GMS November-January Sales Up 1.9% as Organic Slips - Modern Distribution Management

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GMS November-January Sales Up 1.9% as Organic Slips

The specialty building products distributor saw gross margin improve 40 bps year-over-year, though EBITDA fell by a larger margin.

Specialty building products distributor Gypsum Management & Supply reported its 2024 third quarter financial results on Feb. 29 for the period spanning November 2023-January 2024, showing an overall increase in year-over-year sales, though organic sales had an incremental decline.

The Tucker, GA-based company posted total 3Q sales of $1.3 billion that increased 1.9% year-over-year, while organic sales ticked down 0.2%. The company said its U.S. Wallboard volume growth of 12.7% in multi-family and 7.9% in commercial helped offset a 2.3% decline in single-family.

By GMS product category during 3Q24:

  • Wallboard sales of $521 million increased 4.0% year-over-year, wigh organic up 3.5%
  • Complementary Product sales of $379 million increased 7.3%, with organic up 1.8%
  • Steel Framing sales of $203 million decreased 13.3%, with organic down 14.0%
  • Ceilings sales of $156 million increased 6.1% year-over-year, with organic up 4.2%

GMS’ 3Q gross profit of $415 million increased 3.1% year-over-year, with gross margin of 33.0% up 40 basis points. GMS had a 3Q net profit of $52 million, down from $65 million a year earlier, while net profit margin likewise declined 110 bps to 4.1%. 3Q adjusted EBITDA of $128 million declined 9.1% year-over-year, with margin down 120 bps to 10.2%.

“While steel price deflation tempered our sales dollar growth as expected, sales volumes increased as compared with a year ago for each of our four major product categories including Wallboard, Ceilings, Steel Framing and Complementary Products,” GMS President and CEO John Turner Jr. said in the company’s financial release. “These gains were realized despite adverse weather conditions in late January which pushed some activity into our fiscal fourth quarter.”

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