Installed Building Products, Inc. (IBP) reported strong financial performance for the third quarter and the first nine months of 2024, reflecting significant growth in revenue and profitability compared to the same periods in 2023. For the three months ended September 30, 2024, net revenue reached $760.6 million, a 7.7% increase from $706.5 million in Q3 2023. Gross profit also rose to $256.8 million, up 6.1% from $242.1 million year-over-year. However, operating income slightly decreased to $101.3 million from $102.3 million in the prior year.
Net income for Q3 2024 was $68.6 million, compared to $68.0 million in Q3 2023, resulting in basic earnings per share of $2.45, an increase from $2.41. For the nine months ended September 30, 2024, net income totaled $189.7 million, up from $178.9 million in the same period of 2023, with net revenue increasing to $2,191.1 million from $2,057.9 million.
The Installation segment was a key driver of growth, with revenues for Q3 2024 at $713.8 million, compared to $661.3 million in Q3 2023. The segment's revenue for the nine months ended September 30, 2024, was $2,067.0 million, up from $1,935.9 million in the prior year. The company noted a 2.7% increase in price/mix metrics for the Installation segment, primarily due to growth in the residential end market.
Total assets increased to $2,072.5 million as of September 30, 2024, from $1,981.3 million at the end of 2023, while total liabilities rose to $1,356.1 million from $1,311.0 million. Stockholders' equity improved to $716.4 million, up from $670.3 million.
Strategically, IBP completed six business combinations and one insignificant tuck-in acquisition during the nine months ended September 30, 2024. Notable acquisitions included Euroview Enterprises, LLC and Contract Mirror and Supply, LLC in July 2024. The company also repurchased 100,000 shares of common stock for approximately $20.7 million during Q3 2024, part of a broader stock repurchase program authorized in February 2024, allowing for up to $300.0 million in repurchases.
The company continues to face challenges, including rising labor costs and material supply issues, but remains optimistic about future growth driven by stable employment and low existing home inventory levels. As of September 30, 2024, IBP had cash and cash equivalents of $406.2 million and access to $250.0 million under its asset-based lending credit facility, providing a total liquidity of $650.4 million.
About Installed Building Products, Inc.
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