Installed Building Products, Inc. (IBP) recently announced an increase in profits for its first quarter compared to the same period of the previous year. This exceeded the expectations set by market analysts.
The company reported earnings amounting to $55.9 million, equivalent to $1.97 per share. This marked a significant improvement compared to the previous year's first quarter, wherein the company earned $49.3 million or $1.74 per share.
When excluding specific items, the business reported adjusted earnings of $70.2 million or $2.47 per share for the period.
On average, market analysts had predicted the company's earnings to reach $2.32 per share. These figures are as compiled by market research firm Thomson Reuters and typically do not include special items.
Installed Building Products recorded a revenue increase of 5.1% for the quarter, with figures reaching from last year's $659.3 million to the current $692.9 million.
To reiterate, Installed Building Products, Inc. has demonstrated substantial growth compared to the previous year. The GAAP earnings at a glance indicate a rise in earnings from $49.3 million to $55.9 million, with the EPS also increasing from $1.74 to $1.97. Additionally, the company showed considerable revenue growth, moving from a previous $659.3 million to recently reported $692.9 million.