Installed Building Products, Inc. (IBP) has announced its plans to refinance and extend its existing $490 million term loan B facility due 2028 with a new 7-year $500 million term loan due 2031. The net proceeds from this new term loan will be used to refinance the existing term loan and pay fees. The terms of the new term loan will be disclosed upon the completion of the transaction, which is expected to be announced in the next several weeks.
In the latest financial period, IBP reported a revenue of $1.58 billion, reflecting a 10% increase from the previous period. The company's net income also saw a notable increase, rising to $87.4 million, a 15% growth compared to the prior period. Additionally, IBP's EBITDA stood at $206.7 million, marking a 12% increase from the previous period.
Furthermore, IBP's operating cash flow reached $143.2 million, which represents a 9% increase from the last period. The company's free cash flow also demonstrated growth, reaching $81.5 million, a 7% increase from the previous period.
IBP's gross margin for the period was reported at 27.5%, showing a slight increase from the prior period. Additionally, the company's operating margin was 8.9%, marking a 1% increase compared to the previous period.
The company's total assets amounted to $1.48 billion, reflecting a 6% increase from the last period. IBP's total liabilities also increased to $1.06 billion, representing a 5% growth compared to the previous period.
IBP's stockholders' equity stood at $418.3 million, demonstrating a 10% increase from the prior period. Furthermore, the company's diluted earnings per share reached $2.15, marking a 13% increase from the previous period.
The market has reacted to these announcements by moving the company's shares 0.5% to a price of $241.79. For more information, read the company's full 8-K submission here.
