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Installed Building Products, Inc. (IBP), headquartered in Columbus, Ohio, stands as a prominent player in the U.S. residential new construction market. As the second largest insulation installer in the country, IBP leverages its extensive network of over 125+ locations across the United States to deliver high-quality installation services. The company specializes in a wide range of products for new and existing residential, multifamily, and commercial building projects. These products include insulation, garage doors, siding, gutters, shower doors, mirrors, bath hardware, closets and shelving, door locksets, and fireplaces.
IBP prides itself on its longstanding relationships with leading builders nationwide, with integrity forming the cornerstone of these partnerships. The company's comprehensive training programs, deep understanding of local building codes, and robust manufacturer relationships ensure smooth, hassle-free project outcomes. This commitment to service excellence at the local level has cultivated a loyal customer base.
In addition to its core insulation services, IBP has diversified its offerings to include products such as waterproofing, fire-stopping and fireproofing, window blinds, and more. The company's insulation options include fiberglass, spray foam, and cellulose insulation, addressing a variety of customer needs.
IBP's operations are categorized into three segments: Installation, Manufacturing, and Distribution. The Installation segment is the primary revenue generator, reflecting the company's expertise and focus in this area.
Recent achievements and current projects highlight IBP's growing influence and commitment to excellence. Through strategic partnerships and continuous improvement initiatives, the company aims to stay at the forefront of the industry, delivering value to both customers and shareholders.
Installed Building Products (NYSE: IBP) has been awarded the National Preferred Partner Award by David Weekley Homes for the fourth consecutive year. This distinction recognizes field and manufacturing partners who consistently perform at world-class levels in terms of quality and customer service. Out of 122 companies evaluated, only 20% achieved this status, with IBP being one of just 12 companies in the field partner category. This honor underscores IBP's commitment to excellence and the company's strong partnership with David Weekley Homes. President of External Affairs, Jeff Hire, attributed this success to the company's dedication to outstanding service.
Installed Building Products (IBP) has announced the acquisition of Thrice Energy Solutions and Gutter Pro Enterprises. Thrice, based in Oklahoma City, specializes in installing fiberglass and spray foam insulation in both residential and commercial markets across Oklahoma and Texas. Gutter Pro, located in Plymouth, Massachusetts, serves residential and commercial clients in Massachusetts and Rhode Island. These acquisitions collectively add approximately $14 million in annual revenue and expand IBP's geographic and product diversity. Additionally, IBP repurchased roughly 215,000 shares of its common stock for $46 million in June, leaving over $250 million available in its repurchase program as of June 17, 2024.
Installed Building Products, Inc. (IBP) reported Q1 2024 results with net revenue up 5.1% to $692.9 million. The company saw growth in installation revenue and other revenue, with net income up 13.4% to $55.9 million. IBP declared a regular cash dividend and increased its second quarter dividend by 6%. The company acquired Trade Partners, Inc., showing a commitment to profitable growth. IBP aims for continued value creation for stakeholders in 2024.
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