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.

Total Revenue

$1.43B

Previous year: $1.15B