Installed Building Products reports Q1 EPS $2.47, consensus $2.32

Reports Q1 revenue $692.9M, consensus $686.06M. “Our first quarter financial results reflect improvements in our single-family end-market and the continuation of healthy sales growth in our multi-family end market. We believe our customers are committed to building single-family homes in the current macroeconomic and industry backdrop. The long-term opportunities in our residential and commercial end markets remain attractive in our opinion,” stated Jeff Edwards, Chairman and Chief Executive Officer. “Margins during the quarter continued to be supported by strong execution and a strategic priority to focus on realizing the value of our services over volume. As a result, we achieved record first quarter net profit margin and adjusted EBITDA margin for the three months ended March 31, 2024. With our strong balance sheet and cash flow generation, acquisitions remain our top priority for asset allocation followed by distributing cash dividends, and opportunistically repurchasing our common stock,” continued Mr. Edwards. “I am proud of our team’s ability to continually raise the bar and focus on what they can control within the business. The outlook for 2024 remains promising and we aim to continue to create significant value for our stakeholders over the long term,” concluded Mr. Edwards.