TopBuild(US:BLD)2024-05-07 20:05Financial Performance - Net sales for the three months ended March 31, 2024, were $1,278,717 thousand, compared to $1,265,238 thousand for the same period in 2023, reflecting an increase of 1.1%[99] - Gross profit margin improved to 30.3% for the three months ended March 31, 2024, up from 29.3% in 2023, primarily due to productivity initiatives and higher selling prices[99] - Operating profit margin increased to 16.8% for the three months ended March 31, 2024, compared to 15.8% in 2023, driven by productivity initiatives and higher selling prices[100] - Net income for the three months ended March 31, 2024, was $152,381 thousand, compared to $135,870 thousand in 2023, resulting in a net margin of 11.9%[99] Sales and Acquisitions - The Installation segment saw a sales increase of $31.7 million, or 4.1%, for the three months ended March 31, 2024, with contributions from acquisitions and higher selling prices[101] - The company acquired the assets of the residential insulation business Morris Black for $3.6 million on March 1, 2024, enhancing its presence in the Pennsylvania market[111] - The company plans to acquire the assets of Insulation Works, Inc. for approximately $25.2 million, expected to close in mid-May 2024, enhancing its presence in the Arkansas market[118] Tax and Cash Flow - The effective tax rate for the three months ended March 31, 2024, was 26.4%, compared to 25.9% for the same period in 2023, primarily due to increased tax expense related to share-based compensation[104] - Net cash provided by operating activities was $178,777 thousand for the three months ended March 31, 2024, compared to $169,801 thousand in 2023[105] Liabilities - Total accrued liabilities increased to $201,402 thousand as of March 31, 2024, from $187,217 thousand as of December 31, 2023[113]