(Adds Outlook, Share Buyback)
Looking ahead, for the full year, TopBuild Corporation (BLD) has increased its sales outlook above analysts' forecast, following strong first-quarter result and to incorporate the acquisitions completed to date.
For the year, the company now expects sales of $5.400 billion to $5.600 billion against previous outlook of $5.360 billion to $5.560 billion. Analysts, on average, expect the firm to record revenue of $5.5 billion.
TopBuild also said its Board has authorized a repurchase of up to $1 billion of shares. The new authorization is in addition to the $154 million remaining from the prior authorization, bringing the total number of shares available for repurchases to $1.15 billion.
Robert Buck, CEO of TopBuild, said: "Our new repurchase authorization demonstrates management and our Board of Directors' continued confidence in and support of our long-term strategy and the importance of returning capital to shareholders."
Q1 Results:
TopBuild released a profit for its first quarter that increased from last year and beat the Street estimates.
The company's bottom line came in at $152.381 million, or $4.79 per share. This compares with $135.870 million, or $4.28 per share, in last year's first quarter.
Excluding items, TopBuild Corp. reported adjusted earnings of $153.122 million or $4.81 per share for the period.
Analysts on average had expected the company to earn $4.56 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 1.0% to $1.278 billion from $1.265 billion last year.
TopBuild Corp. earnings at a glance (GAAP) :
-Earnings (Q1): $152.381 Mln. vs. $135.870 Mln. last year.-EPS (Q1): $4.79 vs. $4.28 last year.-Revenue (Q1): $1.278 Bln vs. $1.265 Bln last year.
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