GMS Q1 Earnings Down, While Adj. EPS, Sales Beat View; Stock Up In Premarket

(RTTNews) - GMS Inc. (GMS), a building products distributor, on Thursday reported lower earnings in the first quarter of fiscal 2024. However, adjusted earnings beat analysts' estimates with higher revenues, also above market.

In pre-market activity, shares of GMS are trading at $76.23, up 3.01% on the New York Stock Exchange.

Quarterly net earnings decreased 3 percent to $86.8 million from $89.5 million last year bringing down the margin by 40 basis points to 6.2 percent. Earnings per share, however, increased to $2.09 from $2.07 last year, due to $117.4 million worth of share repurchases by the company. Excluding items, net income was $99.6 million or $2.40 per share, compared to $105.2 million or $2.43 per share in the previous year.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $2.38 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net sales rose 3.7 percent to $1.4 billion from $1.36 billion in the prior year, due to contributions from recent acquisitions, resilient pricing in wallboard, ceiling tiles and complementary products and from strong levels of multi-family construction activity.

Organic net sales grew by 1 percent.

The Street estimate for net sales is $1.38 billion.

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