Insulation industry news from Global Insulation

US: Installed Building Products’ revenue grew by 7% year-on-year to US$1.35bn in the first half of 2023 from US$1.26bn in the same period in 2022. Its net income rose by 18% to US$111m from US$93.7m. Jeff Edwards, chair and chief executive officer, said that company “focused on prioritising profitability over volume.” He added “Despite softer volume trends in our single-family end market, the effort of our employees in the field across end markets translated into record second-quarter revenue, net income and earnings per share.”

US: Installed Building Products’ net revenue grew by 37% year-on-year to US$1.26bn in the first half of 2022 from US$925m in the same period in 2021. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 54% to US$204m from US$133m. The insulation installation company said that its sales increased in the second quarter of 2022 due to “strong growth” across its residential new construction, repair and remodel and commercial markets.

US: Installed Building Products’ income grew by 19% year-on-year to US$1.97bn in 2021 from US$1.65bn in 2020. Its adjusted earnings before taxation, interest, depreciation and amortisation (EBTIDA) rose by 16% to US$269m from US$231m. Residential market sales growth grew faster than commercial market sales growth.

US: Installed Building Products’ net revenue grew by 17% year-on-year to US$925m in the first half of 2021 from US$791m in the same period in 2020. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 18% to US$124m from US$105m.

Jeff Edwards, chairman and chief executive officer commented, “As expected, the building products supply chain remained constrained during the second quarter, which we believe will continue for the foreseeable future. These trends continue to impact our ability to purchase certain materials and, in some cases, affected our ability to complete work on behalf of certain customers primarily within our multi-family end market.”

US: Installed Building Products’ consolidated net sales were US$1.65bn in 2020, up by 9% year-on-year from US$1.51bn in 2019. Its earnings before interest, depreciation, taxation and amortisation (EBITDA) rose by 26% to US$231m from US$184m. In the fourth quarter of 2020, the insulation supplier recorded a higher proportion of insulation sales to production builders, leading to a drop in insulation selling prices. In November 2020, the group acquired WeatherSeal Insulation and in October 2020 it acquired Insulation Contractors/Magellan Insulation.

Chair and chief executive officer Jeff Edwards said, “We believe most of our markets will remain strong in 2021 and we expect 2021 will be another good year of growth and profitability for Installed Building Products, despite the continued effects of the Covid-19 pandemic. Reflecting our confidence in executing on our acquisition strategy and our commitment to create long-term value for shareholders, I am pleased with the board’s decision to initiate a quarterly cash dividend programme, and increase and extend our share repurchase programme. The financial and operating accomplishments we achieved in 2020 is encouraging and I remain excited by the continued opportunities to grow IBP and create even greater value for our shareholders.”

US: Installed Building Products (IBP) recorded a net income of US$41.3m in the first half of 2020, up by 49% year-on-year from US$27.8m in the first half of 2019. Sales were US$791m, up by 11% from US$714m. Chair and chief executive officer (CEO) Jeff Edwards said, “These record results demonstrate the success of our on-going geographic, end-market, and end-product diversification strategies, the benefits of our pricing strategies, and the hard work and dedication of our employees.”

The installer of insulation and complementary building products has also recently acquired Charleston Insulation and Foam and Savannah Insulation and Foam from Energy One America. Both companies provide foam, glass fibre and air barrier insulation installation services. Edwards said, “With total annual revenue of approximately US$22m, these branches expand our presence in two attractive markets. In addition, each branch provides multiple installation services, and end market diversification that fits extremely well within our overall growth strategy.”

US: Installed Building Products has purchased Advanced Fiber Technology (AFT) for an undisclosed value. Founded in 1988 and located in Bucyrus, Ohio, AFT manufactures cellulose, asphalt, and industrial fibres. The company sells its products to distributors and installers predominately in the Midwest and Northeastern US.

“AFT provides us with an opportunity to vertically integrate our cellulose insulation supply in certain markets which we believe will have an immediate and favourable impact on our business and financial results. Cellulose is an attractive alternative to fibreglass in a variety of insulation applications,” said Jeff Edwards, chairman and chief executive officer (CEO) of Installed Building Products.

US: Installed Building Products’ (IBP) net revenue rose by 30% year-on-year to US$863m in 2016 from US$663m in 2015. Its net income rose by 45% to US$38.4m from US$26.5m. The company has attributed the growth to its presence in strong housing markets.

"IBP achieved many milestones during 2016, including record revenues and earnings, the addition of nearly US$100m in acquired revenues and the announcement of the acquisition of Alpha Insulation and Waterproofing, the largest acquisition we have made to date," said Jeff Edwards, chairman and chief executive officer of IBP.

US: Installed Building Products (IBP) has closed its acquisition of Alpha Insulation and Waterproofing. Alpha Insulation and Waterproofing, based in Atlanta in Georgia, will continue to operate under its existing brand name through an expanding network of nine branches located in Georgia, Florida, Texas, Tennessee and North Carolina. Alpha's focus on commercial insulation, waterproofing, fire stopping and fireproofing will add to IBP’s revenue mix and its commercial construction platform.

"We are excited about closing the Alpha acquisition and are focused on successfully integrating Alpha's operations over the coming months, which we expect will be immediately accretive to earnings," said Jeff Edwards, IBP's chairman and chief executive officer.

US: Installed Building Products has purchased East Coast Insulators, a provider of insulation services to residential and commercial customers in the Virginia, West Virginia, Washington DC and Maryland markets through two Virginia locations. "With US$20m of annual revenues, East Coast Insulators has a large presence within strong and growing markets, and this acquisition will help expand our presence in the mid-Atlantic region," said Jeff Edwards, chairman and chief executive officer of Installed Building Products.