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IBP Installed Building Products Reports Record First Quarter 2021 Results May 7 , 2021 COLUMBUS , Ohio -- ( BUSINESS WIRE ) -- May 7 , 2021-- Installed Building Products , Inc. ( the " Company " or " IBP " ) ( NYSE : IBP ) , an industry - leading installer of insulation and complementary building products , today announced results for the first quarter ended March 31 , 2021 . First Quarter 2021 Highlights ( Comparisons are to Prior Year Period ) • Net revenue increased 10.0 % to a first quarter record of $ 437.1 million • Net income increased 8.1 % to $ 17.3 million Adjusted EBITDA * increased 10.8 % to $ 54.5 million • Net cash provided by operating activities increased 4.8 % to $ 37.6 million • Net income per diluted share increased 9.4 % to $ 0.58 • Adjusted net income per diluted share * increased 15.4 % to $ 0.90 • The February winter storms combined with supply chain disruptions had an estimated $ 3.0 million to $ 3.5 million impact on first quarter gross profit , which reduced gross profit margin by an estimated 70 to 80 basis points and reduced earnings by $ 0.08 to $ 0.09 per diluted share • At March 31 , 2021 , IBP had $ 207.3 million in cash , and cash equivalents , and investments , and nothing drawn on its existing $ 200 million revolving line of credit • Declared first quarter dividend of $ 0.30 per share , and the second quarter regular cash dividend of $ 0.30 per share was declared on May 5 , 2021 " I am pleased with our record first quarter financial results , demonstrating the resiliency of our business model , the benefits of our product , end - market , geographic diversification strategies , and the continued hard work of our nationwide team members , " stated Jeff Edwards , Chairman and Chief Executive Officer . " Throughout the first quarter , we successfully overcame operating challenges . The COVID - 19 crisis continues to impact our large commercial business . Additionally , the historic February winter storms had a meaningful impact on our material suppliers ' supply chains and impacted our production and installation efficiencies . We estimate lost production , as a result of the winter storms , impacted first quarter revenue by $ 3.0 million to $ 3.5 million , and gross profit by $ 1.0 million to $ 1.5 million . We ended the first quarter with positive momentum as we experienced the highest monthly sales in our history in March , and positive momentum has continued in the month of April . " During the first quarter we also experienced unprecedented material and supply shortages for a variety of products used across our installation services . The February winter storms impacted the manufacturing capabilities at two of our large fiberglass insulation suppliers , disrupting our ability to source material and forcing us to buy from distributors and local retailers to meet customer demand . In addition , materials needed for spray foam applications were in short supply after the storms , as chemical processing facilities went offline . We estimate the material supply shortages impacted gross profit by approximately $ 2.0 million and effected our ability to complete installation work for certain customers during the quarter . " While the supply chain efficiencies appear to have steadily improved during March and April , relative to January and February , we expect constraints will continue over the remainder of the year for many of the materials and products used throughout our installation work . Despite near - term supply challenges , demand and pricing remains strong , and we expect trends within our large commercial business will improve later this year . As a result , we expect 2021 will be another strong year of sales and earnings growth for IBP , " concluded Mr. Edwards . Acquisition Update IBP continues to prioritize profitable growth through its proven strategy of acquiring well - run installers of insulation and complementary building products . To date in 2021 , we have completed three acquisitions representing approximately $ 65 million of annual revenues . In the last 12 months , we have completed acquisitions with over $ 160 million of annual revenues . For 2021 , the Company is targeting approximately $ 100 million of acquired revenue , which IBP may exceed depending on the timing of acquisitions within its large and growing pipeline . During the 2021 first quarter , IBP acquired I.W. International Insulation , Inc. doing business as Intermountain West Insulation , a Washington based provider of insulation installation services to residential customers throughout Washington , Oregon , and Idaho , with annual revenue of approximately $ 34.4 million . Since the first quarter ended , IBP has completed the following acquisitions : • In April 2021 , acquired Alert Insulation , a Southern California based provider of fiberglass insulation installation , fireproofing services , and acoustical ceiling system installation services to commercial customers , with annual revenue of approximately $ 21.0 million • In April 2021 , acquired Alpine Construction Services , LLC a Colorado Springs based provider of fiberglass and spray foam insulation installation services to residential and multifamily customers , with annual revenue of approximately $ 9.4 million First Quarter 2021 Results Overview For the first quarter of 2021 , net revenue was $ 437.1 million , an increase of 10.0 % from $ 397.3 million in the first quarter of 2020. On a same branch basis , net revenue improved 2.2 % from the prior year quarter . Residential same branch sales growth was 3.7 % in the quarter , attributable to a 10.0 % increase in the volume of jobs completed . Price / mix was negatively impacted during the quarter as the Company continues to experience a higher volume of sales to production builders compared to the same period last year . This shift within the single - family end market impacted price / mix as the