Installed Building Products reports Q3 EPS $2.85, consensus $3.02

Reports Q3 revenue $760.6M, consensus $760.49M…”I want to acknowledge the emotional devastation and personal loss many people across the Southeast and Mid-Atlantic regions of the United States experienced as a result of two hurricanes that made landfall in late September and early October,” said Brad Wheeler, Chief Operating Officer. “Our thoughts are with all those affected, particularly in Florida and North Carolina. Several of our branches were affected, but thanks to a total team effort and our Employee Financial Assistance program, we were able to swiftly mobilize resources to restore operations and support our employees when they needed it most.” “IBP delivered record third-quarter revenue and profitability, with each end market, from residential to commercial, growing organically. Our talented and committed employees across the country focused on what they can control by providing our customers with reliable, high-quality building product installation service. The long-term view on demand for our installed service is unchanged. We believe residential and commercial end market trends are favorable as builders work to meet demand through the increased supply of houses, apartments, and commercial structures,” stated Jeff Edwards, Chairman and Chief Executive Officer. “Our capital allocation initiatives remain consistent with two additional acquisitions closing in July and October. Year-to-date, we have acquired over $73 million in annual revenue. Based on our current acquisition pipeline, we expect more deals to be completed before year end and although deal timing is hard to predict, our outlook for 2025 is positive. In addition, during the nine-month period ending September 2024, we utilized our strong cash flow generation and healthy balance sheet to repurchase approximately $66 million of our common stock and pay $75 million in dividends,” continued Mr. Edwards. “As we approach the final month of 2024, we are positioned to close out the year on a favorable note and begin 2025 from a position of strength,” concluded Mr. Edwards