TopBuild (BLD) Tops Q2 EPS by 2c, Miss on Revenues

TopBuild (NYSE: BLD) reported Q2 EPS of $0.63, $0.02 better than the analyst estimate of $0.61. Revenue for the quarter came in at $474.46 million versus the consensus estimate of $478.07 million.

Second Quarter Financial Highlights(unless otherwise indicated, comparisons are to the quarter ended June 30, 2016)

• Net sales increased 9.9% to $474.5 million, primarily driven by sales volume growth in both operating segments as well as acquisitions. On a same branch basis, revenue increased 5.1% to $453.6 million.
• Gross margin expanded 200 basis points to 24.6%.
• Operating profit was $40.8 million, compared to operating profit of $26.8 million. On an adjusted basis, operating profit was $42.2 million, compared to $27.4 million, a 53.8% improvement.
• Operating margin was 8.6%, up 240 basis points. Adjusted operating margin improved 250 basis points to 8.9%.
• Income from continuing operations was $23.5 million, or $0.63 per diluted share, compared to $15.6 million, or $0.41 per diluted share. Adjusted income from continuing operations was $25.0 million, or $0.67 per diluted share, compared to $16.2 million, or $0.43 per diluted share.
• Adjusted EBITDA was $48.2 million, compared to $32.6 million, a 48.1% increase. Incremental EBITDA margin was 36.5%. On a same branch basis, adjusted EBITDA was $45.6 million, a 40.1% increase, and incremental EBITDA margin was 59.1%.
• The seven acquisitions completed over the past 12 months contributed $20.8 million of revenue. Incremental EBITDA related to these acquisitions improved 680 basis points from first quarter 2017 to 12.5%.
• At June 30, 2017, the Company had cash and cash equivalents of $94.2 million, availability under its revolving credit facility of $201.0 million and $100 million available under a delayed draw term loan for total liquidity of $395.2 million.

For earnings history and earnings-related data on TopBuild (BLD) click here.

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