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Sep 30, 2020
Installed Building Products Q3 2020 Earnings Report
Installed Building Products reported record results for the third quarter of 2020, driven by revenue growth and improved profitability.
Key Takeaways
Installed Building Products reported record third-quarter results, with net revenue increasing by 6.1% to $420.5 million and net income increasing by 32.4% to $28.1 million. The company's performance was driven by strong residential sales and improved gross profit margins.
Net revenue increased 6.1% to a record $420.5 million.
Residential sales increased 6.2%.
Net income increased 32.4% to a record $28.1 million.
Adjusted net income per diluted share increased 22.2% to $1.21.
Installed Building Products
Installed Building Products
Forward Guidance
IBP believes it is well-positioned for 2021, supported by favorable demand trends within the single-family housing market. While the company expects near-term challenges in the large commercial end-market, it believes long-term fundamentals remain intact.
Positive Outlook
- Favorable demand trends within the single-family housing market
- Strong operating cash flow
- Solid balance sheet
- Significant flexibility to navigate various end-market cycles
- Robust pipeline of acquisition opportunities
Challenges Ahead
- Near-term challenges within the large commercial end-market
- Impact of the COVID-19 crisis on our business and end markets
- General economic and industry conditions
- The material price environment
- The timing of increases in our selling prices