Loading...
•
Apr 30, 2024
GMS Q4 2024 Earnings Report
GMS delivered solid results driven by volume growth across all major product categories.
Key Takeaways
GMS reported an 8.4% increase in net sales for Q4 2024, reaching $1.41 billion, driven by volume growth across all product categories. Despite steel price deflation impacting sales and margins, the company saw positive single-family Wallboard volume growth for the first time since fall 2022. Net income decreased by 25.4% to $56.4 million, while adjusted EBITDA was $146.6 million.
Net sales increased by 8.4% to $1.41 billion, or 6.7% on a same day basis.
Wallboard sales increased 7.6%, ceilings sales increased 21.7%, steel framing sales decreased 1.5%, and complementary product sales increased 9.8%.
Gross profit increased 6.3% to $451.2 million, while gross margin decreased 60 basis points to 31.9%.
Adjusted EBITDA was $146.6 million, with an adjusted EBITDA margin of 10.4%.
Revenue by Segment
Forward Guidance
GMS anticipates continued changes in end market dynamics in fiscal 2025, with an improving single-family market partially offsetting declining multi-family and commercial demand. Near-term headwinds are expected in Wallboard and Steel margins, but improvements are expected in the second quarter and solid results for the full fiscal year.
Positive Outlook
- Improving single-family end market expected to partially offset declines in multi-family and commercial demand.
- Benefits expected from previously announced Wallboard pricing actions later in the summer.
- Anticipated improvement in Steel pricing due to recent manufacturer price increases.
- Company prepared to manage shifts in end market demand and price movement.
- Continued focus on providing outstanding service and executing strategic priorities.
Challenges Ahead
- Anticipates some near-term headwinds, particularly in Wallboard and Steel margins.
- Declining multi-family and likely commercial demand expected throughout the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...