Installed Building Products Q4 2023 Earnings Report
Key Takeaways
Installed Building Products reported a 5.0% increase in net revenue to a record $720.7 million for the fourth quarter of 2023. Net income was $64.9 million, or $2.29 per diluted share. The company's performance was driven by healthy sales in multi-family and commercial end-markets offsetting softer single-family sales.
Net revenue increased 5.0% to a record $720.7 million.
Installation revenue increased 4.5% to $669.8 million.
Net income was $64.9 million, or $2.29 per diluted share.
Adjusted net income per diluted share increased 11.9% to $2.72.
Installed Building Products
Installed Building Products
Forward Guidance
IBP believes new residential housing construction activity will remain resilient in 2024 as stable employment and limited existing home inventory levels will continue to support building construction and demand for their services. The company expects to acquire at least $100 million of annual revenue in 2024.
Positive Outlook
- New residential housing construction activity will remain resilient in 2024.
- Stable employment will continue to support building construction.
- Limited existing home inventory levels will continue to support building construction.
- Demand for IBP's services will be supported by building construction activity.
- IBP expects to acquire at least $100 million of annual revenue in 2024.
Challenges Ahead
- General economic and industry conditions.
- Increases in mortgage interest rates and rising home prices.
- Inflation and interest rates.
- The material price and supply environment.
- The timing of increases in our selling prices.