Installed Building Products Q1 Earnings Miss Views

reported weaker-than-expected earnings for the first quarter ended March 31, 2015. The Columbus, Ohio-based company posted quarterly net income of $1.2 million, or $0.04 per share, versus a year-ago net loss of $19.5 million, or $0.76 per share. Its adjusted net income from continuing operations climbed to $1.4 million, or $0.05 per share, versus $0.1 million, or $0.01 per share. Its net revenue climbed 22.7 percent year-over-year to $129.9 million from $105.9 million. On a same branch basis, revenue climbed 14.0 percent year-over-year. Analysts were expecting a profit of $0.10 per share on revenue of $128 million. Gross profit rose 29.2 percent to $34.1 million from $26.4 million, while gross margin widened to 26.3 percent from 24.9 percent. Adjusted EBITDA climbed 78.9 percent to $7.6 million in the first quarter, compared to $4.2 million in the year-ago quarter. "We continue to effectively execute our growth strategy producing solid increases in net revenue, same branch sales and profitability," stated Jeff Edwards, Chairman and Chief Executive Officer. "In the first quarter 2015, our branches continued to exhibit growth trends above the rate of improvement in US residential construction and we further benefitted from our local leadership across our national network of locations. We remained focused on actively managing our costs to achieve another quarter of improved profitability while we further expanded our operations." Installed Building Products shares closed at $21.67 yesterday.