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Installed Building Products profit misses consensus by 48.6% in Q1

Installed Building Products Inc. said its first-quarter normalized net income was $1.4 million, a gain from $163,130 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 1.1% from 0.2% in the year-earlier period.

Total revenue increased 22.7% year over year to $129.9 million from $105.9 million, and total operating expenses climbed 20.8% from the prior-year period to $127.0 million from $105.1 million.

Reported net income totaled $1.3 million, or 4 cents per share, compared to a loss of $19.4 million, or a loss of 75 cents per share, in the prior-year period.