GMS Q2 2022 Earnings Report
Key Takeaways
GMS Inc. reported a strong second quarter of fiscal 2022, with net sales reaching $1.15 billion, a 41.5% increase compared to the prior year quarter. The company achieved record levels of net income and Adjusted EBITDA, driven by inflationary pricing, healthy residential end markets, and acquisitions.
Net sales for the second quarter of fiscal 2022 reached $1.15 billion, a 41.5% increase compared to the prior year quarter.
Organic net sales increased by 31.2%.
Net income increased 161.2% to $74.4 million, or $1.69 per diluted share.
Adjusted EBITDA increased 81.2% to $149.5 million compared to the prior year quarter.
GMS
GMS
Forward Guidance
While commercial activity remains well below pre-COVID levels, the company was pleased to see certain commercial projects that were previously on hold receive approvals to move forward and believes that they are very well positioned as they head into the next calendar year to benefit from an eventual commercial construction recovery.