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Sep 30, 2024
TopBuild Q3 2024 Earnings Report
TopBuild reported strong Q3 sales and adjusted EBITDA, achieving record quarterly levels, driven by growth in Installation and Specialty Distribution segments.
Key Takeaways
TopBuild Corp. reported a strong performance for the third quarter of 2024, with sales reaching $1.37 billion and adjusted EBITDA of $285 million, representing the highest quarterly sales and profit in the company's history. The company is narrowing its 2024 outlook based on assumptions for a continued uneven housing environment and the ongoing delay of certain commercial/industrial projects.
Third quarter sales reached $1.37 billion, driven by Installation and Specialty Distribution growth.
Adjusted EBITDA for the third quarter was $285 million.
Gross margin was 30.7% and adjusted EBITDA margin was 20.8%.
2024 guidance narrowed to $5.3 to $5.35 billion in revenue and $1.055 to $1.085 billion in adjusted EBITDA.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TopBuild narrowed its full year 2024 outlook, based on the Company’s assumptions for a continued uneven housing environment and the ongoing delay of certain commercial/industrial projects.
Positive Outlook
- Strengthening requirements for energy efficiency
- U.S. housing supply deficit
- Increasing household formations
- Prospect of lower interest rates driving growth
- Healthy M&A pipeline
Challenges Ahead
- Continued uneven housing environment
- Ongoing delay of certain commercial/industrial projects
- Uncertainty regarding future costs and expenses
- Potential variability of costs and expenses
- Targets do not include effects related to potential acquisitions or divestitures
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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