Insulation installer and specialty distributor TopBuild reported its 2024 third quarter financial results on Nov. 5, showing the highest level of quarterly sales and profit in the company’s history.

A week earlier, TopBuild also announced that it will acquire New York-based Shannon Global Energy Solutions.

Daytona Beach, FL-based TopBuild reported total 3Q sales of $1.3 billion, up 3.6% year-over-year. Gross margin of 30.7% fell 100 basis points, operating profit of $243.9 million increased 2.7% year-over-year and operating margin of 17.8% decreased 10 bps.

The company’s 3Q net profit of $421.8 million edged up from the $420.5 million of a year earlier, while adjusted EBITDA of $285 million (20.8% margin) topped the $283.6 million (20.3%) of a year earlier.

The company’s Specialty Distribution segment posted 3Q sales of $600 million, up 5.1% year-over-year as volume (+3.0%), price (+0.8%) and M&A (+1.4%) each increased. That segment’s operating margin of 15.8% ticked up by 70 bps year-over-year, as did its adjusted EBITDA margin of 18.4%.

“We are narrowing our 2024 outlook based on our assumptions for a continued uneven housing environment and the ongoing delay of certain commercial/industrial projects,” TopBuild President and CEO Robert Buck said in the company’s financial release. “We remain optimistic about our business with strengthening requirements for energy efficiency, the U.S. housing supply deficit, increasing household formations, and the prospect of lower interest rates driving growth.”

In updating its full year outlook, TopBuild said it expects 2024 total sales to be between $5.30 billion to $5.35 billion and adjusted EBITDA between $1.05 billion to $1.08 billion.

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

TopBuild to Acquire Shannon Global

TopBuild agreed to acquire North Tonawanda, NY-based Shannon Global Energy Solutions.

Terms of the transaction were not disclosed but the acquisition is expected to close in the fourth quarter.

Shannon Global designs and fabricates reusable thermal, acoustical and safety products for multinational customers. The company generates around $11 million in annual revenue.

“We are excited to further build our capabilities in mechanical insulation and expand our fabrication offerings to the commercial and industrial end user markets,” Buck said in an Oct. 30 news release. “We remain focused on acquiring businesses that leverage our core competencies, expand opportunities for future growth and drive shareholder returns. Our pipeline of potential acquisitions remains robust, and we will continue to be disciplined in our use of capital.”