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Jun 30, 2020
Installed Building Products Q2 2020 Earnings Report
Installed Building Products achieved record second quarter sales and profitability, demonstrating the success of diversification and pricing strategies.
Key Takeaways
Installed Building Products reported a record second quarter with a 6.0% increase in net revenue to $393.9 million and a 33.9% increase in net income to $25.3 million, driven by diversification strategies and pricing benefits, despite challenges from temporary branch closures due to COVID-19.
Net revenue increased 6.0% to a second quarter record of $393.9 million.
Residential sales increased 5.6%.
Large commercial sales increased 7.5%.
Net income increased 33.9% to a record $25.3 million.
Installed Building Products
Installed Building Products
Forward Guidance
The company believes that its diversification and acquisition strategies will help navigate near-term softness due to declines in single-family housing starts.