TopBuild reports Q2 adjusted EPS $5.42, consensus $5.68

Reports Q2 revenue $1.37B, consensus $1.4B. “We’re pleased with our solid results in Q2, as our teams continued to focus on growth and profitability across the business. We grew sales 3.7% to $1.37B and delivered adjusted EBITDA of $277.7M and adjusted EBITDA margin of 20.3%. Excluding the benefit from higher-than-normal multi-family and commercial margins in Q2 and Q3 of 2023, we delivered our highest level of sales and profitability in our history,” said CEO Robert Buck. “…The long-term fundamentals for our business are strong, supported by the undersupply of housing in the United States, increasing household formations, the potential for moderating interest rates, and strengthening demand for greater energy efficiency. We expect to continue driving profitable growth and strong free cash flows for TopBuild to reinvest or return to shareholders. Year to date, we have completed 6 acquisitions, and our M&A pipeline is very healthy. We are also returning capital to shareholders, and as of June 30, we repurchased approximately 1.25 million shares totaling $505.2M, underscoring management and our Board’s continued confidence in our future growth and capital allocation approach”.