Installed Building Products: 2Q Earnings Snapshot
COLUMBUS, Ohio (AP) _ Installed Building Products Inc. (IBP) on Thursday reported second-quarter profit of $16.3 million.
On a per-share basis, the Columbus, Ohio-based company said it had net income of 52 cents. Earnings, adjusted for one-time gains and costs, came to 78 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
The residential insulation installer posted revenue of $332.6 million in the period, topping Street forecasts. Five analysts surveyed by Zacks expected $331.8 million.
Installed Building Products shares have dropped 29 percent since the beginning of the year. The stock has fallen slightly more than 2 percent in the last 12 months.