Installed Building Products (IBP) has reported a 9.48 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $6.36 million, or $0.20 a share in the quarter, compared with $5.81 million, or $0.19 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $11.06 million, or $0.35 a share compared with $8.12 million or $0.26 a share, a year ago.
Revenue during the quarter surged 33.37 percent to $255.67 million from $191.70 million in the previous year period. Gross margin for the quarter contracted 25 basis points over the previous year period to 28.23 percent. Total expenses were 95.12 percent of quarterly revenues, up from 94.48 percent for the same period last year. That has resulted in a contraction of 64 basis points in operating margin to 4.88 percent.
Operating income for the quarter was $12.47 million, compared with $10.58 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.32 million compared with $19.29 million in the prior year period. At the same time, adjusted EBITDA margin improved 23 basis points in the quarter to 10.29 percent from 10.06 percent in the last year period.
"The year is off to an excellent start, driven by strong first quarter operating and financial results," stated Jeff Edwards, chairman and chief executive officer. "The 2017 first quarter is more in line with historical seasonal trends than we experienced in the first quarter of 2016, as our sales and margins are consistent with our expectations for a typical first quarter. As the year progresses, we expect this normal seasonality to continue, helping drive further improvements in sales and profitability."
Operating cash flow declines
Installed Building Products has generated cash of $15.67 million from operating activities during the quarter, down 20.95 percent or $ 4.15 million, when compared with the last year period.
The company has spent $115 million cash to meet investing activities during the quarter as against cash outgo of $15.11 million in the last year period. It has incurred capital expenditure of $7.57 million on net basis during the quarter, up 19.96 percent or $1.26 million from year ago period.
Cash flow from financing activities was $109.45 million for the quarter, up 66,231.52 percent or $109.28 million, when compared with the last year period.
Cash and cash equivalents stood at $24.61 million as on Mar. 31, 2017, up 110.32 percent or $12.91 million from $11.70 million on Mar. 31, 2016.
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