Welcome to our dedicated page for Topbuild news (Ticker: BLD), a resource for investors and traders seeking the latest updates and insights on Topbuild stock.
TopBuild Corp. reports developments tied to its insulation, commercial roofing and specialty distribution businesses in the United States and Canada. The company operates through Installation Services, which installs insulation, commercial roofing and other building products, and Specialty Distribution, which distributes building and mechanical insulation, insulation accessories and related materials for residential, commercial and industrial end markets.
Recurring TopBuild news includes operating and financial results, acquisitions that expand insulation, spray foam, fireproofing or commercial roofing capabilities, leadership and governance updates, material agreements, shareholder voting matters and capital-structure disclosures. Company updates also address branch-network operations, supply-chain responsibilities and growth initiatives across its installation and distribution platforms.
TopBuild Corp. (NYSE:BLD) announced a private offering of $500 million senior notes due 2032, aimed at funding the purchase of Distribution International, Inc. (DI) and related expenses. The offering is not conditioned upon the completion of the acquisition, but the notes will face special mandatory redemption if the acquisition isn't finalized by August 7, 2022. This offering is subject to market conditions and will not be registered under the Securities Act. The company warns that forward-looking statements may differ materially due to various risks, including impacts from COVID-19.
TopBuild Corp. (NYSE:BLD) announced the retirement of CFO John Peterson, effective March 31, 2022, after over six years with the company. Robert Kuhns, currently Vice President and Corporate Controller, will succeed him. CEO Robert Buck expressed gratitude for Peterson's contributions to the company's growth and highlighted Kuhns' readiness to take on the CFO role, ensuring a smooth transition. Kuhns brings a strong finance background from previous experience at Mohawk Industries and holds CPA credentials. Additional details on Peterson's retirement arrangements will be filed with the SEC.
TopBuild Corp. (NYSE:BLD) has appointed Ernesto Bautista, III, former CFO of BJ Energy Solutions, to its Board of Directors, expanding the board to eight members. Bautista brings over 15 years of experience as a CFO for publicly traded companies, enhancing the board's financial expertise. Chairman Alec Covington expressed excitement about Bautista's contribution, while CEO Robert Buck anticipates that his corporate strategy and financial management experience will benefit the company's growth. Bautista is a CPA and holds degrees from Rice University.
Advent International has reached an agreement to sell Distribution International Inc. (DI) to TopBuild Corp. (NYSE:BLD) for $1.0 billion in cash. DI, a leading mechanical insulation distributor in North America, has expanded significantly under Advent's ownership, increasing its revenue by over 50% to approximately $747 million as of June 30, 2021. The acquisition will enable TopBuild to penetrate the $5 billion mechanical insulation market and enhance its growth potential. The deal is expected to close in Q4 2021, subject to regulatory approval.
TopBuild Corp. (NYSE:BLD) announced its agreement to acquire Distribution International for $1 billion in cash. The acquisition positions TopBuild as a leader in the $5 billion mechanical insulation market, enhancing its footprint in key markets and providing a steady revenue stream from DI's Maintenance, Repair and Operations (MRO) business. TopBuild expects to achieve significant run-rate cost synergies of $35 million to $40 million over the next two years and anticipates the deal to be accretive to GAAP EPS in the first full year post-close.
TopBuild Corp. (NYSE:BLD) has acquired Valley Gutter Supply, a fabricator and distributor of gutter products in Los Angeles. Founded in 2007, Valley Gutter generated approximately $10 million in revenue for the twelve months ending June 30, 2021. This acquisition enhances TopBuild's distribution capacity in California. So far in 2021, TopBuild has completed six acquisitions expected to generate around $230 million in annual revenue. The deal marks a strategic move to solidify TopBuild’s presence in the building materials market.
TopBuild Corp. (NYSE:BLD) reported a strong second quarter ending June 30, 2021, with a 29.1% increase in net sales, reaching $834.3 million. The gross margin expanded by 150 basis points to 29.1%, and operating profit improved by 59.5% to $128.3 million. Adjusted EBITDA increased by 39.1% to $149.8 million. The company announced a $200 million share repurchase program and expects continued strength in the residential and commercial markets. Net income per diluted share rose to $2.72, compared to $1.67 in the prior year.
TopBuild Corp. (NYSE:BLD) will present at the Jefferies 2021 Virtual Industrials Conference on Wednesday, August 4, 2021, at 11:30 a.m. Eastern Time. The presentation will last 25 minutes and will be available via live webcast on TopBuild's website. A replay will be accessible one hour after the event concludes. TopBuild is a leading provider of insulation and building material products in the U.S., aiming to leverage its extensive branch network to strengthen customer relationships.
TopBuild Corp. (NYSE:BLD) has announced it will release its second quarter 2021 results on August 3, 2021, before 7:00 a.m. ET. Following the release, a conference call is scheduled for 9:00 a.m. ET to discuss the financial outcomes. Interested parties can join the conference call by dialing (877) 407-9037 or via a live webcast on the company’s website. TopBuild provides insulation and building materials through its subsidiaries TruTeam and Service Partners across approximately 275 branches nationwide.
TopBuild Corp. (NYSE:BLD) will have its CFO, John Peterson, participate in a fireside chat at the KeyBanc Capital Markets’ Virtual Industrials and Basic Materials Conference on June 1 at 10:00 a.m. ET. The 30-minute presentation will be accessible via a live webcast. Interested investors can click the provided link or visit TopBuild’s Investor Relations page for more details. TopBuild is a leading provider of insulation and building material products in the U.S. construction industry, operating around 200 branches nationwide.