16%.
What the CEO said: “We continue to benefit from our diversified product and end-market strategy,” stated Jeff Edwards, chairman and CEO of Installed Building Products. “Our record financial results for the second quarter 2019 reflects our solid operating performance, strong position in compelling markets and an improving pricing environment. Our price/mix was up nearly 6% in the second quarter compared to the prior year quarter primarily as a result of realizing price increases.”
Company info: The full second quarter report from Installed Building Products can be read here.
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