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Sep 30, 2024
Installed Building Products Q3 2024 Earnings Report
Installed Building Products reported record third quarter results, marked by revenue growth and strategic acquisitions.
Key Takeaways
Installed Building Products reported record third-quarter revenue of $760.6 million, a 7.7% increase year-over-year, driven by growth across all end markets and recent acquisitions. Net income increased to $68.6 million, or $2.44 per diluted share, and adjusted EBITDA reached a record $132.3 million. The company continues to execute its capital allocation strategy, including acquisitions and share repurchases.
Net revenue increased 7.7% to a record $760.6 million.
Net income increased 0.9% to a third quarter record of $68.6 million.
Adjusted EBITDA increased 1.4% to a record $132.3 million.
IBP acquired Euroview Enterprises, LLC, Contract Mirror and Supply Co., and CLM Solutions, LLC in July and Wholesale Insulation Supply, Inc. in October.
Installed Building Products
Installed Building Products
Installed Building Products Revenue by Segment
Revenue by Segment
Residential New Construction Revenue
CapyFin.comRepair and Remodel Revenue
CapyFin.comCommercial Revenue
CapyFin.com Forward Guidance
IBP expects to close out 2024 favorably and begin 2025 from a position of strength, with a positive outlook for 2025 based on the current acquisition pipeline.
Positive Outlook
- Residential and commercial end market trends are favorable.
- Builders are working to meet demand through increased supply of houses, apartments, and commercial structures.
- Capital allocation initiatives remain consistent with additional acquisitions.
- IBP expects more deals to be completed before year end.
- Outlook for 2025 is positive.
Challenges Ahead
- Greater proportion of single-family sales shifting to production builders.
- Higher growth in non-insulation product sales relative to a year ago.
- Initial start-up costs related to building out internal distribution operations.
- Higher insurance expense from the prior year period.
- Deal timing is hard to predict.
Revenue & Expenses
Visualization of income flow from segment revenue to net income