3 months ago
13
Fourth Quarter Highlights
Fourth quarter sales grew 2.0% to $1.31 billion, driven by 6.6% improvement in Specialty Distribution
Delivered gross margin of 29.9% and adjusted EBITDA margin of 19.7%
Full Year Highlights
Achieved record 2024 results: sales of $5.3 billion and adjusted EBITDA of $1.07 billion
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Completed 8 acquisitions totaling $153.1 million in annual sales
Returned $966.4 million in capital to stockholders through the repurchase of ~2.5 million shares
2025 Outlook
Anticipates full year 2025 sales between $5.05 to $5.35 billion and adjusted EBITDA in the range of $925 million to $1.075 billion
Acquisitions continue to be top priority for deploying capital
DAYTONA BEACH, Fla., Feb. 25, 2025 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD) a leading installer and specialty distributor of insulation and building material products to the construction industry in the United States and Canada today reported results for the fourth quarter and year ended December 31, 2024.
"Our performance in 2024 was driven by consistent execution within our unique operating model and the entire TopBuild team's relentless pursuit of operational excellence and focus on driving improvements across the business.
"Our fourth quarter results were as expected given the ongoing choppiness across the residential construction landscape. Sales improved 2.0%, driven by 6.6% growth in Specialty Distribution, while Installation was relatively flat in the quarter. We also improved adjusted EBITDA margin by 10 basis points to 19.7%. Broad macro fundamentals continue to support long-term demand growth across our end markets. Low housing inventory, population growth and demographic shifts, as well as ongoing initiatives to reduce energy consumption, decrease utility costs, and manage emissions are tailwinds for our business.
"We have a very robust pipeline of M&A opportunities and acquisitions continue to be the highest priority for our free cash flow. In 2024 we remained disciplined around capital allocation, completing eight acquisitions which total $153.1 million in annual sales. We also returned $966.4 million in capital to shareholders through our share repurchase program, demonstrating our continued confidence in our outlook and ability to successfully deploy capital to generate excellent returns,” concluded Mr. Buck.
Financial Highlights
(comparisons are to the periods ended December 31, 2023)
| Three Months Ended December 31, 2024 | |||||||||||||||
| Reported | Adjusted | ||||||||||||||
| ($ in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Sales | $1,312,206 | $1,286,074 | $1,312,206 | $1,286,074 | |||||||||||
| Gross Profit | $392,033 | $391,116 | $392,033 | $391,116 | |||||||||||
| Gross Margin | 29.9% | 30.4% | 29.9% | 30.4% | |||||||||||
| SG&A | $174,583 | $186,316 | $172,896 | $178,894 | |||||||||||
| SG&A as % of Sales | 13.3% | 14.5% | 13.2% | 13.9% | |||||||||||
| Operating Profit | $217,450 | $204,800 | $219,137 | $212,222 | |||||||||||
| Operating Margin | 16.6% | 15.9% | 16.7% | 16.5% | |||||||||||
| Net Income | $150,540 | $146,382 | $151,262 | $149,305 | |||||||||||
| Net Income per diluted share | $5.11 | $4.60 | $5.13 | $4.69 | |||||||||||
| EBITDA | $258,025 | $251,641 | |||||||||||||
| EBITDA Margin | 19.7% | 19.6% | |||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||
| Reported | Adjusted | ||||||||||||||
| ($ in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Sales | $5,329,803 | $5,194,694 | $5,329,803 | $5,194,694 | |||||||||||
| Gross Profit | $1,624,918 | $1,603,820 | $1,624,918 | $1,603,820 | |||||||||||
| Gross Margin | 30.5% | 30.9% | 30.5% | 30.9% | |||||||||||
| SG&A | $738,575 | $724,995 | $707,393 | $703,374 | |||||||||||
| SG&A as % of Sales | 13.9% | 14.0% | 13.3% | 13.5% | |||||||||||
| Operating Profit | $886,343 | $878,825 | $917,525 | $900,446 | |||||||||||
| Operating Margin | 16.6% | 16.9% | 17.2% | 17.3% | |||||||||||
| Net Income | $622,602 | $614,254 | $645,258 | $626,857 | |||||||||||
| Net Income per diluted share | $20.29 | $19.33 | $21.03 | $19.73 | |||||||||||
| EBITDA | $1,074,595 | $1,049,160 | |||||||||||||
| EBITDA Margin | 20.2% | 20.2% | |||||||||||||
Sales Drivers(comparisons are to the periods ended December 31, 2023)
| Three Months Ended December 31, 2024 | |||||||||||
| Installation | Specialty Distribution | TopBuild, net of eliminations | |||||||||
| Sales (in millions) | $789 | $602 | $1,312 | ||||||||
| Sales Drivers | |||||||||||
| Volume | (4.1%) | 4.4% | (1.3%) | ||||||||
| Price | 1.5% | 0.0% | 0.9% | ||||||||
| M&A | 2.3% | 2.2% | 2.4% | ||||||||
| Total Sales Change | (0.2%) | 6.6% | 2.0% | ||||||||
| Year Ended December 31, 2024 | |||||||||||
| Installation | Specialty Distribution | TopBuild, net of eliminations | |||||||||
| Sales (in millions) | $3,295 | $2,341 | $5,330 | ||||||||
| Sales Drivers | |||||||||||
| Volume | (0.6%) | 1.0% | (0.7%) | ||||||||
| Price | 1.3% | 0.9% | 1.1% | ||||||||
| M&A | 3.1% | 1.3% | 2.5% | ||||||||
| Dispositions | (0.5%) | (0.3%) | |||||||||
| Total Sales Change | 3.3% | 3.2% | 2.6% | ||||||||
Segment Profitability
(comparisons are to the periods ended December 31, 2023)
| Three Months Ended December 31, 2024 | Year Ended December 31, 2024 | ||||||||
| ($ in thousands) | Installation | Specialty Distribution | Installation | Specialty Distribution | |||||
| Operating Profit | $149,445 | $90,569 | $649,162 | $352,431 | |||||
| Change | (0.4%) | 8.7% | 0.7% | 6.5% | |||||
| Operating Margin | 19.0% | 15.0% | 19.7% | 15.1% | |||||
| Adj. Operating Profit | $149,537 | $91,160 | $649,618 | $352,480 | |||||
| Change | (0.3%) | 9.4% | 0.4% | 6.4% | |||||
| Adj. Operating Margin | 19.0% | 15.1% | 19.7% | 15.1% | |||||
| Adj. EBITDA | $169,009 | $106,674 | $725,824 | $414,182 | |||||
| Change | 0.1% | 7.9% | 1.2% | 5.6% | |||||
| Adj. EBITDA Margin | 21.4% | 17.7% | 22.0% | 17.7% | |||||
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