TopBuild Reports Fourth Quarter 2015 Financial Results
Net sales Increased 7.1% to $426 Million
$43.0 Million Operating Profit
$33.4 Million on an Adjusted Basis, up 18%
$1.57 Diluted Net Income per Share
$0.52 on an Adjusted Basis, up 27%
DAYTONA BEACH, Fla., March 3, 2016 /PRNewswire/ -- TopBuild Corp. (NYSE: BLD), the leading installer and distributor of insulation products to the United States construction industry, reported financial results for the fourth quarter and full-year ended December 31, 2015. The Company also announced its capital allocation plan.
Jerry Volas, Chief Executive Officer, stated, "Our fourth quarter results were solid as we continued to perform well within the growing new residential housing industry. Compared to the fourth quarter of 2014, revenue increased 7.1% and our adjusted operating profit margin improved 70 basis points to 7.8%. Although the labor market remains tight, extending the building cycle and the traditional lag time in our business, increasing new household formations are creating demand for new construction that will continue to drive the housing recovery.
"Our Company changed significantly in 2015. On July 1, we became a separate public company and began trading on the New York Stock Exchange. We emerged with the primary goals of positioning TopBuild to capitalize on the U.S. housing recovery and to exploit opportunities to increase market share throughout our national footprint. Today, we have our team in place and our entire organization is focused on optimizing our operating margin by leveraging top line growth and improving efficiency throughout our operations. Prospectively, we see our Company expanding both organically and through strategically selected accretive acquisitions and returning capital to our shareholders through a share repurchase program."
Fourth Quarter Financial Highlights
(unless otherwise indicated, comparisons are to quarter ended December 31, 2014)
The Company noted that fourth quarter operating adjustments included $0.3 million related to rationalization charges and $9.9 million of non-recurring income related to a change to an employee benefit policy.
- Net sales increased 7.1% to $426.5 million.
- Reported gross margin was 24.5%, up 120 basis points. On an adjusted basis, gross margin was 23.1%, a 20 basis point decline as a result of higher insurance costs. Sequentially, adjusted gross margin increased 90 basis points.
- Operating profit increased 74.9% to $43.0 million. Adjusted operating profit was $33.4 million compared to $28.2 million, an 18.4% improvement.
- Operating margin improved 390 basis points to 10.1%. Adjusted operating margin was 7.8%, up 70 basis points.
- Net income from continuing operations was $59.7 million, or $1.57 per diluted share, compared to $5.9 million or $0.16 per diluted share. 2015 net income included a non-recurring income tax benefit of $18.2 million. Excluding the income tax benefit of $18.2 million and other adjustments noted above, adjusted net income from continuing operations was $19.8 million, or $0.52 per diluted share, compared to $15.6 million or $0.41 per diluted share.
- Adjusted net income and diluted net income per share utilized an effective tax rate of 38%, up 200 basis points from previously disclosed estimates of a 36% normalized rate.
At quarter end, the Company had cash and cash equivalents of $113 million and availability under its revolving credit facility of $70 million for total liquidity of $183 million.
As previously disclosed, in the fourth quarter of 2014, the Company was incorrectly allocated a favorable legal settlement which overstated operating profit by $1.9 million (corrected in an out-of-period adjustment in first quarter 2015). The Company also noted that in the fourth quarters of 2014 and 2015, it received favorable insurance adjustments of approximately $5.2 million and $5.6 million, respectively. However, the 2015 positive adjustment was offset by charges impacting TruTeam relating to insurance expenses which were approximately $5.0 million higher than what the Company has historically incurred for these items. Going forward, the Company believes the charges related to these items will revert to their historical run rate.
Operating Segment Highlights
(all comparisons are to quarter ended December 31, 2014)
- Installation (TruTeamSM)
- Net sales increased 10.9%.
- Operating margin was 10.2%. On an adjusted basis, operating margin was 6.8%, a 130 basis point improvement.
- Distribution (Service Partners®)
- Net sales rose 1%.
- Operating margin was 9.1%, a decrease of 20 basis points.
Capital Allocation Plan
The Company also announced that it will use its free cash flow to fund strategic acquisitions and implement a share repurchase program approved by its Board of Directors. Under the plan, the Company may purchase up to $50 million in shares of its common stock over the next 12 months. Repurchases will be made from cash on hand as well as from a portion of the free cash flow expected to be generated from the business during that timeframe.
Volas stated, "Our strong balance sheet provides us with the flexibility to initiate this $50 million share repurchase program while continuing to execute our strategic growth initiatives, including accretive acquisitions. This program reflects our commitment to enhancing shareholder value and our confidence in TopBuild's ability to generate top line growth and expand margins."
Repurchases will be made from time to time at the Company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. The program may be suspended or discontinued at any time.
Additional Information
Quarterly supplemental materials, including a presentation that will be referenced on today's conference call, are available on the "Investors" section of the Company's website at www.topbuild.com.
Conference Call
A conference call to discuss fourth quarter and year-end 2015 financial results is scheduled for today, Thursday, March 3, 2016, at 9:00 a.m. Eastern Time. Call participants may access the call by dialing (888) 221-6243. The conference call will be webcast simultaneously on the "Investors" section of the Company's website at www.topbuild.com.
A replay of the call will be available on TopBuild's website or by phone by dialing
(800) 633-8284. The replay passcode is 21803958.
Use of Non-GAAP Financial Measures
The "adjusted" financial measures and ratios presented above are not calculated in accordance with generally accepted accounting principles ("GAAP"). The Company believes that these non-GAAP financial measures and ratios, which are used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in a table incorporated in this news release. Non-GAAP financial measures and ratios should be viewed in addition to, and not as an alternative for, the Company's reported results under generally accepted accounting principles. Additional information may be found in the Company's filings with the Securities and Exchange Commission ("SEC") which are available on TopBuild's website under "Investors" at www.topbuild.com.
About TopBuild
TopBuild Corp., headquartered in Daytona Beach, Florida, is the leading installer and distributor of insulation products to the United States construction industry. We provide insulation services nationwide through TruTeamSM, which has over 180 branches in 43 states. Our Service Partners® business distributes insulation from over 70 branches in 35 states. 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 visit our website at www.topbuild.com.
Safe Harbor Statement
Statements contained in this press release that reflect our views about our future performance constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "will," "would," "anticipate," "expect," "believe," or "intend," the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward-looking statements. Our future performance may be affected by our reliance on residential new construction, residential repair/remodel, and commercial construction; our reliance on third-party suppliers and manufacturers; our ability to attract, develop and retain talented personnel and our sales and labor force; our ability to maintain consistent practices across our locations; our ability to maintain our competitive position; and our ability to realize the expected benefits of the Company's spin-off from Masco Corporation. We discuss many of the risks we face under the caption entitled "Risk Factors" in our Registration Statement on Form 10 filed with the SEC. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise.
Investor Relations and Media Contact
Tabitha Zane
tabitha.zane@topbuild.com
386-763-8801
(tables follow)
|
TopBuild Corp. |
||||||||||||
|
Consolidated Statements of Operations |
||||||||||||
|
(in thousands, except per common share amounts) |
||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||
|
December 31, |
December 31, |
|||||||||||
|
2015 |
2014 |
2015 |
2014 |
|||||||||
|
Net sales |
$ |
426,471 |
$ |
398,057 |
$ |
1,616,580 |
$ |
1,512,077 |
||||
|
Cost of sales |
321,950 |
305,292 |
1,258,551 |
1,180,409 |
||||||||
|
Gross profit |
104,521 |
92,765 |
358,029 |
331,668 |
||||||||
|
Selling, general, and administrative expense |
61,524 |
68,183 |
274,498 |
290,951 |
||||||||
|
Operating profit |
42,997 |
24,582 |
83,531 |
40,717 |
||||||||
|
Other income (expense), net: |
||||||||||||
|
Interest expense |
(1,571) |
(3,106) |
(9,465) |
(12,404) |
||||||||
|
Other, net |
35 |
8 |
49 |
25 |
||||||||
|
Other expense, net: |
(1,536) |
(3,098) |
(9,416) |
(12,379) |
||||||||
|
Income from continuing operations before income taxes |
41,461 |
21,484 |
74,115 |
28,338 |
||||||||
|
Income tax benefit (expense) from continuing operations |
18,208 |
(15,543) |
5,008 |
(17,842) |
||||||||
|
Income from continuing operations |
59,669 |
5,941 |
79,123 |
10,496 |
||||||||
|
Income (loss) from discontinued operations, net |
82 |
(170) |
(152) |
(1,093) |
||||||||
|
Net income |
$ |
59,751 |
$ |
5,771 |
$ |
78,971 |
$ |
9,403 |
||||
|
Income (loss) per common share: |
||||||||||||
|
Basic: |
||||||||||||
|
Income from continuing operations |
$ |
1.58 |
$ |
0.16 |
$ |
2.10 |
$ |
0.28 |
||||
|
Loss from discontinued operations, net |
— |
— |
— |
(0.03) |
||||||||
|
Net income |
$ |
1.58 |
$ |
0.16 |
$ |
2.10 |
$ |
0.25 |
||||
|
Diluted: |
||||||||||||
|
Income from continuing operations |
$ |
1.57 |
$ |
0.16 |
2.09 |
$ |
0.28 |
|||||
|
Loss from discontinued operations, net |
— |
— |
— |
(0.03) |
||||||||
|
Net income |
$ |
1.57 |
$ |
0.16 |
$ |
2.09 |
$ |
0.25 |
||||
|
TopBuild Corp. |
||||||
|
Consolidated Balance Sheets and Other Financial Data |
||||||
|
(dollars in thousands) |
||||||
|
As of December 31, |
||||||
|
2015 |
2014 |
|||||
|
ASSETS |
||||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ |
112,848 |
$ |
2,965 |
||
|
Receivables, net of an allowance for doubtful accounts of $3,399 and $3,961 at December 31, 2015 and 2014, respectively |
235,549 |
220,176 |
||||
|
Inventories, net |
118,701 |
106,972 |
||||
|
Prepaid expenses and other current assets |
13,263 |
5,117 |
||||
|
Total current assets |
480,361 |
335,230 |
||||
|
Property and equipment, net |
93,066 |
93,157 |
||||
|
Goodwill |
1,044,041 |
1,044,041 |
||||
|
Other intangible assets, net |
1,987 |
2,962 |
||||
|
Deferred tax assets, net |
20,549 |
— |
||||
|
Other assets |
2,245 |
1,034 |
||||
|
Total assets |
$ |
1,642,249 |
$ |
1,476,424 |
||
|
LIABILITIES |
||||||
|
Current liabilities: |
||||||
|
Accounts payable |
$ |
253,311 |
$ |
228,720 |
||
|
Current portion of long-term debt |
15,000 |
— |
||||
|
Accrued liabilities |
58,369 |
72,747 |
||||
|
Total current liabilities |
326,680 |
301,467 |
||||
|
Long-term debt |
178,457 |
— |
||||
|
Deferred tax liabilities, net |
181,254 |
182,281 |
||||
|
Other liabilities |
40,129 |
40,385 |
||||
|
Total liabilities |
726,520 |
524,133 |
||||
|
EQUITY |
915,729 |
952,291 |
||||
|
Total liabilities and equity |
$ |
1,642,249 |
$ |
1,476,424 |
||
|
As of |
||||||
|
December 31, |
December 31, |
|||||
|
2015 |
2014 |
|||||
|
Other Financial Data |
||||||
|
Working Capital Days |
||||||
|
Receivable days |
45 |
46 |
||||
|
Inventory days |
34 |
33 |
||||
|
Accounts payable days |
88 |
85 |
||||
|
Working capital |
$ |
100,939 |
$ |
98,428 |
||
|
Working capital as a % of sales (LTM) |
6.2% |
6.5% |
||||
|
TopBuild Corp. |
||||||
|
Consolidated Statements of Cash Flows |
||||||
|
(dollars in thousands) |
||||||
|
Twelve Months Ended |
||||||
|
December 31, |
||||||
|
2015 |
2014 |
|||||
|
Net Cash From (For) Operating Activities: |
||||||
|
Net income |
$ |
78,971 |
$ |
9,403 |
||
|
Adjustments to reconcile net income to net cash from (for) operating activities: |
||||||
|
Depreciation and amortization |
12,108 |
26,079 |
||||
|
Share-based compensation |
4,651 |
3,762 |
||||
|
Loss on sale of property and equipment |
2,334 |
364 |
||||
|
Provision for bad debt expense |
4,219 |
3,563 |
||||
|
Loss from inventory obsolescence |
1,879 |
1,302 |
||||
|
Non-cash employee benefit policy change |
(9,861) |
— |
||||
|
Deferred income taxes, net |
(16,556) |
16,711 |
||||
|
Changes in certain assets and liabilities: |
||||||
|
Receivables, net |
(19,591) |
(19,225) |
||||
|
Inventories, net |
(13,608) |
(10,287) |
||||
|
Prepaids and other current assets |
(9,054) |
100 |
||||
|
Accounts payable |
24,008 |
44,941 |
||||
|
Accrued liabilities |
(3,746) |
(4,768) |
||||
|
Other, net |
257 |
(84) |
||||
|
Net cash from operating activities |
56,011 |
71,861 |
||||
|
Cash Flows From (For) Investing Activities: |
||||||
|
Purchases of property and equipment |
(13,644) |
(13,141) |
||||
|
Proceeds from sale of property and equipment |
805 |
999 |
||||
|
Other, net |
632 |
880 |
||||
|
Net cash for investing activities |
(12,207) |
(11,262) |
||||
|
Cash Flows From (For) Financing Activities: |
||||||
|
Net transfer from (to) Former Parent |
72,965 |
(60,655) |
||||
|
Cash distribution paid to Former Parent |
(200,000) |
— |
||||
|
Proceeds from issuance of long-term debt |
200,000 |
— |
||||
|
Repayment of long-term debt |
(5,000) |
— |
||||
|
Payment of debt issuance costs |
(1,715) |
— |
||||
|
Other, net |
(171) |
— |
||||
|
Net cash from (for) financing activities |
66,079 |
(60,655) |
||||
|
Cash and Cash Equivalents |
||||||
|
Increase (decrease) for the year |
109,883 |
(56) |
||||
|
Beginning of year |
2,965 |
3,021 |
||||
|
End of year |
$ |
112,848 |
$ |
2,965 |
||
|
Supplemental disclosure of cash paid for: |
||||||
|
Cash interest on long-term debt |
$ |
2,233 |
$ |
— |
||
|
Income taxes |
20,992 |
1,134 |
||||
|
Supplemental disclosure of noncash investing activities: |
||||||
|
Accruals for property and equipment |
$ |
583 |
$ |
— |
||
|
TopBuild Corp. |
||||||||||||||||||||
|
Segment Data (Unaudited) |
||||||||||||||||||||
|
(dollars in thousands) |
||||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||||||
|
2015 |
2014 |
Change |
2015 |
2014 |
Change |
|||||||||||||||
|
Installation |
||||||||||||||||||||
|
Net sales |
$ |
279,084 |
$ |
251,637 |
10.9 |
% |
$ |
1,057,553 |
$ |
963,351 |
9.8 |
% |
||||||||
|
Operating profit, as reported |
$ |
28,519 |
$ |
12,763 |
$ |
55,232 |
$ |
23,970 |
||||||||||||
|
Operating margin, as reported |
10.2 |
% |
5.1 |
% |
5.2 |
% |
2.5 |
% |
||||||||||||
|
Rationalization/spin-off charges |
308 |
1,000 |
4,160 |
2,000 |
||||||||||||||||
|
Legal and insurance adjustments, net |
— |
— |
2,430 |
— |
||||||||||||||||
|
Fixed asset disposal (truck mounted devices) |
— |
— |
1,690 |
— |
||||||||||||||||
|
Employee benefit policy change |
(9,861) |
— |
(9,861) |
— |
||||||||||||||||
|
Operating profit, as adjusted |
$ |
18,966 |
$ |
13,763 |
$ |
53,651 |
$ |
25,970 |
||||||||||||
|
Operating margin, as adjusted |
6.8 |
% |
5.5 |
% |
5.1 |
% |
2.7 |
% |
||||||||||||
|
Distribution |
||||||||||||||||||||
|
Net sales |
$ |
170,109 |
$ |
168,471 |
1.0 |
% |
$ |
646,441 |
$ |
628,810 |
2.8 |
% |
||||||||
|
Operating profit, as reported |
$ |
15,517 |
$ |
15,612 |
$ |
55,700 |
$ |
52,334 |
||||||||||||
|
Operating margin, as reported |
9.1 |
% |
9.3 |
% |
8.6 |
% |
8.3 |
% |
||||||||||||
|
Rationalization/spin-off charges |
— |
— |
512 |
— |
||||||||||||||||
|
Operating profit, as adjusted |
$ |
15,517 |
$ |
15,612 |
$ |
56,212 |
$ |
52,334 |
||||||||||||
|
Operating margin, as adjusted |
9.1 |
% |
9.3 |
% |
8.7 |
% |
8.3 |
% |
||||||||||||
|
Total |
||||||||||||||||||||
|
Net sales before eliminations |
$ |
449,193 |
$ |
420,108 |
$ |
1,703,994 |
$ |
1,592,161 |
||||||||||||
|
Intercompany eliminations |
(22,722) |
(22,051) |
(87,414) |
(80,084) |
||||||||||||||||
|
Net sales after eliminations |
$ |
426,471 |
$ |
398,057 |
7.1 |
% |
$ |
1,616,580 |
$ |
1,512,077 |
6.9 |
% |
||||||||
|
Operating profit, as reported - segment |
$ |
44,036 |
$ |
28,375 |
$ |
110,932 |
$ |
76,304 |
||||||||||||
|
General corporate expense, net |
(4,583) |
(4,917) |
(22,605) |
(21,948) |
||||||||||||||||
|
Intercompany eliminations and other adjustments |
3,544 |
1,124 |
(4,796) |
(13,639) |
||||||||||||||||
|
Operating profit, as reported |
$ |
42,997 |
$ |
24,582 |
$ |
83,531 |
$ |
40,717 |
||||||||||||
|
Operating margin, as reported |
10.1 |
% |
6.2 |
% |
5.2 |
% |
2.7 |
% |
||||||||||||
|
Rationalization/spin-off charges - segment |
308 |
1,000 |
4,672 |
2,000 |
||||||||||||||||
|
Legal and insurance adjustments, net |
— |
— |
2,430 |
— |
||||||||||||||||
|
Fixed asset disposal (truck mounted devices) |
— |
— |
1,690 |
— |
||||||||||||||||
|
Masco general corporate expense, net |
— |
4,917 |
13,627 |
21,948 |
||||||||||||||||
|
Masco direct corporate expense |
— |
3,248 |
5,604 |
17,782 |
||||||||||||||||
|
Expected standalone corporate expense |
— |
(5,500) |
(11,000) |
(22,000) |
||||||||||||||||
|
Employee benefit policy change |
(9,861) |
— |
(9,861) |
— |
||||||||||||||||
|
Operating profit, as adjusted |
$ |
33,444 |
$ |
28,247 |
$ |
90,693 |
$ |
60,447 |
||||||||||||
|
Operating margin, as adjusted |
7.8 |
% |
7.1 |
% |
5.6 |
% |
4.0 |
% |
||||||||||||
|
Share-based compensation |
1,500 |
865 |
4,651 |
3,762 |
||||||||||||||||
|
Depreciation and amortization |
3,038 |
6,498 |
12,108 |
26,079 |
||||||||||||||||
|
EBITDA, as adjusted |
$ |
37,982 |
$ |
35,610 |
$ |
107,452 |
$ |
90,288 |
||||||||||||
|
Sales change period over period |
28,414 |
104,503 |
||||||||||||||||||
|
EBITDA, as adjusted change period over period |
2,372 |
17,164 |
||||||||||||||||||
|
EBITDA, as adjusted as percentage of sales change |
8.3 |
% |
16.4 |
% |
||||||||||||||||
|
TopBuild Corp. |
||||||||||||||
|
Non-GAAP Reconciliations (Unaudited) |
||||||||||||||
|
(in thousands, except common share amounts) |
||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||
|
December 31, |
December 31, |
|||||||||||||
|
2015 |
2014 |
2015 |
2014 |
|||||||||||
|
Gross Profit and Operating Profit Reconciliations |
||||||||||||||
|
Net sales |
$ |
426,471 |
$ |
398,057 |
$ |
1,616,580 |
$ |
1,512,077 |
||||||
|
Gross profit, as reported |
$ |
104,521 |
$ |
92,765 |
$ |
358,029 |
$ |
331,668 |
||||||
|
Insurance adjustment |
— |
— |
1,000 |
— |
||||||||||
|
Employee benefit policy change |
(6,017) |
— |
(6,017) |
— |
||||||||||
|
Gross profit, as adjusted |
$ |
98,504 |
$ |
92,765 |
$ |
353,012 |
$ |
331,668 |
||||||
|
Gross margin, as reported |
24.5 |
% |
23.3 |
% |
22.1 |
% |
21.9 |
% |
||||||
|
Gross margin, as adjusted |
23.1 |
% |
23.3 |
% |
21.8 |
% |
21.9 |
% |
||||||
|
Operating profit, as reported |
$ |
42,997 |
$ |
24,582 |
$ |
83,531 |
$ |
40,717 |
||||||
|
Rationalization/spin-off charges |
308 |
1,000 |
4,672 |
2,000 |
||||||||||
|
Legal and insurance adjustments, net |
— |
— |
2,430 |
— |
||||||||||
|
Fixed asset disposal (truck mounted device) |
— |
— |
1,690 |
— |
||||||||||
|
Masco general corporate expense, net |
— |
4,917 |
13,627 |
21,948 |
||||||||||
|
Masco direct corporate expense |
— |
3,248 |
5,604 |
17,782 |
||||||||||
|
Expected standalone corporate expense |
— |
(5,500) |
(11,000) |
(22,000) |
||||||||||
|
Employee benefit policy change |
(9,861) |
— |
(9,861) |
— |
||||||||||
|
Operating profit, as adjusted |
$ |
33,444 |
$ |
28,247 |
$ |
90,693 |
$ |
60,447 |
||||||
|
Operating margin, as reported |
10.1 |
% |
6.2 |
% |
5.2 |
% |
2.7 |
% |
||||||
|
Operating margin, as adjusted |
7.8 |
% |
7.1 |
% |
5.6 |
% |
4.0 |
% |
||||||
|
Income Per Common Share Reconciliation |
||||||||||||||
|
Income from continuing operations |
||||||||||||||
|
before income taxes, as reported |
$ |
41,461 |
$ |
21,484 |
$ |
74,115 |
$ |
28,338 |
||||||
|
Rationalization/spin-off charges |
308 |
1,000 |
4,672 |
2,000 |
||||||||||
|
Legal and insurance adjustments, net |
— |
— |
2,430 |
— |
||||||||||
|
Fixed asset disposal (truck mounted device) |
— |
— |
1,690 |
— |
||||||||||
|
Masco general corporate expense, net |
— |
4,917 |
13,627 |
21,948 |
||||||||||
|
Masco direct corporate expense |
— |
3,248 |
5,604 |
17,782 |
||||||||||
|
Expected standalone corporate expense |
— |
(5,500) |
(11,000) |
(22,000) |
||||||||||
|
Employee benefit policy change |
(9,861) |
— |
(9,861) |
— |
||||||||||
|
Income from continuing operations |
||||||||||||||
|
before income taxes, as adjusted |
31,908 |
25,149 |
81,277 |
48,068 |
||||||||||
|
Tax at 38% rate |
(12,125) |
(9,557) |
(30,885) |
(18,266) |
||||||||||
|
Income from continuing operations, as adjusted |
$ |
19,783 |
$ |
15,592 |
$ |
50,392 |
$ |
29,802 |
||||||
|
Income per common share, as adjusted |
$ |
0.52 |
$ |
0.41 |
$ |
1.33 |
$ |
0.79 |
||||||
|
Average diluted common shares outstanding |
37,910,642 |
37,667,947 |
37,780,875 |
37,667,947 |
||||||||||
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/topbuild-reports-fourth-quarter-2015-financial-results-300229950.html
SOURCE TopBuild Corp.
Released March 3, 2016