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Installed Building Products, Inc. reports developments tied to its insulation installation and complementary building-products services for residential and commercial builders in the continental United States. The company installs fiberglass, spray foam and cellulose insulation, and also provides waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving, mirrors and related products.
Recurring IBP news centers on quarterly and annual results, demand conditions in residential and commercial construction, acquisition activity, product-category diversification, cash dividends, share repurchases and capital-structure actions. Updates also cover the company’s manufacturing and distribution operations, its national branch network and financing transactions such as senior notes offerings and asset-based lending facilities.
Installed Building Products, Inc. (NYSE: IBP) has announced the acquisition of Pisgah Insulation and Fireplaces of NC, LLC, which is expected to add approximately $8.5 million in annual revenue. Located in location value="LU/us.nc.milver"Mills River, North Carolina, Pisgah specializes in spray foam insulation and fireplaces for new residential homes in the location value="LU/us.nc.ashlle"Asheville market. This acquisition aligns with IBP's growth strategy, enhancing its presence in North Carolina and contributing to its expansion across various markets.
Installed Building Products (IBP) reported record results for Q4 and the fiscal year ended December 31, 2021. Net revenue increased by 20.9% to $533.7 million, with net income rising 5.5% to $29.4 million. Adjusted EBITDA increased 11.5% to $74.8 million. The Board declared a $0.315 per share quarterly dividend and a $0.90 annual variable dividend. Supply chain disruptions impacted profits by $1.8 million. In 2021, IBP completed 12 acquisitions, significantly exceeding their target.
Installed Building Products, Inc. (IBP) has amended its asset-based lending credit facility, increasing borrowing capacity to $250 million and extending the maturity date to February 17, 2027. This replaces the prior $200 million facility, which was undrawn and maturing on September 26, 2024. The new facility allows for reduced fees linked to sustainability performance. The Administrative Agent for this facility is Bank of America, with additional syndication support from KeyBank and US Bank.
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Installed Building Products, Inc. (NYSE: IBP) will release its fourth quarter 2021 financial results on February 24, 2022. A conference call and webcast will follow at 10:00 a.m. (Eastern Time) to discuss the results.
Stakeholders can access the live webcast through the Company's website, with a playback option available until March 24, 2022.
Installed Building Products is a prominent insulation installer in the U.S., providing a range of complementary building products, and operates over 210 branch locations nationwide.
Installed Building Products, Inc. (NYSE: IBP) announced that during its third year, the Installed Building Products Foundation donated $1.3 million in 2021 to 29 nonprofit organizations across the United States. Since its inception, total donations have reached $4.6 million. Key beneficiaries include local organizations in Ohio and other states such as Texas and California, focusing on home-building and renovation services for those in need. IBP Foundation President Kelly Clifford Riehl emphasized commitment to community support amid ongoing challenges.
Installed Building Products, Inc. (NYSE: IBP) has successfully closed a new 7-year Term Loan amounting to $500 million, set to mature on December 13, 2028. The loan, rated BB+ by S&P and Ba2 by Moody's, features a pricing of LIBOR plus 225 basis points. Proceeds will refinance a previous $200 million Term Loan B and support acquisitions and growth initiatives. Moody's upgraded IBP’s Corporate Family Rating to Ba2, reflecting improved financial stability. Royal Bank of Canada is the Term Administrative Agent for this facility.
Installed Building Products (IBP) has announced its acquisition of AMD Distribution, Inc. for an estimated $71 million in annual revenue. AMD, based in location value="LU/us.mn.sprley"Spring Valley, Minnesota, operates eight locations and specializes in insulation products for various markets. This acquisition is projected to enhance IBP's revenue diversification, geographic reach, and supply chain efficiency. With this deal, IBP has significantly exceeded its acquisition revenue target for 2021, reflecting a robust pipeline for future growth.
Installed Building Products, Inc. (NYSE: IBP) plans to raise a new $500 million Term Loan due 2028 to refinance its existing $200 million Term Loan B due April 2025. The funds will also support acquisitions and general corporate purposes. The loan terms will be revealed post-transaction completion, expected by December 2021. The company manages insulation and related building product installations across the U.S., operating over 190 branches. Forward-looking statements highlight potential risks related to market conditions and the economy.
Installed Building Products, Inc. (NYSE: IBP) will participate in two upcoming investor conferences. On November 29, 2021, Jeffrey Hire and Jason Niswonger will attend the Stephens Annual Investment Conference virtually. Following this, on December 7, 2021, Michael Miller, Jeffrey Hire, and Jason Niswonger will join the Truist Securities Industrials & Services Summit virtually. IBP is a leading installer of insulation and building products, managing over 190 branch locations across the U.S.