Installed Building Products reports strong third quarter

Installed Building Products, installer of insulation and complementary building products, reported third-quarter net revenue of $181.6 million, up 29.3% from $140.5 million in the third quarter of 2014. Same-branch sales increased 8.4% compared with the prior-year third quarter, attributable to higher volume, price gains and more favorable project mix.

Operating income increased 43.2% to $15.5 million in the third quarter ended Sept. 30, compared with the third quarter of 2014.

In July 2015, Installed Building Products acquired Stamford, Connecticut-based EcoLogic Energy Solutions, enhancing the company’s presence in the Connecticut, New York and Northern New Jersey markets.

In August 2015, the company acquired New Jersey-based Eastern Contractor Services, operating as Parker Insulation and Building Products in Southeastern Texas, enhancing its presence in New Jersey, the New York metropolitan area and Texas.

“We successfully executed our growth-oriented business strategy in the third quarter, which continues to produce strong financial results,” said Jeff Edwards, chairman and CEO. “Revenues grew $41.1 million, or 29.3%, for the 2015 third quarter as a result of an $11.7 million increase in organic revenues and a $29.4 million increase in revenues from recent acquisitions.”

“The housing market continues to recover in 2015 driven by growth in housing permits, starts, and completions. During the third quarter, we continued to increase sales organically, above the pace of single-family completions. Acquisitions remain an important part of our business strategy, and during 2015 we have acquired $85 million of annual revenues, which are quickly contributing to both revenues and earnings.”