Installed Building Products, Inc. (IBP) reported a 5.9% increase in net revenues for the fiscal year ending December 31, 2024, totaling $2.94 billion, compared to $2.78 billion in 2023. The company's gross profit also rose by 6.9% to $994.5 million, driven primarily by a 6.4% growth in the single-family residential new construction market. The increase in revenue was attributed to a combination of selling price improvements, a favorable product mix, and contributions from recent acquisitions, which included nine businesses in 2024 alone.
In terms of profitability, IBP's operating income reached $382.5 million, reflecting a slight increase from $369.1 million in the previous year. The gross profit margin improved to 33.8%, up from 33.5% in 2023, as the company focused on maintaining profitability over sales volume. The company generated approximately $340 million in cash from operating activities, maintaining a strong liquidity position with $327.6 million in cash and cash equivalents as of year-end.
Operationally, IBP employed around 10,800 individuals, including approximately 7,400 installers, and reported a 1% increase in annual sales per installer per business day. The company also experienced a 3.5% year-over-year same-branch sales growth, with all end markets contributing positively. The multi-family segment saw a 6.5% revenue increase, supported by a backlog of jobs, while the commercial market grew by 3.0% due to recent acquisitions.
Looking ahead, IBP anticipates a slight decline in housing starts in 2025, projected at 1.32 million, primarily due to elevated home prices and mortgage interest rates. Despite this, the company expects to benefit from long-term growth trends in the housing market, including an aging housing stock and demographic shifts. IBP plans to continue its acquisition strategy, targeting at least $100 million in annual aggregate revenue from acquisitions in 2025, while also focusing on enhancing its product offerings and expanding its market share.
About Installed Building Products, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.