DAYTONA BEACH, Fla., Aug. 04, 2020 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and distributor of insulation and building material products today reported results for the second quarter ended June 30, 2020.

Jerry Volas, Chief Executive Officer, stated, “We are extremely pleased with our second quarter results. Our team did an outstanding job flexing our business model and driving further efficiencies throughout our Company as we responded to state shutdowns, project delays and widespread uncertainty related to COVID-19. The strong performance we achieved at both TruTeam and Service Partners is evidence of this success and demonstrates the strength of our uniquely diversified business platform.

“As we move through the second half of the year, we are confident in our ability to successfully meet the challenges and opportunities that may lie ahead.”

Second Quarter Financial Highlights

(unless otherwise indicated, comparisons are to the quarter ended June 30, 2019)

• Net sales declined 2.1% to $646.1 million, primarily driven by volume declines related to the impact of the COVID-19 pandemic. Same branch contributed 99.0% of total revenue.
• Gross margin increased 110 basis points to 27.6%. On an adjusted basis, gross margin increased 130 basis points to 27.8%.
• Operating profit was $80.5 million, compared to operating profit of $76.0 million a 5.8% improvement. On an adjusted basis, operating profit was $83.5 million, compared to $76.4 million, a 9.3% improvement.
• Operating margin was 12.5%, up 100 basis points. Adjusted operating margin improved 130 basis points to 12.9%.
• Net income was $55.5 million, or $1.67 per diluted share, compared to $52.1 million, or $1.51 per diluted share. Adjusted income was $55.7 million, or $1.68 per diluted share, compared to $49.5 million, or $1.43 per diluted share.
• Adjusted EBITDA was $107.8 million, compared to $94.0 million, a 14.6% increase, and adjusted EBITDA margin improved 250 basis points to 16.7%.
• At June 30, 2020, the Company had cash and cash equivalents of $258.8 million and availability under its revolving credit facility of $389.6 million for total liquidity of $648.5 million.

Six Month Financial Highlights(unless otherwise indicated, comparisons are to six months ended June 30, 2019)

• Net sales increased 1.6% to $1,299.3 million. On a same branch basis, revenue increased 0.6% to $1,287.7 million.
• Gross margin expanded 110 basis points to 26.9%. On an adjusted basis, gross margin expanded 130 basis points to 27.1%.
• Operating profit was $150.4 million, compared to operating profit of $132.7 million, a 13.4% improvement. On an adjusted basis, operating profit was $153.8 million, compared to $135.5 million, a 13.5% improvement.
• Operating margin was 11.6%, a 120-basis point improvement. On an adjusted basis, operating margin improved 120 basis points to 11.8%.
• Net income was $106.3 million, or $3.18 per diluted share, compared to $90.0 million, or $2.60 per diluted share. Adjusted income was $101.6 million, or $3.04 per diluted share, compared to $86.1 million, or $2.49 per diluted share.
• Adjusted EBITDA was $196.1 million, compared to $168.6 million, a 16.4% increase. Adjusted EBITDA margin was 15.1%, a 190-basis point improvement.

About TopBuild

TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam^®, which has approximately 200 branches, and through Service Partners^® which distributes insulation and building material products from approximately 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers. To learn more about TopBuild please visit our website at www.topbuild.com.