TopBuild Corp Reports Second Quarter 2024 Financial Results
TopBuild Corp. Reports Second Quarter 2024 Financial Results
TopBuild Corp. (NYSE: BLD), a leading installer and specialty distributor of insulation and building material products in the United States and Canada, reported financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
Metrics | Actual (Q2 2024) | YoY Comparison | Consensus Estimate |
---|---|---|---|
Total Revenue | $1.37 billion | +3.7% | $1.4 billion |
Adjusted EBITDA | $277.7 million | Not Provided | Not Provided |
Adjusted EBITDA Margin | 20.3% | Not Provided | Not Provided |
Earnings Per Share (EPS) | Not Provided | Not Provided | $5.68 |
Interpretation: TopBuild reported a total revenue of $1.37 billion for Q2 2024, reflecting a 3.7% year-over-year growth but slightly missed the consensus estimate of $1.4 billion. The company delivered an impressive adjusted EBITDA margin of 20.3%, indicating strong profitability.
Segment Revenue Performance
Segment | Actual Revenue (Q2 2024) | Previous Guidance | YoY Comparison |
---|---|---|---|
Installation Services | Not Provided | Not Provided | Not Provided |
Specialty Distribution | Not Provided | Not Provided | Not Provided |
Interpretation: While the specific segment revenue numbers were not detailed, the company noted that both segments saw sales growth. However, volume was less than anticipated due to factors such as higher interest rates, project delays, and supply constraints.
Additional Key Operational Data
Data | Value |
---|---|
Gross Margin | 31% |
Number of Acquisitions | 6 |
Backlog | Robust in both residential and commercial segments |
Executive Comments
Robert Buck, President and CEO of TopBuild, expressed satisfaction with the company's solid results for the quarter. He highlighted the highest level of sales and profitability in the company's history, excluding the unusually high margins from multi-family and commercial projects in 2023. Buck cited ongoing challenges but remained optimistic about the long-term fundamentals, including housing undersupply and energy efficiency demands.
Share Repurchases
TopBuild repurchased approximately 1.25 million shares during the quarter, totaling $505.2 million, which underscores management and the Board's continuous confidence in future growth. There is still $649.2 million remaining under the current authorization.
Forward Guidance
The company revised its full-year 2024 guidance, now projecting revenue between $5.3 billion and $5.5 billion and adjusted EBITDA between $1.055 billion and $1.125 billion. The guidance revision reflects the timing of demand rather than any underlying business changes.
Stock Price Movement
Following the earnings release, TopBuild's stock price experienced a decline of approximately 2.42%.
Overall, TopBuild demonstrated robust operational performance despite some market challenges, underscored by a strong outlook and ongoing capital return initiatives.
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