Insulation installer and specialty distributor TopBuild reported its 2024 second quarter financial results on Aug. 6, showing an improvement in net sales.

Daytona Beach, FL-based TopBuild reported total 2Q sales of $1.37 billion, up 3.7% year-over-year. Gross margin of 31% fell 100 basis points, while operating profit of $210.4 million (15.4% margin) likewise trailed the $237 million (18.0% margin) of a year earlier.

The company’s 2Q net profit of $151 million trailed the $164 million of a year earlier. Adjusted EBITDA of $277.7 million (20.3% margin) topped the $275.5 million (20.9% margin) of a year earlier.

The company’s Specialty Distribution segment posted 2Q sales of $593 million, up 3.2% year-over-year as volume (+0.6%), price (+1.3%) and M&A (+1.3%) each increased. That segment’s operating margin of 15.1% ticked up 10 bps year-over-year, as did its adjusted EBITDA margin of 17.7%.

“Year to date, we have completed 6 acquisitions, and our M&A pipeline is very healthy,” TopBuild President and CEO Robert Buck said in the company’s financial release. “We are also returning capital to shareholders, and as of June 30, we repurchased approximately 1.25 million shares totaling $505.2 million, underscoring management and our Board’s continued confidence in our future growth and capital allocation approach.”

In updating its full year outlook, TopBuild said it expects 2024 total sales to be between $5.3 billion to $5.5 billion and adjusted EBITDA between $1.05 billion and $1.12 billion.

TopBuild was No. 14 on MDM’s Top Distributor’s List for Building Materials/Construction.