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Installed Building (IBP) Buys Combee, Expands Florida Footmark
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Installed Building Products, Inc. (IBP - Free Report) strengthens its market presence with the recent acquisition of Combee Insulation Company, Inc., Combee Foam Products, Inc., and Air Tight Diagnostics, LLC. This move, in line with IBP's growth strategy, significantly expands its footprint in Central Florida, catering to single-family, multifamily, and commercial customers.
Combee, established in 1970, is a Lakeland, FL-based company specializing in the installation of diverse building products, such as fiberglass insulation, spray foam insulation, and garage doors. The acquisition adds approximately $16.5 million in annual revenues to IBP's robust financial portfolio.
Acquisition: A Key Growth Driver
IBP's success lies in its proven strategy of acquiring well-run installers within the insulation and complementary building products sector. Bolstered by a strong balance sheet and an asset-light business model, IBP remains dedicated to pursuing growth through acquisitions, while concurrently returning value to shareholders through cash dividends and stock repurchases.
IBP's 2023 acquisition spree, totaling around $75 million in annual revenues, showcases its commitment to sustained growth. Earlier this year, IBP successfully acquired Interior 2000 Products, LLC, and R-Pro Select, LLC, adding expertise in shower, shelving, and mirror products, as well as fiberglass, spray foam, cellulose insulation, and fireplaces.
Furthermore, the acquisition of Interstate Spray Foam, LLC in October 2023 further strengthens IBP's position. With a focus on fiberglass and spray foam insulation for multifamily, residential, and commercial clients, this strategic move aligns with IBP's expansion goals.
As acquisitions continue to be a driving force behind IBP's growth, the company maintains a robust pipeline of opportunities across various geographies, products, and end markets. The Combee acquisition not only enriches IBP's offerings but also solidifies its position as an industry leader in the installation sector.
Share Price Performance
Shares of IBP have soared 35.2% in the past six months, outperforming the Zacks Building Products - Miscellaneous industry’s 18.2% growth.
Image Source: Zacks Investment Research
This Zacks Rank #2 (Buy) company’s earnings estimates for 2023 have increased to $10.00 per share from $9.84 per share, over the past 30 days. The same for 2024 has increased to $10.81 from $10.12 over the same time frame. The estimated figure indicates 11.3% and 8.1% year-over-year growth for 2023 and 2024, respectively. The positive trend signifies bullish analysts’ sentiments, robust fundamentals, and the continuation of an outperformance in the near term.
EME delivered a trailing four-quarter earnings surprise of 25%, on average. The Zacks Consensus Estimate for EME’s 2023 sales and earnings per share (EPS) indicates growth of 12% and 52.8%, respectively, from the previous year’s reported levels.
Acuity Brands currently carries a Zacks Rank of 2. AYI delivered a trailing four-quarter earnings surprise of 12%, on average.
The stock has gained 17.5% in the past six months. The Zacks Consensus Estimate for AYI’s fiscal 2024 sales and EPS indicates a decline of 3% and 4.7%, respectively, from a year ago.
Armstrong World Industries currently carries a Zacks Rank #2. AWI delivered a trailing four-quarter earnings surprise of 7.9%, on average.
Shares of the company have gained 36% in the past six months. The Zacks Consensus Estimate for AWI’s 2023 sales and EPS indicates growth of 4.7% and 8.2%, respectively, from the previous year’s reported levels.
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Installed Building (IBP) Buys Combee, Expands Florida Footmark
Installed Building Products, Inc. (IBP - Free Report) strengthens its market presence with the recent acquisition of Combee Insulation Company, Inc., Combee Foam Products, Inc., and Air Tight Diagnostics, LLC. This move, in line with IBP's growth strategy, significantly expands its footprint in Central Florida, catering to single-family, multifamily, and commercial customers.
Combee, established in 1970, is a Lakeland, FL-based company specializing in the installation of diverse building products, such as fiberglass insulation, spray foam insulation, and garage doors. The acquisition adds approximately $16.5 million in annual revenues to IBP's robust financial portfolio.
Acquisition: A Key Growth Driver
IBP's success lies in its proven strategy of acquiring well-run installers within the insulation and complementary building products sector. Bolstered by a strong balance sheet and an asset-light business model, IBP remains dedicated to pursuing growth through acquisitions, while concurrently returning value to shareholders through cash dividends and stock repurchases.
IBP's 2023 acquisition spree, totaling around $75 million in annual revenues, showcases its commitment to sustained growth. Earlier this year, IBP successfully acquired Interior 2000 Products, LLC, and R-Pro Select, LLC, adding expertise in shower, shelving, and mirror products, as well as fiberglass, spray foam, cellulose insulation, and fireplaces.
Furthermore, the acquisition of Interstate Spray Foam, LLC in October 2023 further strengthens IBP's position. With a focus on fiberglass and spray foam insulation for multifamily, residential, and commercial clients, this strategic move aligns with IBP's expansion goals.
As acquisitions continue to be a driving force behind IBP's growth, the company maintains a robust pipeline of opportunities across various geographies, products, and end markets. The Combee acquisition not only enriches IBP's offerings but also solidifies its position as an industry leader in the installation sector.
Share Price Performance
Shares of IBP have soared 35.2% in the past six months, outperforming the Zacks Building Products - Miscellaneous industry’s 18.2% growth.
Image Source: Zacks Investment Research
This Zacks Rank #2 (Buy) company’s earnings estimates for 2023 have increased to $10.00 per share from $9.84 per share, over the past 30 days. The same for 2024 has increased to $10.81 from $10.12 over the same time frame. The estimated figure indicates 11.3% and 8.1% year-over-year growth for 2023 and 2024, respectively. The positive trend signifies bullish analysts’ sentiments, robust fundamentals, and the continuation of an outperformance in the near term.
Other Key Picks
Some other top-ranked stocks from the Construction sector are EMCOR Group, Inc. (EME - Free Report) , Acuity Brands, Inc. (AYI - Free Report) and Armstrong World Industries (AWI - Free Report) .
EMCOR currently sports a Zacks Rank of 1 (Strong Buy). Shares of the company have risen 23.8% in the past six months. You can see the complete list of today’s Zacks #1 Rank stocks here.
EME delivered a trailing four-quarter earnings surprise of 25%, on average. The Zacks Consensus Estimate for EME’s 2023 sales and earnings per share (EPS) indicates growth of 12% and 52.8%, respectively, from the previous year’s reported levels.
Acuity Brands currently carries a Zacks Rank of 2. AYI delivered a trailing four-quarter earnings surprise of 12%, on average.
The stock has gained 17.5% in the past six months. The Zacks Consensus Estimate for AYI’s fiscal 2024 sales and EPS indicates a decline of 3% and 4.7%, respectively, from a year ago.
Armstrong World Industries currently carries a Zacks Rank #2. AWI delivered a trailing four-quarter earnings surprise of 7.9%, on average.
Shares of the company have gained 36% in the past six months. The Zacks Consensus Estimate for AWI’s 2023 sales and EPS indicates growth of 4.7% and 8.2%, respectively, from the previous year’s reported levels.