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IBP Installed Building Products Reports Record Second Quarter 2021 Results and Declares Regular Quarterly Cash Dividend August 5 , 2021 COLUMBUS , Ohio -- ( BUSINESS WIRE ) -- Aug . 5 , 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 second quarter ended June 30 , 2021 , and announced that IBP's Board of Directors has approved the Company's third quarter cash dividend . Second Quarter 2021 Highlights ( Comparisons are to Prior Year Period ) • Net revenue increased 23.9 % to a record $ 488.1 million • Net income increased 46.9 % to a record $ 37.2 million • Adjusted EBITDA * increased 23.7 % to a record $ 78.0 million • Net income per diluted share increased 46.5 % to a record $ 1.26 • • Adjusted net income per diluted share * increased 42.0 % to a record $ 1.59 Supply chain disruptions had an estimated $ 2.8 million to $ 2.9 million impact on second quarter gross profit , which reduced gross profit margin by an estimated 60 basis points and reduced earnings by approximately $ 0.07 to $ 0.08 per diluted share • At June 30 , 2021 , IBP had $ 203.9 million in cash , cash equivalents , and investments , and nothing drawn on its existing $ 200.0 million revolving line of credit • Declared second quarter regular cash dividend of $ 0.30 per share , and today announced the third quarter cash dividend of $ 0.30 per share . " We achieved another record quarter of revenues and profitability , which is a testament to the continued hard work of our team members and the valuable services we provide our nationwide customers each day , " stated Jeff Edwards , Chairman and Chief Executive Officer . " Demand strengthened during the second quarter as sales were up 11.7 % from the 2021 first quarter , despite continued supply chain and material challenges . In fact , on a same branch basis , volume growth was up 17.0 % , from the prior year period , demonstrating strong demand in our single - family end market . " " As expected , the building products supply chain remained constrained during the second quarter , which we believe will continue for the foreseeable future . These trends continue to impact our ability to purchase certain materials and , in some cases , affected our ability to complete work on behalf of certain customers primarily within our multi - family end market . As a result , during the second quarter we continued to buy from distributors and local retailers to meet customer demand , which we estimate reduced gross profit by approximately $ 2.8 million to 2.9 million . Gross profit was also impacted by higher year - over - year fuel costs and reduced efficiencies within our large commercial construction operation related to continued challenges from the COVID - 19 pandemic . Despite these impacts , IBP's operating profit margin improved by 23 basis points over the second quarter last year and profitability improved across the board from first quarter levels . " " I am extremely proud of our record financial and operating performance and long - term demand trends remain strong throughout our single - family , multi - family and commercial end markets . In addition , we continue to have a robust pipeline of acquisition opportunities across multiple geographies , products , and end markets . Given these positive trends , we believe 2021 will be another record year 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 five acquisitions representing approximately $ 79 million of annual revenues . In the last 12 months , we have completed acquisitions with over $ 171 million of annual revenues . For 2021 , the Company continues to target 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 second quarter , IBP acquired General Ceiling & Partitions , Inc , a Colorado Springs , Colorado based installer of drywall , framing , ceiling tiles , and firestopping / insulation for commercial customers , with annual revenue of approximately $ 11.5 million . Also , in the 2021 second quarter IBP acquired Reliable Glass & Mirror , LLC , a Louisiana based provider of glass and mirror installation services to residential and commercial customers , with annual revenue of approximately $ 2.6 million . Second Quarter 2021 Results Overview For the second quarter of 2021 , net revenue was $ 488.1 million , an increase of 23.9 % from $ 393.9 million in the second quarter of 2020. On a same branch basis , net revenue improved 13.1 % from the prior year quarter , attributable to a 17.0 % increase in the volume of jobs completed . Price / mix in the quarter was down 2.7 % compared to the same period last year , attributable to end - market and product mix . Sequentially , price / mix improved from the negative 6.1 % reported in the first quarter , as selling price increases partially offset the mix shift within the single - family end market . Residential same branch sales growth was 16.2 % in the quarter . Our commercial construction end - market increased 15.0 % for the second quarter of 2021 , as a result of recent acquisitions , while same branch sales within this market declined 5.3 % primarily due to continued challenges associated with the COVID - 19 crisis . This was a substantial improvement over the 14.5 % decline in the first quarter of this year . Gross profit improved 19.5 % to $ 151.9 million from $ 127.1 million in the prior year quarter . Adjusted gross profit * as a percent of total revenue was 31.1 % which adjusts for the Company's share - based compensation expense , as well as directly related COVID - 19 expenses , compared to 32.4 % for the same period last year . Second quarter gross profit was reduced by an estimated $ 2.8 million to $ 2.9 million from supply chain disruptions that occurred during the quarter , which reduced gross profit margin by 60 basis points and had the same impact to operating profit margin and adjusted