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Business Wire
07-08-2025
- Business
- Business Wire
Installed Building Products Reports Record Second Quarter 2025 Results; Declares Regular Quarterly Cash Dividend
COLUMBUS, Ohio--(BUSINESS WIRE)--Installed Building Products, Inc. (the "Company" or "IBP") (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights (Comparisons are to Prior Year Period) Net revenue increased 3.1% to a second quarter record of $760.3 million Installation revenue increased 2.6% to $715.6 million, including sales from IBP's recent acquisitions Other revenue, net of eliminations, which includes IBP's manufacturing and distribution operations, increased to $44.7 million from $40.3 million Net income increased 5.8% to $69.0 million Adjusted EBITDA* increased 3.2% to $134.0 million Net income per diluted share increased 9.6% to $2.52 Adjusted net income* was $80.8 million, or $2.95 per diluted share Net cash flow from operations increased 14.3% to $90.3 million At June 30, 2025, IBP had $305.2 million in cash and cash equivalents Repurchased 300,000 shares of common stock at a total cost of $49.2 million Declared second quarter dividend of $0.37 per share that was paid to shareholders on June 30, 2025 Recent Developments IBP's Board of Directors declared the third quarter regular cash dividend of $0.37 per share 'IBP continues to deliver strong financial results, demonstrating the high-value installation services we provide our homebuilding customers. Our market positioning and focus on service is especially valuable as many homebuilders rely on relationships with experienced partners to navigate today's evolving market dynamics. While we expect housing affordability to remain a challenge over the near-term, we are confident in the long-term fundamentals of the U.S. housing industry and the effectiveness of our growth-focused capital allocation strategy,' stated Jeff Edwards, Chairman and Chief Executive Officer. Mr. Edwards, added: 'As we maintain a disciplined approach to acquisitions with a focus on favorable returns on invested capital, we continue to identify opportunities to enhance operational and financial performance, while returning capital to shareholders through dividends and share repurchases.' 'Our performance thus far in 2025 reflects the dedication of our entire team and we believe IBP continues to operate from a position of strength as we take advantage of opportunities and navigate any challenges in the second half of the year,' concluded Mr. Edwards. Acquisition Update IBP continues to prioritize profitable growth through its proven strategy of acquiring well-run installers of insulation and complementary building products. To date in 2025, IBP has acquired over $10 million of annual revenue and we continue to focus on acquiring at least $100 million of annual revenue. As previously announced, during the 2025 second quarter, IBP completed the following acquisition: In May 2025, IBP acquired Pro Foamers, Inc., an installer of spray foam and air barrier products in the commercial end market based in Green Bay, Wisconsin with annual revenue of $4 million. 2025 Third Quarter Cash Dividend IBP's Board of Directors has approved the Company's quarterly cash dividend of $0.37 per share, payable on September 30, 2025, to stockholders of record on September 15, 2025. The third quarter regular cash dividend represents a 6% increase from last year's third quarter cash dividend payment. Share Repurchases During the three months ended June 30, 2025, IBP repurchased 300,000 shares of its common stock at a total cost of $49.2 million and 500,000 shares at a total cost of $83.5 million during the six months ended June 30, 2025. At June 30, 2025, the Company had approximately $416.5 million available under its stock repurchase program, expiring March 1, 2026. Second Quarter 2025 Results Overview For the second quarter of 2025, net revenue was a second quarter record of $760.3 million, an increase of 3.1% from $737.6 million for the second quarter of 2024. On a consolidated same branch basis, net revenue increased 0.7% from the prior year quarter. Residential same branch sales within the Company's Installation segment were down 1.1% in the quarter while commercial same branch sales within the Installation segment were up 9.3% from the prior year quarter. Gross profit increased 3.4% to $259.9 million from $251.4 million in the prior year quarter. Gross profit and adjusted gross profit* as a percent of net revenue were a record 34.2%, compared to 34.1% in the same period last year. Adjusted gross profit primarily adjusts for the Company's share-based compensation expense. Selling and administrative expense, as a percent of total revenue, was 19.6% compared to 19.1% in the prior year quarter. Adjusted selling and administrative expense*, as a percent of net revenue, was 18.8% compared to 18.5% in the prior year quarter. Net income was $69.0 million, or $2.52 per diluted share, compared to $65.2 million, or $2.30 per diluted share in the prior year quarter. Net profit margin for the second quarter was 9.1% compared to 8.8% in the prior year quarter. Adjusted net income* was $80.8 million, or $2.95 per diluted share, compared to $80.5 million, or $2.84 per diluted share in the prior year quarter. Adjusted net profit margin* for the second quarter was 10.6% compared to 10.9% in the prior year quarter. Adjusted net income accounts for the impact of non-core items in both periods, including an addback for non-cash amortization expense related to acquisitions. EBITDA* was $128.2 million, a 7.2% increase from $119.6 million in the prior year quarter. Adjusted EBITDA* was $134.0 million, a 3.2% increase from $129.8 million in the prior year quarter, representing an adjusted EBITDA margin* of 17.6% for both periods. Conference Call and Webcast The Company will host a conference call and webcast on August 7, 2025 at 10:00 a.m. Eastern Time to discuss these results. To participate in the call, please dial 877-407-0792 (domestic) or 201-689-8263 (international). The live webcast will be available at in the investor relations section. A replay of the conference call will be available through September 7, 2025 by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13753926. Alternatively, participants can register for the call 15 minutes prior to the event by using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. 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. In addition, any future declaration of dividends will be subject to the final determination of our Board of Directors. Any forward-looking statement made by the Company in this press release speaks only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. *Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles ('GAAP'), this press release contains the non-GAAP financial measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by net revenue), Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit and Adjusted Selling and Administrative expense. 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
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- Straits Times
Stanchart Singapore Marathon 2025 to flag off at F1 Pit Building, end at Padang
Runners at the start line of the Standard Chartered Singapore Marathon on Dec 1, 2024. PHOTO: ST FILE SINGAPORE – For the first time since 2017, the Standard Chartered Singapore Marathon (SCSM) finish line will return to the Padang, as organisers revealed the route for the Dec 6-7 event on June 17. For the 2025 edition – which is the only World Athletics Gold Label race in South-east Asia – the race will start at the F1 Pit Building and conclude at the Padang, which is surrounded by landmarks like the former City Hall and Supreme Court, which now house the National Gallery Singapore. Like in previous races, the routes will also take in attractions such as the Marina Bay Sands and Gardens by the Bay. The 2020 and 2021 SCSM were held virtually and in a hybrid format respectively due to the Covid-19 pandemic, and the finish line has been located at The Float @ Marina Bay in 2022, the National Stadium in 2023, and the Anderson Bridge near the Padang in 2024. Jeff Edwards, managing director of Asia for The Ironman Group, which organises the SCSM, said: 'The Padang's deep historical significance and central location offer both new and returning runners a unique way to experience the rich heritage of the city, and a memorable way to end their race journey.' Aside from the changes to the finish line, the 2025 edition will also see the half-marathon and marathon held on separate days with dedicated race routes to provide runners with a smoother and more enjoyable race-day experience. Edwards noted that the new format is 'driven by a remarkable 46 per cent and 31 per cent growth in participation for each category respectively over the last three years'. The new race schedule will see the half-marathon flag off at 4.30am on Dec 6, followed by the 5km race (6.30am) and the Kids Dash (9am). The full marathon and Ekiden race (team of four) will start at 4.30am on Dec 7, before the 10km (6.30am). Sport Singapore's chief of industry development Roy Teo said: 'From hosting Singapore's first National Day Parade to welcoming international music acts and major sporting events like the Formula One races, the Padang has brought our community together during significant milestones in our nation's journey. 'As we celebrate Singapore's 60th year of independence, the Padang provides the perfect backdrop for this marquee sporting event, where international and local runners – including our Team Singapore athletes – race to achieve their personal bests.' The 2025 SCSM has already attracted 7,000 international runners – the 2024 edition had 13,000 international participants from 84 countries. A total of 55,000 runners participated in the event over three days, and 60,000 are expected this time. Registration fees for the full marathon, half marathon, 10km, 5km, Ekiden race and Kids Dash are pegged at $169, $148, $120, $88, $545 (per team) and $44 respectively. In celebration of SG60, the SCSM is launching the SG60 Ekiden promotion, offering a $60 discount to the first 60 teams who sign up on National Day. The prices are inclusive of processing fee and GST, and Standard Chartered cardholders will enjoy a 15 per cent discount off. The SG60 promotion will also extend to other race categories, with further details to be announced at a later date. Visit for more information. David Lee is senior sports correspondent at The Straits Times focusing on aquatics, badminton, basketball, cue sports, football and table tennis. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Wire
08-05-2025
- Business
- Business Wire
Installed Building Products Reports First Quarter 2025 Results; Declares Regular Quarterly Cash Dividend
COLUMBUS, Ohio--(BUSINESS WIRE)--Installed Building Products, Inc. (the "Company" or "IBP") (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights (Comparisons are to Prior Year Period) Net revenue decreased 1.2% to $684.8 million Installation revenue decreased 1.3% to $647.2 million, including sales from IBP's recent acquisitions Other revenue, net of eliminations, which includes IBP's manufacturing and distribution operations, increased to $37.6 million from $37.0 million Net income decreased to $45.4 million Adjusted EBITDA* decreased to $102.4 million Net income per diluted share was $1.64 Adjusted net income* was $57.6 million, or $2.08 per diluted share Net cash flow from operations increased 8.6% to $92.1 million At March 31, 2025, IBP had $298.7 million in cash and cash equivalents Repurchased 200,000 shares of common stock at a total cost of $34.3 million Declared first quarter dividend of $0.37 per share that was paid to shareholders on March 31, 2025 Declared annual variable dividend of $1.70 per share that was paid to shareholders on March 31, 2025 Recent Developments IBP's Board of Directors declared the second quarter regular cash dividend of $0.37 per share In May 2025, IBP acquired Pro Foamers, Inc., an insulation installer with annual revenue of $4 million 'IBP delivered solid first quarter financial results, reflecting our focus on maintaining a high level of installation service for our customers across the U.S. In the first quarter, our core homebuilding customers continued to navigate industry-wide housing affordability challenges and a slower-than-expected spring selling season. While we expect housing demand to remain connected to changes in affordability and the macroeconomic backdrop this year, we believe the long-term opportunities across our residential and commercial end markets remain attractive,' stated Jeff Edwards, Chairman and Chief Executive Officer. Mr. Edwards continued: 'IBP's business model sources the vast amount of its products domestically and employs a labor force that is completely based here in the U.S. As such, at present we do not anticipate substantial disruptions to operations or financial impacts to our business directly tied to changing import tariffs. Our business continues to generate strong operating cash flow, and we remain committed to investing in our business and prudently returning capital to shareholders throughout economic cycles. During the first quarter, we completed a couple of small acquisitions and returned $91.1 million of cash to shareholders through $34.3 million in share repurchases and $56.8 million in dividends.' 'Throughout 2025, we will remain focused on the elements of our business that we can control, which includes remaining disciplined in our capital allocation initiatives and working to drive operational and financial improvements,' concluded Mr. Edwards. Acquisition Update IBP continues to prioritize profitable growth through its proven strategy of acquiring well-run installers of insulation and complementary building products. To date in 2025, IBP has acquired over $10 million of annual revenue and expects to acquire at least $100 million of annual revenue in 2025. During the 2025 first quarter and in May 2025, IBP acquired a bolt-on business and completed the following acquisitions: In March 2025, IBP acquired Volunteer Building Products, Inc, a South Carolina-based installer of a diverse mix of products including closet shelving, shower doors, and mirrors, primarily in the new residential end market. Volunteer Building Products has annual revenue of nearly $6 million. In May 2025, IBP acquired Pro Foamers, Inc., an installer of spray foam and air barrier products in the commercial end market based in Green Bay, Wisconsin with annual revenue of $4 million. 2025 Second Quarter Cash Dividend IBP's Board of Directors has approved the Company's quarterly cash dividend of $0.37 per share, payable on June 30, 2025, to stockholders of record on June 13, 2025. The second quarter regular cash dividend represents a 6% increase from last year's second quarter cash dividend payment. Share Repurchases During the three months ended March 31, 2025, IBP repurchased 200,000 shares of its common stock at a total cost of $34.3 million. At March 31, 2025, the Company had approximately $465.7 million available under its stock repurchase program. First Quarter 2025 Results Overview For the first quarter of 2025, net revenue was $684.8 million, a decrease of 1.2% from $692.9 million for the first quarter of 2024. On a consolidated same branch basis, net revenue decreased 4.2% from the prior year quarter. Residential same branch sales within the Company's Installation segment were down 4.6% in the quarter and commercial same branch sales within the Installation segment were down 2.8% from the prior year quarter. Gross profit declined 4.6% to $223.7 million from $234.5 million in the prior year quarter. Gross profit and adjusted gross profit* as a percent of net revenue were both 32.7%, compared to 33.8% and 33.9% in the same period last year, respectively. Adjusted gross profit primarily adjusts for the Company's share-based compensation expense. Selling and administrative expense, as a percent of total revenue, was 21.0% compared to 19.6% in the prior year quarter. Adjusted selling and administrative expense*, as a percent of net revenue, was 20.1% compared to 19.0% in the prior year quarter. Net income was $45.4 million, or $1.64 per diluted share, compared to $55.9 million, or $1.97 per diluted share in the prior year quarter. Net profit margin for the first quarter was 6.6% compared to 8.1% in the prior year quarter. Adjusted net income* was $57.6 million, or $2.08 per diluted share, compared to $70.2 million, or $2.47 per diluted share in the prior year quarter. Adjusted net profit margin* for the first quarter was 8.4% compared to 10.1% in the prior year quarter. Adjusted net income accounts for the impact of non-core items in both periods, including an addback for non-cash amortization expense related to acquisitions. EBITDA* was $96.0 million, a 14.9% decrease from $112.8 million in the prior year quarter. Adjusted EBITDA* was $102.4 million, a 12.7% decrease from $117.3 million in the prior year quarter, representing an adjusted EBITDA margin* of 15.0% and 16.9%, respectively. Net profit, adjusted net profit, and adjusted EBITDA margin reductions during the quarter were primarily due to higher administrative wages and higher facility costs. Additionally, gross profit and adjusted gross profit margins during the quarter were impacted by higher vehicle insurance and depreciation expense. Conference Call and Webcast The Company will host a conference call and webcast on May 8, 2025 at 10:00 a.m. Eastern Time to discuss these results. To participate in the call, please dial 877-407-0792 (domestic) or 201-689-8263 (international). The live webcast will be available at in the investor relations section. A replay of the conference call will be available through June 8, 2025 by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13752165. Alternatively, participants can register for the call 15 minutes prior to the event by using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option: 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. In addition, any future declaration of dividends will be subject to the final determination of our Board of Directors. Any forward-looking statement made by the Company in this press release speaks only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. *Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles ('GAAP'), this press release contains the non-GAAP financial measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by net revenue), Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit and Adjusted Selling and Administrative expense. 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. Three months ended March 31, 2025 2024 Net revenue $ 684.8 $ 692.9 Cost of sales 461.1 458.4 Gross profit 223.7 234.5 Operating expenses Selling 35.4 33.3 Administrative 108.4 102.6 Amortization 10.1 10.7 Operating income 69.8 87.9 Other expense, net Interest expense, net 8.3 11.9 Other expense (income) 0.2 (0.4 ) Income before income taxes 61.3 76.4 Income tax provision 15.9 20.5 Net income $ 45.4 $ 55.9 Other comprehensive (loss) income, net of tax: Net change on cash flow hedges, net of tax benefit (provision) of $1.8 and $(1.7) for the three months ended March 31, 2025 and 2024, respectively. (5.3 ) 4.7 Comprehensive income $ 40.1 $ 60.6 Earnings Per Share: Basic $ 1.65 $ 1.98 Diluted $ 1.64 $ 1.97 Weighted average shares outstanding: Basic 27,517,419 28,171,444 Diluted 27,695,912 28,385,001 Cash dividends declared per share $ 2.07 $ 1.95 Expand INSTALLED BUILDING PRODUCTS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions, except share and per share amounts) March 31, December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 298.7 $ 327.6 Accounts receivable (less allowance for credit losses of $11.3 and $10.7 at March 31, 2025 and December 31, 2024, respectively) 419.4 433.9 Inventories 198.4 194.6 Prepaid expenses and other current assets 78.2 98.8 Total current assets 994.7 1,054.9 Property and equipment, net 176.4 174.8 Operating lease right-of-use assets 96.9 95.6 Goodwill 435.6 432.6 Customer relationships, net 176.2 178.8 Other intangibles, net 90.7 91.7 Other non-current assets 28.8 31.5 Total assets $ 1,999.3 $ 2,059.9 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt $ 32.6 $ 32.4 Current maturities of operating lease obligations 34.7 34.3 Current maturities of finance lease obligations 2.8 2.8 Accounts payable 142.3 146.6 Accrued compensation 53.8 66.4 Other current liabilities 78.5 76.5 Total current liabilities 344.7 359.0 Long-term debt 839.8 842.4 Operating lease obligations 61.8 61.0 Finance lease obligations 4.8 5.4 Deferred income taxes 24.4 26.3 Other long-term liabilities 62.9 60.5 Total liabilities 1,338.4 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 March 31, 2025 and December 31, 2024, respectively — — Common stock; $0.01 par value: 100,000,000 authorized, 33,766,093 and 33,713,662 issued and 27,610,399 and 27,758,491 shares outstanding at March 31, 2025 and December 31, 2024, respectively 0.3 0.3 Additional paid in capital 268.4 261.3 Retained earnings 853.6 865.5 Treasury stock; at cost: 6,155,694 and 5,955,171 shares at March 31, 2025 and December 31, 2024, respectively (491.1 ) (456.8 ) Accumulated other comprehensive income 29.7 35.0 Total stockholders' equity 660.9 705.3 Total liabilities and stockholders' equity $ 1,999.3 $ 2,059.9 Expand INSTALLED BUILDING PRODUCTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) 2025 2024 Cash flows from operating activities Net income $ 45.4 $ 55.9 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization of property and equipment 16.3 13.8 Amortization of operating lease right-of-use assets 8.8 7.6 Amortization of intangibles 10.1 10.7 Amortization of deferred financing costs and debt discount 0.4 0.4 Provision for credit losses 2.1 1.4 Write-off of debt issuance costs — 1.1 Gain on sale of property and equipment (0.2 ) (0.4 ) Non-cash stock compensation 5.9 4.0 Other, net (2.4 ) (3.4 ) Changes in assets and liabilities, excluding effects of acquisitions Accounts receivable 12.4 (3.6 ) Inventories (3.4 ) (8.0 ) Other assets 11.4 4.0 Accounts payable (1.6 ) (1.4 ) Income taxes receivable/payable 11.6 19.7 Other liabilities (24.7 ) (17.0 ) Net cash provided by operating activities 92.1 84.8 Cash flows from investing activities Purchases of property and equipment (20.2 ) (21.8 ) Acquisitions of businesses, net of cash acquired of $— in 2025 and 2024, respectively (8.3 ) (4.1 ) Proceeds from sale of property and equipment 0.4 0.7 Settlements with interest rate swap counterparties 3.4 4.5 Other (1.4 ) (0.4 ) Net cash used in investing activities $ (26.1 ) $ (21.1 ) Three months ended March 31, 2025 2024 Cash flows from financing activities Proceeds from Term Loan $ — $ 142.9 Payments on Term Loan (1.3 ) (133.0 ) Proceeds from vehicle and equipment notes payable 5.8 5.2 Debt issuance costs — (1.5 ) Principal payments on long-term debt (7.2 ) (7.5 ) Principal payments on finance lease obligations (0.7 ) (0.8 ) Dividends paid (56.8 ) (54.9 ) Acquisition-related obligations (0.4 ) (0.5 ) Repurchase of common stock (34.3 ) — Surrender of common stock awards by employees — (0.2 ) Net cash used in financing activities (94.9 ) (50.3 ) Net change in cash and cash equivalents (28.9 ) 13.4 Cash and cash equivalents at beginning of period 327.6 386.5 Cash and cash equivalents at end of period $ 298.7 $ 399.9 Supplemental disclosures of cash flow information Net cash paid during the period for: Interest $ 14.7 $ 15.5 Income taxes, net of refunds 0.7 0.8 Supplemental disclosure of non-cash activities Right-of-use assets obtained in exchange for operating lease obligations $ 10.2 $ 8.8 Property and equipment obtained in exchange for finance lease obligations 0.2 1.2 Seller obligations in connection with acquisition of businesses 0.6 0.6 Unpaid purchases of property and equipment included in accounts payable 3.0 2.8 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. (1) Cost of sales included in the Installation segment gross profit is exclusive of depreciation and amortization for the three months ended March 31, 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: (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 months ended March 31, 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 March 31, 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. (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) Normalized effective tax rate of 26.0% applied to periods presented. (4) 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 March 31, 2025 2024 Selling expense $ 35.4 $ 33.3 Administrative expense 108.4 102.6 Selling and Administrative expense, as reported 143.8 135.9 Share-based compensation expense 5.6 3.8 Acquisition related expenses 0.5 0.5 Adjusted Selling and Administrative expense $ 137.7 $ 131.6 Selling and Administrative expense - % Total revenue 21.0 % 19.6 % Adjusted Selling and Administrative expense - % Total revenue 20.1 % 19.0 % 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 March 31, 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 March 31, 2025 2024 Net income, as reported $ 45.4 $ 55.9 Interest expense 8.3 11.9 Provision for income tax 15.9 20.5 Depreciation and amortization 26.4 24.5 EBITDA 96.0 112.8 Acquisition related expenses 0.5 0.5 Share based compensation expense 5.9 4.0 Adjusted EBITDA $ 102.4 $ 117.3 Net profit margin 6.6 % 8.1 % EBITDA margin 14.0 % 16.3 % Adjusted EBITDA margin 15.0 % 16.9 % Expand INSTALLED BUILDING PRODUCTS, INC. SUPPLEMENTARY TABLE (unaudited) Three months ended March 31, 2025 2024 Period-over-period Growth Consolidated Sales Growth (1.2)% 5.1% Consolidated Same Branch Sales Growth (4.2)% 2.9% Installation Sales Growth (1.3)% 5.3% Same Branch Sales Growth (3.7)% 3.1% Single-Family Sales Growth (1.0)% 3.9% Single-Family Same Branch Sales Growth (4.5)% 1.5% Multi-Family Sales Growth (4.2)% 13.6% Multi-Family Same Branch Sales Growth (5.0)% 13.0% Residential Sales Growth (1.7)% 5.8% Residential Same Branch Sales Growth (4.6)% 3.8% Commercial Sales Growth (1) (2.3)% 2.8% Commercial Same Branch Sales Growth (2.8)% (0.8)% Other (2) Sales Growth 9.0% 4.1% Same Branch Sales Growth (4.1)% 4.1% Same Branch Sales Growth - Installation Volume Growth (3) (5.6)% (1.4)% Price/Mix Growth (3) 1.5% 3.8% U.S. Housing Market (4) Total Completions Growth 1.3% 5.2% Single-Family Completions Growth 4.3% (5.4)% Multi-Family Completions Growth (3.5)% 29.1% 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 March 31, 2025 % Total * 2024 % Total Same Branch $ (29.0 ) NMF $ 19.4 57.7 % Acquired 21.0 NMF 14.2 42.3 % Total $ (8.0 ) NMF $ 33.6 100.0 % * NMF - Not meaningful figure. Expand Adjusted EBITDA Margin Contributions * Three months ended March 31, 2025 % Margin * 2024 % Margin Same Branch (1) $ (18.2 ) (62.8 )% $ 9.7 50.0 % Acquired 3.4 16.2 % 2.5 17.6 % Total $ (14.8 ) NMF $ 12.2 36.3 % Expand (1) Same branch adjusted EBITDA margin contribution percentage is a percentage of same branch revenue increase. * During the three months ended March 31, 2025, same branch and total revenue decreased and same branch and total adjusted EBITDA decreased. The negative % margin result in each reflects a decremental margin. NMF - Not meaningful figure. Expand
Yahoo
16-04-2025
- Automotive
- Yahoo
Cooper Standard Recognized as 2024 Supplier of the Year by General Motors
NORTHVILLE, Mich., April 16, 2025 /PRNewswire/ -- General Motors presented Cooper Standard (NYSE: CPS) with a 2024 Supplier of the Year Award at GM's 33rd annual Supplier of the Year event in Phoenix, Arizona. This is the eighth consecutive time Cooper Standard has received the award. "We are honored to receive recognition from General Motors once again as it reflects our unwavering commitment to providing world-class service and exceptional quality that supports the evolving needs of the mobility industry," said Jeff Edwards, chairman and CEO. "Our passionate and driven team continues to push the boundaries of innovation and excellence through advanced engineering, manufacturing and business practices. This latest Supplier of the Year award recognizes their exceptional accomplishments and continuing commitment to delivering industry-leading value to our customers." GM's Supplier of the Year awards recognizes global suppliers for their execution across key categories like safety, innovation and resilience. A global cross-functional team makes award selections based not only on an organization's performance across 2024, but also their alignment to GM's core values and ambitious goals. "For more than 30 years, General Motors has recognized the company's top global suppliers at our annual event, spotlighting their innovation and resiliency through even the most challenging circumstances," said Jeff Morrison, global chief procurement officer at GM. "Together, we're helping bring advanced technology and the industry's broadest portfolio of vehicles to market for GM customers." This year, 92 suppliers across 12 countries made GM's 2024 Supplier of the Year list. For more information, visit About Cooper Standard Cooper Standard, headquartered in Northville, Mich., with locations in 20 countries, is a leading global supplier of sealing and fluid handling systems and components. Utilizing our materials science and manufacturing expertise, we create innovative and sustainable engineered solutions for diverse transportation and industrial markets. Cooper Standard's approximately 22,000 team members (including contingent workers) are at the heart of our success, continuously improving our business and surrounding communities. Learn more at or follow us on LinkedIn, X, Facebook, Instagram or YouTube. General Motors is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at Contact: Chris AndrewsCooper Standard(248) 596-6217candrews@ View original content to download multimedia: SOURCE Cooper Standard Sign in to access your portfolio
South China Morning Post
15-04-2025
- Sport
- South China Morning Post
Standard Chartered Singapore Marathon to become 2-day event – could Hong Kong follow?
This year's Standard Chartered Singapore Marathon will take place over two days because it has become so popular, organisers revealed on Tuesday, and Hong Kong officials said they could follow suit if it proved a success. Advertisement The change will see the half-marathon and marathon held separately, on the Saturday and Sunday respectively, on the weekend of December 6 and 7, with a children's race, 5km, 10km and marathon relay also planned. Officials said the move had been driven by an increase in runners over the past three editions of the event, with the marathon up 31 per cent and half-marathon 46 per cent in that time. More than 55,000 competitors took part last year. Jeff Edwards, managing director of Asia for The Ironman Group, organiser of the Singapore Marathon, said it was always looking 'for ways to improve the overall race experience and create an environment where runners can perform at their best'. 10km runners on the Island Eastern Corridor during this year's Hong Kong Marathon. Photo: Eugene Lee 'These adjustments, which have been thoughtfully planned, are aimed at creating a smooth flow throughout to ensure the best possible race experience for our runners, and allow for more runners than ever before to be a part of this event,' he said.
