Maggie Miller's questions to Installed Building Products Inc (IBP) leadership • Q1 2025
Question
Maggie Miller, on for Phil Ng at Jefferies, asked for a breakdown of the price versus mix components, the risk of fiberglass pricing falling, and opportunities for SG&A cost savings.
Answer
CFO Michael Miller noted the price/mix calculation is complex, with carryover pricing being a positive factor while weaker multifamily sales act as a headwind. CEO Jeffrey Edwards commented that the material market is normalizing, not declining, as manufacturers can regulate supply. Critically, Mr. Miller announced a new initiative to reduce G&A costs by at least $15 million, with savings expected to materialize starting in Q3, a task Mr. Edwards called 'job one.'