TopBuild Corp. reported a net income of $622.6 million for the fiscal year ending December 31, 2024, reflecting a 1.4% increase from $614.3 million in 2023. The company's net sales rose by 2.6% to $5.33 billion, up from $5.19 billion in the previous year. This growth was primarily driven by a 2.5% increase in sales from acquisitions and a 1.1% impact from higher selling prices, although it was partially offset by a 0.7% decline in sales volume and a 0.3% decrease due to the disposition of a non-core business. The gross profit margin slightly decreased to 30.5% from 30.9% in 2023, attributed to higher material costs.
In terms of operational developments, TopBuild made several strategic acquisitions in 2024, including the insulation businesses of Brabble, Morris Black, PCI, Green Space, Insulation Works, Texas Insulation, Shannon, and Metro, totaling approximately $136.8 million. These acquisitions are expected to enhance the company's market presence in various regions, including North Carolina, Pennsylvania, and Texas. The company also reported an increase in its employee headcount, reaching 13,984 employees by the end of 2024, with 8,394 of them being installers.
TopBuild's Installation segment generated $3.29 billion in sales, a 3.3% increase from the previous year, while the Specialty Distribution segment saw a 3.2% rise to $2.34 billion. The operating profit for the Installation segment was $649.2 million, with a margin of 19.7%, down from 20.2% in 2023. The Specialty Distribution segment's operating profit increased by 6.5% to $352.4 million, with a margin of 15.1%, up from 14.6% in the prior year. The company’s diversified customer base includes national and regional builders, contractors, and individual homeowners, which helps mitigate risks associated with market fluctuations.
Looking ahead, TopBuild remains optimistic about long-term demand for insulation products, driven by strengthening energy efficiency requirements and increased household formations. However, the company acknowledged challenges in the residential construction market, particularly in multi-family housing starts, which are expected to remain slow into 2025. The company also plans to continue leveraging technology to enhance operational efficiencies and expand its market presence through strategic acquisitions.
About TopBuild Corp
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