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Installed Building Products Q2 profit climbs YOY

Installed Building Products Inc. said its second-quarter normalized net income was 20 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS rose year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.4 million, a gain from $2.4 million in the year-earlier period.

The normalized profit margin rose to 4.0% from 1.9% in the year-earlier period.

Total revenue climbed 26.4% on an annual basis to $159.7 million from $126.3 million, and total operating expenses grew 21.8% on an annual basis to $148.3 million from $121.8 million.

Reported net income rose on an annual basis to $6.6 million, or 21 cents per share, from $2.5 million, or 8 cents per share.