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GMS Inc (NYSE:GMS) reported mixed financial results for its fourth quarter on Thursday.
GMS reported fourth-quarter fiscal 2024 net sales of $1.413 billion, an 8.4% year-over-year growth and 4% organic growth, beating the consensus of $1.403 billion. The specialty building products distributor's adjusted EPS of $1.93 missed the consensus of $2.04, according to data from Benzinga Pro.
Gross profit rose 6.3% Y/Y to $451.198 million, and the margin contracted 60 basis points to 31.9%. Operating margin declined by 165 bps to 7.1% for the quarter, with an operating income of $100.08 million (-12.1% Y/Y).
"Solid levels of multi-family construction remained in backlog and commercial project activity continued through the end of our fiscal year. Plus, single-family year-over-year Wallboard volume growth for the fourth quarter turned positive for the first time since the fall of 2022. We believe this indicates the start of a mild recovery in an end market that, with considerable pent-up demand, remains poised for a more robust recovery with the expected eventual relief in mortgage rates," commented John C. Turner, Jr, President and Chief Executive Officer of GMS.
GMS shares dipped 6.1% to close at $84.40 on Thursday.
These analysts made changes to their price targets on GMS after the company reported quarterly results.
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Posted In: GMS