During the 2022 second quarter and August, Installed Building Products, Inc. acquired Ozark's Modern Insulation and Insulation Pros, Missouri based installers, which primarily install fiberglass insulation, with combined annual revenue of over $3 million.
IBP continues to prioritize profitable growth through its proven strategy of acquiring well-run installers of insulation and complementary building products. To date in 2022, IBP has acquired over $71 million of annual revenue and expects to acquire at least $100 million of revenue for the full year.
“We achieved record operating and financial results during the 2022 second quarter as our team worked hard to support our customers and capitalize on strong end-market demand. The second quarter benefited from the continued success of our local branches, which prudently align our selling prices with the value we offer our customers. Our price/mix increased 24.9%, driving strong incremental margins and earnings,” stated Jeff Edwards, IBP Chairman and Chief Executive Officer.
“IBP’s asset-light business model continues to generate substantial operating cash flow, which we allocate primarily toward our strategic acquisitions, dividend distributions, and share repurchases. Year-to-date, we have returned over $144.5 million in cash back to our shareholders through our regular cash dividend, annual variable dividend, and the existing share repurchase program. While interest rates continue to increase from historically low levels, we believe demand for our installation service is strong and the current residential construction backlog continues to support our business,” concluded Edwards.