Building products distributor GMS will establish a greater presence in the New York metro market with the acquisition of Kamco Supply.
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The specialty building products distributor GMS said its net sales, income and EBITDA results were ahead of previous expectations.
Tool and fastener distributor AMW will operate under its legacy name and will further support GMS’s existing presence in the Phoenix market.
The announcement comes just a few short days after the company published its inaugural sustainability report.
Specialty building products distributor GMS outlined its commitments to environmental, social, and governance practices.
For its full fiscal 2023 year, the company reported net sales of more than $5.3 billion, a 15% increase over fiscal 2023.
Home Lumber is GMS's fourth acquisition of 2023.
GMS said in its announcement that expanding its footprint, scale and product offerings remain top priorities for the company.
Net sales increased 7% year-over-year in 3Q, down significantly from 2Q sales growth of 24.4%.
GMS has added several material-handling trucks equipped with battery-powered hydraulic cranes to its distribution fleet.
GMS marked the beginning of its expansion into the New York City with the acquisition of Brooklyn-based fastener distributor Tanner Bolt & Nut.
Net sales increased 24.4% over the second-quarter of last fiscal year but were down from the 30.5% year-over-year increase in FY '23's 1Q.
Sales were up at least 20% year-over-year in all four of the company’s key product categories, though gross margin took a dip.
The company announced that Leigh Dobbs has been named chief human resources officer, effective Sept. 6.
Travis Hendren will be responsible for all field operations supporting the company’s distribution yards, GMS Inc. said.
GMS doubled its net income in the first quarter as it continued to benefit from a strong residential market.
As part of its ongoing expansion efforts, GMS also announced the recent openings of five greenfield locations.
With the Westside deal complete, GMS added nine new locations in California and one in Las Vegas, Nevada to its footprint.
