GMS Clocks 24% Top-Line Growth In Q2, Surpass Street View

GMS Inc GMS reported second-quarter FY23 sales growth of 24.4% year-on-year to $1.43 billion, beating the consensus of $1.36 billion.
Gross profit jumped 24.9% Y/Y to $464.5 million, and the margin expanded 20 basis points to 32.5%.
Selling, general and administrative expenses rose 21% to $278.9 million.
Operating margin was 10.7%, and the operating income for the quarter rose 37% to $153.3 million.
Adjusted EBITDA increased 30.7% Y/Y to $195.5 million.
Adjusted EPS of $2.79 beat the analyst consensus of $2.34.
The company held $124.2 million in cash and equivalents as of October 31, 2022. Cash provided by operating activities totaled $107.3 million, and the free cash flow was $96.5 million.
"A significant backlog of homes under construction, continued strength in multi-family, and improving levels of commercial activity helped drive exceptional results for our fiscal second quarter," said CEO John C. Turner, Jr.
Price Action: GMS shares are trading higher by 5.41% at $52.05 in premarket on the last check Thursday.
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