Installed Building Products (NYSE: IBP) reported Q2 EPS of $0.78, $0.03 worse than the analyst estimate of $0.81. Revenue for the quarter came in at $332.6 million versus the consensus estimate of $334.55 million.

Second Quarter 2018 Highlights

• Net revenue increased 17.9% to a record $332.6 million
• Net income increased 36.3% to a record $16.3 million
• Adjusted EBITDA* increased 16.2% to a record $45.6 million
• Net income per diluted share increased 36.8% to $0.52
• Adjusted net income per diluted share* increased 32.2% to $0.78
• In June 2018, successfully increased the size of its existing Term Loan B facility as well as its revolving credit facility and extended the maturity date for each by approximately one year.
• In April 2018, acquired H2H Blinds, LLC, an installer of blinds and shutters primarily for the residential construction market in Georgia and North Carolina with annual sales of approximately $7.5 million
• In May 2018, acquired Green Star Plus Insulation, an insulation installer located in Southern Indiana with approximately $2.3 million in sales.
• In May 2018, acquired Advanced Insulation, a spray foam and fiberglass installer located in St Augustine, Florida with approximately $1.3 million in sales.

“Record revenues and an improving pricing environment helped IBP produce record adjusted EBITDA* for the 2018 second quarter,” stated Jeff Edwards, Chairman and Chief Executive Officer. “We continue to successfully negotiate better pricing with our customers and experienced strong price momentum during the quarter. Based on current and improving market conditions, we believe pricing will continue to improve throughout the remainder of the year, which will benefit margins and incremental earnings. In addition, IBP produced strong operating leverage during the quarter with selling and administrative expenses as a percent of revenues at the lowest level we’ve reported since the Company went public in 2014.

“We remain committed to our acquisition growth strategy and believe we have developed a strong, unique, and experienced platform. Since our IPO in 2014, we have acquired a diverse group of installation businesses, representing more than 40 companies and approximately $425 million of annual revenues at the time of acquisition. IBP’s pipeline remains strong as we continue to pursue accretive acquisitions that expand our geographic presence and diversify our product and end market mix. We continue to expect 2018 will be another year of record sales and earnings.”

For earnings history and earnings-related data on Installed Building Products (IBP) click here.