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Mar 31, 2024
TopBuild Q1 2024 Earnings Report
TopBuild's first quarter results reflected business strength and operational improvements.
Key Takeaways
TopBuild reported a 1.1% increase in sales, reaching $1.3 billion in the first quarter. The company's gross margin and adjusted EBITDA margin both expanded by 100 basis points, showcasing improved profitability. TopBuild also announced a $1 billion share repurchase authorization, signaling confidence in its long-term strategy.
Sales increased by 1.1% to $1.3 billion.
Gross margin expanded by 100 basis points to 30.3%.
Adjusted EBITDA margin expanded by 100 basis points to 19.8%.
A $1 billion share repurchase authorization was announced.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TopBuild raised its outlook for 2024, reflecting strong first-quarter profitability and incorporating completed acquisitions.
Positive Outlook
- Unique business model
- Commitment to driving shareholder value
- Ability to successfully navigate changes in the macro environment
- Sales are expected to be between $5.4 billion and $5.6 billion
- Adjusted EBITDA is expected to be between $1.065 billion and $1.155 billion
Challenges Ahead
- Outlook reflects management’s current view of present and future market conditions and is based on assumptions such as housing starts, general and administrative expenses, and interest rates.
- Targets do not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release.
- A reconciliation of non-GAAP targets to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding the costs and expenses that may be incurred in the future.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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