Installed Building Products, Inc. (IBP) has reported a 19.32 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $11.08 million, or $0.35 a share in the quarter, compared with $9.29 million, or $0.30 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $13.87 million, or $0.44 a share compared with $10.68 million or $0.34 a share, a year ago.

Revenue during the quarter grew 22.18 percent to $233.98 million from $191.50 million in the previous year period. Gross margin for the quarter expanded 77 basis points over the previous year period to 29.21 percent. Total expenses were 91.86 percent of quarterly revenues, down from 92.11 percent for the same period last year. This has led to an improvement of 26 basis points in operating margin to 8.14 percent.

Operating income for the quarter was $19.05 million, compared with $15.10 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $29.80 million compared with $23.48 million in the prior year period. At the same time, adjusted EBITDA margin improved 47 basis points in the quarter to 12.74 percent from 12.26 percent in the last year period.

"IBP achieved many milestones during 2016 including record revenues and earnings, the addition of nearly $100 million in acquired revenues, and the announcement of the acquisition of Alpha Insulation and Waterproofing, the largest acquisition we have made to date," stated Jeff Edwards, chairman and chief executive officer. "I am extremely pleased with these accomplishments, which have improved our competitiveness and further enhanced our residential and commercial growth opportunities. For the year, total revenues increased 30.2% to a record $863 million driven by single family sales growth of 28.2% and exceptionally strong multi-family sales growth of 54.1%. This growth was due to our nationwide presence in many of the country's strongest housing markets, our focus on customer service, outstanding customer relations, and the dedication of our team."

The company has spent $79.60 million cash to meet investing activities during the year as against cash outgo of $111.36 million in the last year. It has incurred net capital expenditure of $26.32 million on net basis during the year, down 1.31 percent or $0.35 million from year ago.

Cash flow from financing activities was $14 million for the year, down 80.80 percent or $58.88 million, when compared with the last year.

Cash and cash equivalents stood at $14.48 million as on Dec. 31, 2016, up 112.41 percent or $7.66 million from $6.82 million on Dec. 31, 2015.

Working capital increases

Installed Building Products, Inc. has recorded an increase in the working capital over the last year. It stood at $62.29 million as at Dec. 31, 2016, up 17.94 percent or $9.48 million from $52.81 million on Dec. 31, 2015. Current ratio was at 1.48 as on Dec. 31, 2016, down from 1.54 on Dec. 31, 2015.