Installed Building Products Q1 2020 Earnings Report
Key Takeaways
Installed Building Products reported a strong first quarter in 2020, achieving record revenue, earnings, and adjusted EBITDA. The company's balance sheet and access to capital remain strong, allowing them to navigate the economic uncertainty caused by the COVID-19 crisis.
Net revenue increased 16.1% to a first quarter record of $397.3 million.
Net income increased 81.0% to $16.0 million.
Adjusted EBITDA increased 37.9% to $49.2 million.
Net cash provided by operating activities increased 126.0% to $35.9 million.
Installed Building Products
Installed Building Products
Forward Guidance
Single-family housing units under construction remain robust, which we believe supports over six months of industry backlog. Our strategies to expand our geographic footprint, and end market and product diversification have enhanced our local market presence and allows us to leverage our existing branch footprint during this uncertain time. Additionally, our acquisition pipeline remains strong, but we have temporarily delayed closing acquisitions until the economic environment stabilizes.