Volvo Construction Equipment to Expand Production in North America
"This increase in production capacity means that over 50% of our North American machine supply can be built here in Shippensburg." -Scott Young, Head of Region North America, Volvo Construction Equipment
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In Shippensburg, Volvo CE will not only add crawler excavator production but also expand wheel loader production to include large wheel loaders. Currently, soil and asphalt compactors and mid-size wheel loaders are manufactured at the Shippensburg factory.
Updates will be made to the existing space within the factory to install assembly lines, integrate more automation technologies into the manufacturing process and train employees, with the goal to be production-ready in the first half of 2026.
Investment aims to bolster global machine availability
In a rapidly evolving market, strategically enhancing production capacity and flexibility will allow the OEM to meet current and future customer demands more effectively, according to Melker Jernberg, Head of Volvo CE.
"We must respond to growing demand, and we're excited to expand our facilities to serve our customers better," said Jernberg. "This investment underscores our commitment to quality and innovation, allowing us to deliver even greater value."
By expanding production capabilities in key markets, Volvo CE will reduce dependency on any single site and become less reliant on long-distance logistics. Supply chain risks will also be mitigated by expanding domestic supplier bases, allowing the OEM to more nimbly manage any economic or regulatory challenges.
Jernberg says that fostering collaboration with local suppliers and customers will better position the company for sustained growth and innovation without compromising the high standards that Volvo CE equipment is known for.
North America to see reduced lead times and improved machine supply
'Bringing excavator production to North America and growing the range of wheel loader models built here has always been part of our long-term industrial plan, so it's exciting to finally share this news with our employees, dealers and customers,' said Scott Young, Head of Region North America. 'This increase in production capacity means that over 50% of our North American machine supply can be built here in Shippensburg, resulting in shorter lead times while also creating opportunities for supplier growth.'
Volvo CE acquired the Shippensburg site in 2007 from Ingersoll Rand and relocated its regional headquarters there in 2012. On top of recent investments, Volvo CE will invest approximately $40 million locally over the next five years. Today's announcement is a win for central Pennsylvania, as it shows the company's continued commitment to the local community and its economic vitality.
[For additional photos, click here.]
Volvo Construction Equipment (Volvo CE) is a leading international manufacturer of premium construction equipment, and with over 10,000 employees, it is one of the largest companies in the industry. Volvo CE offers a wide range of products and services in more than 140 countries through its global distribution network. Volvo CE is part of the Volvo Group. The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase customers' uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 101,000 people and serves customers in almost 190 markets. In 2024, net sales amounted to SEK 527 billion (EUR 46 billion). Volvo shares are listed on Nasdaq Stockholm.
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About Installed Building Products Installed Building Products, Inc. is one of the nation's largest new residential insulation installers and is a diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company manages all aspects of the installation process for its customers, from direct purchase and receipt of materials from national manufacturers to its timely supply of materials to job sites and quality installation. The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects in all 48 continental states and the District of Columbia from its national network of over 250 branch locations. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to the housing market and the commercial market, our operations, industry and economic conditions, our financial and business model, payment of dividends, the demand for our services and product offerings, expansion of our national footprint and end markets, diversification of our products, our ability to grow and strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions and the expected amount of acquired revenue, our ability to improve sales and profitability, and expectations for demand for our services and our earnings. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intends," "plan," and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those expressed in or suggested by such forward-looking statements as a result of various factors, including, without limitation, general economic and industry conditions; increases in mortgage interest rates and rising home prices; inflation and interest rates; the material price and supply environment; increased tariffs; the timing of increases in our selling prices; the risk that the Company may reduce, suspend or eliminate dividend payments in the future; and the factors discussed in the 'Risk Factors' section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. 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The reasons for the use of these measures, reconciliations of EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit, and Adjusted Selling and Administrative expense to the most directly comparable GAAP measures and other information relating to these measures are included below following the unaudited condensed consolidated financial statements. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for IBP's financial results prepared in accordance with GAAP. INSTALLED BUILDING PRODUCTS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions, except share and per share amounts) December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 305.2 $ 327.6 Accounts receivable (less allowance for credit losses of $12.4 and $10.7 at June 30, 2025 and December 31, 2024, respectively) 447.6 433.9 Inventories 192.0 194.6 Prepaid expenses and other current assets 72.6 98.8 Total current assets 1,017.4 1,054.9 Property and equipment, net 177.4 174.8 Operating lease right-of-use assets 100.4 95.6 Goodwill 436.9 432.6 Customer relationships, net 171.0 178.8 Other intangibles, net 88.7 91.7 Other non-current assets 28.3 31.5 Total assets $ 2,020.1 $ 2,059.9 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt $ 33.3 $ 32.4 Current maturities of operating lease obligations 36.1 34.3 Current maturities of finance lease obligations 2.8 2.8 Accounts payable 150.1 146.6 Accrued compensation 63.5 66.4 Other current liabilities 70.8 76.5 Total current liabilities 356.6 359.0 Long-term debt 842.8 842.4 Operating lease obligations 64.2 61.0 Finance lease obligations 4.2 5.4 Deferred income taxes 23.0 26.3 Other long-term liabilities 64.8 60.5 Total liabilities 1,355.6 1,354.6 Commitments and contingencies (Note 16) Stockholders' equity Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively — — Common stock; $0.01 par value: 100,000,000 authorized, 33,835,259 and 33,713,662 issued and 27,326,871 and 27,758,491 shares outstanding at June 30, 2025 and December 31, 2024, respectively 0.3 0.3 Additional paid in capital 275.4 261.3 Retained earnings 912.5 865.5 Treasury stock; at cost: 6,508,388 and 5,955,171 shares at June 30, 2025 and December 31, 2024, respectively (549.3 ) (456.8 ) Accumulated other comprehensive income 25.6 35.0 Total stockholders' equity 664.5 705.3 Total liabilities and stockholders' equity $ 2,020.1 $ 2,059.9 Expand INSTALLED BUILDING PRODUCTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) Six months ended June 30, 2025 2024 Cash flows from operating activities Net income $ 114.4 $ 121.1 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization of property and equipment 32.7 28.0 Amortization of operating lease right-of-use assets 17.9 16.3 Amortization of intangibles 20.2 21.2 Amortization of deferred financing costs and debt discount 0.8 0.8 Provision for credit losses 4.0 3.1 Write-off of debt issuance costs — 1.1 Gain on sale of property and equipment (0.7 ) (1.2 ) Non-cash stock compensation 11.2 8.7 Asset impairment — 4.9 Other, net (5.6 ) (6.8 ) Changes in assets and liabilities, excluding effects of acquisitions Accounts receivable (16.4 ) (18.4 ) Inventories 3.0 (11.4 ) Other assets 13.1 5.1 Accounts payable 4.5 (1.6 ) Income taxes receivable/payable — (0.6 ) Other liabilities (16.6 ) (6.5 ) Net cash provided by operating activities 182.5 163.8 Cash flows from investing activities Purchases of property and equipment (35.8 ) (42.6 ) Acquisitions of businesses, net of cash acquired of $— in 2025 and 2024, respectively (11.3 ) (22.7 ) Proceeds from sale of property and equipment 1.2 1.8 Settlements with interest rate swap counterparties 6.9 9.0 Other (4.2 ) (0.7 ) Net cash used in investing activities $ (43.2 ) $ (55.2 ) Six months ended June 30, 2025 2024 Cash flows from financing activities Proceeds from Term Loan $ — $ 142.9 Payments on Term Loan (2.5 ) (134.2 ) Proceeds from vehicle and equipment notes payable 18.1 15.0 Debt issuance costs — (1.5 ) Principal payments on long-term debt (14.8 ) (15.5 ) Principal payments on finance lease obligations (1.4 ) (1.5 ) Dividends paid (67.7 ) (65.2 ) Acquisition-related obligations (1.5 ) (1.0 ) Repurchase of common stock (83.5 ) (45.7 ) Surrender of common stock awards by employees (8.4 ) (8.1 ) Net cash used in financing activities (161.7 ) (114.8 ) Net change in cash and cash equivalents (22.4 ) (6.2 ) Cash and cash equivalents at beginning of period 327.6 386.5 Cash and cash equivalents at end of period $ 305.2 $ 380.3 Supplemental disclosures of cash flow information Net cash paid during the period for: Interest $ 20.5 $ 21.9 Income taxes, net of refunds 36.6 42.7 Supplemental disclosures of non-cash activities Right-of-use assets obtained in exchange for operating lease obligations $ 22.9 $ 23.6 Property and equipment obtained in exchange for finance lease obligations 0.3 1.8 Seller obligations in connection with acquisition of businesses 1.7 2.2 Unpaid purchases of property and equipment included in accounts payable 4.2 2.7 Accrued excise tax on common stock repurchases 0.6 — Expand INSTALLED BUILDING PRODUCTS, INC. SEGMENT INFORMATION (unaudited, in millions) Information on Segments Our Company has three operating segments consisting of Installation, Distribution and Manufacturing. The Other category reported below reflects the operations of our Distribution and Manufacturing operating segments. The following tables represent our segment information for the three and six months ended June 30, 2025 and 2024 (in millions): (1) Cost of sales included in the Installation segment gross profit is exclusive of depreciation and amortization for the three and six months ended June 30, 2025 and 2024. Expand The reconciliation of Installation revenue and segment gross profit for each period as shown in the table above to consolidated net revenue and income before income taxes is as follows (in millions): (1) Other revenue and other gross profit include the remaining two operating segments, Distribution and Manufacturing before inter-segment eliminations. These operating segments are each below the quantitative thresholds for being reported as a reportable segment for the three and six months ended June 30, 2025 and 2024. Expand Reconciliation of Non-GAAP Financial Measures EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Gross Profit and Adjusted Selling and Administrative Expense measure performance by adjusting GAAP net income, EBITDA, gross profit and selling and administrative expense, respectively, for certain income or expense items that are not considered part of our core operations. We believe that the presentation of these measures provides useful information to investors regarding our results of operations because it assists both investors and us in analyzing and benchmarking the performance and value of our business. We believe the Adjusted EBITDA measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of our capital structure (primarily interest expense), asset base (primarily depreciation and amortization), items outside our control (primarily income taxes) and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. In addition, we use various EBITDA-based measures in determining the achievement of awards under certain of our incentive compensation programs. Other companies may define Adjusted EBITDA differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted EBITDA may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility. Although we use the Adjusted EBITDA measure to assess the performance of our business, the use of the measure is limited because it does not include certain material expenses, such as interest and taxes, necessary to operate our business. Adjusted EBITDA should be considered in addition to, and not as a substitute for, GAAP net income as a measure of performance. Our presentation of this measure should not be construed as an indication that our future results will be unaffected by unusual or non-recurring items. This measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, this measure is not intended as an alternative to net income as an indicator of our operating performance, as an alternative to any other measure of performance in conformity with GAAP or as an alternative to cash flow provided by operating activities as a measure of liquidity. You should therefore not place undue reliance on this measure or ratios calculated using this measure. We also believe the Adjusted Net Income measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of certain non-core items such as discontinued operations, acquisition related expenses, amortization expense, the tax impact of these certain non-core items, and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. To make the financial presentation more consistent with other public building products companies, beginning in the fourth quarter 2016 we included an addback for non-cash amortization expense related to acquisitions. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. Other companies may define Adjusted Net Income differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted Net Income may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility. INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED NET INCOME CALCULATIONS (unaudited, in millions, except share and per share amounts) The tables below reconcile Adjusted Net Income to the most directly comparable GAAP financial measure, net income, for the periods presented therein. We have included Adjusted Net Income in this press release because it is a key measure used by our management team to understand the operating performance and profitability of our business. During the three months ended June 30, 2024, we decided to wind down the operations of a single new commercial end market-oriented branch that focused on the installation of a non-core end product, due to shifting market conditions, an unfavorable contract settlement, and sub-standard operating performance. For the periods ended June 30, September 30, and December 31, 2024 we reported Adjusted Net Income (Loss), Diluted Adjusted Net Income (Loss) per Share, dispositions and net of dispositions in order to provide useful insight and metrics relevant to understanding and evaluating the results of our ongoing operations given plans to close a single new commercial end market-oriented branch. As of the three months ended June 30, 2025, the closing of this branch is essentially complete and its financial results were insignificant. Therefore, we have chosen not to report any financial results for dispositions or net of dispositions in the tables below. Per share figures may reflect rounding adjustments and consequently totals may not appear to sum. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income, as reported $ 69.0 $ 65.2 $ 114.4 $ 121.1 Adjustments for adjusted net income Share-based compensation expense 5.3 4.7 11.2 8.7 Acquisition related expenses 0.5 0.6 1.0 1.1 Amortization expense (1) 10.1 10.5 20.2 21.2 Loan refinancing expenses (2) — — — 4.1 Asset impairment (3) — 4.9 — 4.9 Tax impact of adjusted items at a normalized tax rate (4) (4.1 ) (5.4 ) (8.4 ) (10.4 ) Adjusted net income $ 80.8 $ 80.5 $ 138.4 $ 150.7 Weighted average shares outstanding (diluted) 27,403,669 28,317,801 27,549,791 28,351,401 Diluted net income per share, as reported $ 2.52 $ 2.30 $ 4.15 $ 4.27 Adjustments for diluted adjusted net income, net of tax impact, per share (5) 0.43 0.54 0.87 1.05 Diluted adjusted net income per share $ 2.95 $ 2.84 $ 5.02 $ 5.32 Expand (1) Addback of all non-cash amortization resulting from business combinations. (2) Includes $1.1 million of non-cash write-off of capitalized loan expense and $3.0 million of cash paid to third parties in connection with loan refinancing for the three months ended March 31, 2024. (3) During the three and six months ended June 30, 2024, we recognize intangible and asset impairment charges for a combined amount of $4.9 million related to winding down the operations of a branch that installs one of our non-core building products. (4) Normalized effective tax rate of 26.0% applied to periods presented. (5) Includes adjustments related to the items noted above, net of tax. Expand INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED GROSS PROFIT CALCULATIONS (unaudited, in millions) The table below reconciles Adjusted Gross Profit to the most directly comparable GAAP financial measure, gross profit, for the periods presented therein. INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED SELLING AND ADMINISTRATIVE EXPENSE CALCULATIONS (unaudited, in millions) The table below reconciles Adjusted Selling and Administrative to the most directly comparable GAAP financial measure, selling and administrative, for the periods presented therein. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Selling expense $ 35.7 $ 34.5 $ 71.1 $ 67.8 Administrative expense 113.1 106.7 221.5 209.3 Selling and Administrative expense, as reported 148.8 141.2 292.6 277.1 Share-based compensation expense 5.0 4.4 10.6 8.2 Acquisition related expenses 0.5 0.6 1.0 1.1 Adjusted Selling and Administrative expense $ 143.3 $ 136.2 $ 281.0 $ 267.8 Selling and Administrative expense - % Total revenue 19.6 % 19.1 % 20.2 % 19.4 % Adjusted Selling and Administrative expense - % Total revenue 18.8 % 18.5 % 19.4 % 18.7 % Expand INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES EBITDA AND ADJUSTED EBITDA CALCULATIONS (unaudited, in millions) The tables below reconcile EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income, for the periods presented therein. For the periods ended June 30, September 30, and December 31, 2024 we reported Adjusted EBITDA, dispositions and net of dispositions in order to provide useful insight and metrics relevant to understanding and evaluating the results of our ongoing operations given plans to close a single new commercial end market-oriented branch. As of the three months ended June 30, 2025, the closing of this branch is essentially complete and its financial results were insignificant. Therefore, we have chosen not to report any financial results for dispositions or net of dispositions in the tables below. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income, as reported $ 69.0 $ 65.2 $ 114.4 $ 121.1 Interest expense 8.3 8.2 16.6 20.1 Provision for income tax 24.4 21.5 40.3 42.0 Depreciation and amortization 26.5 24.7 52.9 49.2 EBITDA 128.2 119.6 224.2 232.4 Acquisition related expenses 0.5 0.6 1.0 1.1 Share based compensation expense 5.3 4.7 11.2 8.7 Asset impairment (1) — 4.9 — 4.9 Adjusted EBITDA $ 134.0 $ 129.8 $ 236.4 $ 247.1 Net profit margin 9.1 % 8.8 % 7.9 % 8.5 % EBITDA margin 16.9 % 16.2 % 15.5 % 16.2 % Adjusted EBITDA margin 17.6 % 17.6 % 16.4 % 17.3 % Expand (1) During the three and six months ended June 30, 2024, we recognized intangible and asset impairment charges for a combined amount of $4.9 million related to winding down the operations of a branch that installs one of our non-core building products. Expand INSTALLED BUILDING PRODUCTS, INC. SUPPLEMENTARY TABLE (unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Period-over-period Growth Consolidated Sales Growth 3.1 % 6.6 % 1.0 % 5.9 % Consolidated Same Branch Sales Growth 0.7 % 4.8 % (1.7 )% 3.9 % Installation Sales Growth 2.6 % 7.0 % 0.7 % 6.2 % Same Branch Sales Growth 0.6 % 5.2 % (1.5 )% 4.2 % Single-Family Sales Growth 2.6 % 10.4 % 0.9 % 7.1 % Single-Family Same Branch Sales Growth (0.4 )% 7.9 % (2.3 )% 4.7 % Multi-Family Sales Growth (3.9 )% 6.2 % (4.0 )% 9.6 % Multi-Family Same Branch Sales Growth (4.0 )% 5.2 % (4.5 )% 8.8 % Residential Sales Growth 1.2 % 9.4 % (0.2 )% 7.7 % Residential Same Branch Sales Growth (1.1 )% 7.3 % (2.8 )% 5.6 % Commercial Sales Growth (1) 10.0 % (4.1 )% 3.8 % (0.7 )% Commercial Same Branch Sales Growth 9.3 % (5.3 )% 3.3 % (3.1 )% Other (2) Sales Growth 28.7 % 4.3 % 19.3 % 4.2 % Same Branch Sales Growth 20.2 % 2.4 % 8.6 % 3.2 % Same Branch Sales Growth - Installation Volume Growth (3) (1.1 )% (1.4 )% (3.3 )% (1.4 )% Price/Mix Growth (3) 0.8 % 6.4 % 1.1 % 5.1 % U.S. Housing Market (4) Total Completions Growth (13.1 )% 12.6 % (6.5 )% 9.1 % Single-Family Completions Growth (9.8 )% 8.6 % (3.4 )% 1.8 % Multi-Family Completions Growth (19.7 )% 20.7 % (12.2 )% 24.4 % Expand (1) Our commercial end market consists of heavy and light commercial projects. (2) Other business segment category includes our manufacturing and distribution businesses operating segments. (3) The heavy commercial end market is excluded from these metrics given its much larger per-job revenue compared to our average job. (4) U.S. Census Bureau data, as revised. Expand INSTALLED BUILDING PRODUCTS, INC. INCREMENTAL REVENUE AND ADJUSTED EBITDA MARGINS (unaudited, in millions) Revenue Increase Three months ended June 30, Six months ended June 30, 2025 % Total 2024 % Total 2025 % Total 2024 % Total Same Branch $ 5.0 22.0 % $ 32.5 71.4 % $ (24.0 ) (163.3 )% $ 51.9 65.6 % Acquired 17.7 78.0 % 13.0 28.6 % 38.7 263.3 % 27.2 34.4 % Total $ 22.7 100.0 % $ 45.5 100.0 % $ 14.7 100.0 % $ 79.1 100.0 % Expand Adjusted EBITDA Margin Contributions * Three months ended June 30, Six months ended June 30, 2025 % Margin 2024 % Margin 2025 % Margin * 2024 % Margin Same Branch (1) $ 0.8 16.0 % $ 5.4 16.6 % $ (17.4 ) (72.5 )% $ 15.1 29.1 % Acquired 3.3 18.6 % 2.3 17.7 % 6.7 17.3 % 4.8 17.6 % Total $ 4.1 18.1 % $ 7.7 16.9 % $ (10.7 ) NMF $ 19.9 25.2 % Expand (1) Same branch adjusted EBITDA margin contribution percentage is a percentage of same branch revenue increase. * During the six months ended June 30, 2025, same branch revenue decreased and same branch and total adjusted EBITDA decreased. The negative same branch % margin result reflects a decremental margin. NMF - Not meaningful figure. Expand
