GMS Reports Results for First Quarter of Fiscal 2017
First Quarter Fiscal 2017 Highlights Compared to First Quarter Fiscal 2016
- Net sales increased 21.5 percent to $549.8 million; base business net sales up 9.2 percent despite one fewer shipping day
- Wallboard unit volume grew 20 percent to 818 million square feet
- Net income increased to $9.2 million, or $0.24 per share, compared to $3.0 million, or $0.09 per share
- Gross margin expanded 140 basis points to 32.5 percent
- Adjusted EBITDA margin improved approximately 80 basis points to 8.4 percent as a percentage of net sales
- Completed four acquisitions as of Sept. 1, 2016, adding eight branches in five states
First Quarter Fiscal 2017 Results
- Wallboard sales of $251.3 million increased 19.1 percent, compared to the first quarter of fiscal 2016. Wallboard unit volume grew 20.0 percent million to 818 million square feet, helped by greater end market demand and the positive contribution from acquisitions.
- Ceiling sales of $86.3 million rose 9.3%, compared to the first quarter of fiscal 2016, helped by improved pricing and acquisitions.
- Steel framing sales of $84.3 million grew 25.3%, compared to the first quarter of fiscal 2016, due to greater commercial activity and pricing gains as industry steel prices increased year-over-year, along with the benefit from accretive acquisitions.
- Other product sales of $127.8 million were up 34.2%, compared to the first quarter of fiscal 2016, attributable to greater end market demand, price gains, retail showrooms, acquisitions and other initiatives.