Q2 2024 Installed Building Products Inc Earnings Call Transcript
Key Points
- Consolidated net revenue for the second quarter increased by 8% to $740 million compared to $687 million for the same period last year.
- Single family same-branch sales increased by 8%, while multifamily same-branch sales increased by 5% during the second quarter.
- Adjusted EBITDA for the second quarter increased by 11.3% to a record $136.6 million, with an adjusted EBITDA margin of 18.5%.
- The company completed several acquisitions in North Carolina, Oklahoma, Massachusetts, and Illinois, adding over $50 million in annual revenue.
- IBP repurchased 215,000 shares of its common stock at a total cost of $46 million and announced a third-quarter dividend of $0.35 per share, representing a 6% increase over the prior year period.
- The light commercial market continues to experience headwinds, lagging behind single-family construction activity.
- The company is winding down operations of a non-core branch that has never been profitable, which negatively impacted quarterly EBITDA.
- Variable compensation related to higher gross profit and EBITDA performance increased adjusted selling and administrative expenses to 18.3% of second-quarter sales.
- Multifamily units under construction remain elevated, creating a significant headwind for the industry and IBP's multifamily sales.
- The company does not provide comprehensive financial guidance, creating uncertainty about future performance metrics.
Greetings and welcome to Installed Building Products fiscal 2024 second quarter financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded and it is now my pleasure to introduce your host, Darren Hicks, Vice President of Investor Relations. Please go ahead.
Good morning, and welcome to Installed Building Products second quarter 2024 earnings conference call. Earlier today, we issued a press release on our financial results for the second quarter, which can be found in the investor relations section of our website. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements within the meaning of the federal securities laws.
These forward-looking statements are based on management's current expectations and beliefs. These statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those described today.
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