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Actionable news in IBP: INSTALLED BUILDING PRODUCTS Inc,

Installed Building Products Reports Results FOR THIRD QUARTER 2015

The following excerpt is from the company's SEC filing.

Net Revenue Increased 29.3% to $181.6 Million

Adjusted EBITDA Increased 53.9% to $22.4 Million

Operating Income Increased 43.2% to $15.5 Million

Adjusted Net Income Per Diluted Share Increased 60.0% to $0.32

Columbus, Ohio, October 28, 2015.

Installed Building Products, Inc. (the Company or IBP) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, announced today results for the third quarter ended September 30, 2015.

Third Quarter 2015 Highlights

Net revenue increased 29.3% to $181.6 million compared to third quar ter 2014; same branch sales increased 8.4% compared to third quarter 2014 attributable to higher volume, price gains and more favorable project mix

Adjusted EBITDA improved 53.9% to $22.4 million compared to third quarter 2014

Operating income increased 43.2% to $15.5 million compared to third quarter 2014

Adjusted net income per diluted share from continuing operations increased to $0.32, compared to $0.20 per diluted share in the third quarter 2014. GAAP earnings per diluted share attributable to common stockholders increased to $0.30 compared to earnings per diluted share of $0.19 in the third quarter 2014

In July 2015, acquired EcoLogic Energy Solutions, based in Stamford, Connecticut, which enhances the Companys presence in the Connecticut, New York and Northern New Jersey markets, with trailing twelve month revenues ending April 30, 2015 of approximately $6.0 million

In August 2015, acquired Eastern Contractor Services based in New Jersey and operating as Parker Insulation and Building Products in Southeastern Texas, which enhances the Companys presence in New Jersey, the New York metropolitan area, and Texas, with trailing twelve month revenues ending July 31, 2015 of approximately $23 million

We successfully executed our growth-oriented business strategy in the third quarter, which continues to produce strong financial results, stated Jeff Edwards, Chairman and Chief Executive Officer. Revenues grew $41.1 million, or 29.3%, for the 2015 third quarter as a result of an $11.7 million increase in organic revenues and a $29.4 million increase in revenues from recent acquisitions.

The housing market continues to recover in 2015 driven by growth in housing permits, starts, and completions. During the third quarter, we continued to increase sales organically, above the pace of single family completions. Acquisitions remain an important part of our business strategy and during

2015 we have acquired $85 million of annual revenues, which are quickly contributing to both revenues and earnings. Our capital position remains strong, and we have a robust pipeline of potential acquisitions for the remainder of the year and through 2016. With approximately two months remaining in 2015, we believe we will finish the year strong and that this positive momentum will continue into 2016, concluded Mr. Edwards.

Third Quarter 2015 Results Overview

For the third quarter of 2015, net revenue was $181.6 million, an increase of 29.3% from $140.5 million in the third quarter of 2014. On a same branch basis, net revenue improved 8.4% from the prior year quarter, with approximately 40% of the growth attributable to an increase in the number of completed jobs and the remainder through price gains and a more favorable customer and product mix.

Gross profit improved 34.8% to $53.4 million from $39.6 million in the prior year quarter. Gross margin expanded to 29.4% from 28.2% in the prior year quarter, primarily due to favorable leverage on higher net revenue and increased cost efficiencies.

Selling, general and administrative expense as a percentage of net revenue was 19.9% compared to 20.0% in the prior year quarter, primarily due to higher net revenues which offset costs to support higher end market activity.

Adjusted EBITDA was $22.4 million, a 53.9% increase from $14.6 million in the prior year quarter, largely due to higher net revenue and improvements in gross margin and SG&A leverage. Adjusted EBITDA as a percentage of net revenue grew 200 basis points to 12.4%, compared to 10.4% in the prior year quarter. Operating income was $15.5 million, an increase of 43.2% from $10.8 million in the prior year quarter.

Adjusted net income from continuing operations was $10.0 million, or $0.32 per diluted share, compared to $6.3 million, or $0.20 per diluted share in the prior year quarter. Adjusted net income from continuing operations adjusts for the impact of non-core items in both periods. On a GAAP basis, net income attributable to common stockholders was $9.5 million, or $0.30 per diluted share, compared to net income attributable to common stockholders of $6.2 million, or $0.19 per diluted share, in the prior year quarter.

Conference Call and Webcast

The Company will host a conference call and webcast on Wednesday, October 28, 2015 at 10:00 a.m. Eastern Time to discuss these results. To participate in the call, please dial 877-407-9039 (domestic) or 201-689-8470 (international). The live webcast will be available at www.installedbuildingproducts.com in the investor relations section. A replay of the conference call will be available through November 28, 2015, by dialing 877-870-5176 (domestic) or 858-384-5517 (international) and entering the passcode 13622913.

About Installed Building Products

Installed Building Products, Inc. is the nations second largest insulation installer for the residential new construction market and is also a diversified installer of complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, throughout the United States. The Company manages all aspects of the installation process for its customers, including direct purchases of materials from national manufacturers, supply of materials to job sites and quality installation. The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects from its national network of branch locations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to the demand for our services, expansion of our national footprint, our ability to capitalize on the new home construction recovery, our...


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