Installed Building Products, Inc. SEC 10-Q Report

Installed Building Products, Inc. (IBP), a leading installer of insulation and complementary building products, has released its Form 10-Q report for the third quarter of 2024. The report highlights the company's financial and operational performance, showcasing steady growth and strategic focus on profitability and efficiency.

Financial Highlights

Net Revenue: $760.3 million, marking a 3.1% increase compared to the same period in 2024. This growth was driven by a 10.0% increase in commercial end market sales and contributions from recent acquisitions.

Gross Profit: $259.9 million, up by 3.4% from 2024, primarily due to improvements in selling price and product mix, as well as better labor cost management.

Operating Income: $101.0 million, reflecting the company's focus on profitability over sales volume, with higher selling prices contributing to the increase.

Net Income: $69.0 million, showing a slight increase from the previous year, supported by strategic pricing and cost management.

Diluted EPS: $2.52, indicating stable earnings performance per share compared to the previous year.

Business Highlights

Revenue Segments: The Installation segment, which includes insulation, shower doors, shelving, mirrors, garage doors, waterproofing, rain gutters, fireproofing/firestopping, window blinds, and other building products, accounted for 94% of net revenue. The segment saw a 2.6% increase in sales growth, with residential new construction contributing 72% of the segment's revenue.

Geographical Performance: The company operates in all 48 continental states and the District of Columbia, with over 250 branch locations. The regional distribution operations serve the Midwest, Mountain West, Northeast, and Mid-Atlantic regions of the United States.

Sales Units: The Installation segment experienced a 1.1% decline in same-branch sales volume, while the commercial end market grew 9.3% on a same-branch basis. The residential same-branch sales declined by 1.1%, with single-family sales growth at 2.6% and multi-family sales growth at -3.9%.

Future Outlook: The company expects to continue its growth strategy through acquisitions and enhancing procurement efforts via vertical integration. The focus remains on maintaining profitability over sales volume, with an emphasis on labor efficiency and managing material costs.

SEC Filing: Installed Building Products, Inc. [ IBP ] - 10-Q - Aug. 07, 2025