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Oct 31, 2022
GMS Q2 2023 Earnings Report
Reported record levels of net sales, net income and adjusted EBITDA with double-digit Wallboard volume growth and improved commercial activity.
Key Takeaways
GMS Inc. reported exceptional results for the fiscal second quarter, driven by a significant backlog of homes under construction, continued strength in multi-family, and improving levels of commercial activity. The company achieved record levels of net sales, net income, and Adjusted EBITDA, generating significant cash flow.
Net sales increased by 24.4% compared to the prior year quarter, reaching $1.43 billion.
Net income increased by 38.7% to $103.2 million, or $2.41 per diluted share.
Adjusted EBITDA increased by 30.7% to $195.5 million compared to the prior year quarter.
Net debt leverage was 1.6 times, down from 2.4 times at the end of the second quarter of fiscal 2022.