Welcome to our dedicated page for GMS news (Ticker: GMS), a resource for investors and traders seeking the latest updates and insights on GMS stock.
GMS Inc. (symbol: GMS) is a leading North American distributor specializing in gypsum wallboard, acoustical ceiling products, and other specialty building materials. With operations spanning 34 states, the company leverages a robust network of 37 subsidiary partners and over 150 distribution centers. From Alaska to Florida, GMS ensures nationwide coverage, making it a crucial player in the construction industry.
Founded in 1971, GMS has built its reputation on exceptional customer service, a cornerstone of its business model. The company offers an extensive range of over 10,000 products sourced from the industry's leading manufacturers. These products include not just wallboard and acoustical ceiling products, but also FRP boards, metal framing, insulation, exterior insulation finish systems, ready-mix joint compounds, tools, and various other interior construction materials.
GMS serves multiple markets including commercial new construction, commercial repair and remodel, residential new construction, and residential repair and remodel (R&R). The company's geographical segments cover Central, Midwest, Northeast, Southern, Southeast, Western regions, and Canada. A significant portion of its revenue is generated from the sale of wallboard products, with the United States being its largest market.
Recent achievements and ongoing projects further underscore GMS's industry leadership. The company continues to forge strategic partnerships and expand its product lines, ensuring it meets the evolving needs of its customer base. Financially, GMS remains strong, consistently delivering solid performance driven by its diverse product offering and expansive distribution network.
GMS reported strong financial results for Q4 and FY2021, with net sales of $932.2 million, a 20.9% increase year-over-year. Organic sales rose 17.1%. Net income reached $33.7 million, or $0.77 per diluted share, with adjusted net income at $46.9 million, or $1.07 per diluted share. The adjusted EBITDA surged 43.5% to $91.2 million. The company expanded its platform through an acquisition in Canada and four new locations in the U.S. However, gross margin declined to 31.5% from 32.6%.
GMS Inc. (NYSE:GMS) will announce its financial results for the fiscal quarter and year ending April 30, 2021, on June 24, 2021, before market opening. A conference call to discuss these results, along with recent events, is scheduled for 8:30 a.m. ET the same day. Interested participants can access the call via a dial-in number, and a webcast will be available on the Company’s website. GMS has over 265 distribution centers across the U.S. and Canada, providing a wide range of interior building products, marking its 50th anniversary this year.
GMS (NYSE: GMS), a prominent distributor of interior building products, will present at the Baird Global Consumer, Technology and Services Conference on June 8, 2021, at 12:50 PM ET and at the UBS Industrials and Transportation Conference on June 9, 2021, at 2:00 PM ET. Both presentations will be streamed live on the Investors section of their website, with replays available for 90 days. Celebrating its 50th anniversary, GMS operates over 265 distribution centers in the US and Canada, offering a wide range of products for interior contractors.
GMS Inc. (NYSE: GMS) has announced a definitive agreement to acquire Westside Building Material for $135 million in cash. Westside, a major distributor of interior building products with $200 million in net revenues for 2020, operates ten locations across California and Nevada. This acquisition aligns with GMS's growth strategy, enhancing its presence in key West Coast markets, including Los Angeles and Las Vegas. CEO John C. Turner emphasizes the merger's potential for creating new opportunities and improved customer service.
GYP Holdings III Corp., a subsidiary of GMS, announced the upsizing of its private offering of senior notes to $350 million, increasing by $50 million from a prior amount. The senior notes, due 2029, will have a 4.625% interest rate and will close around April 22, 2021. The estimated net proceeds of $345 million will be used to repay a portion of outstanding borrowings under the senior secured term loan. These notes are being offered exclusively to qualified institutional buyers under specific exemptions from the Securities Act.
GYP Holdings III Corp., a subsidiary of GMS (NYSE: GMS), has announced a private offering of $300 million in senior notes due 2029. The offering is made under an exemption from the Securities Act and is subject to market conditions. The senior notes will be guaranteed by the Company’s parent, GYP Holdings II Corp., and will be used primarily to reduce outstanding borrowings under its senior secured term loan facility. However, these notes have not been registered and cannot be sold in the U.S. without proper registration.
GMS reported Q3 FY2021 results with net sales of $751.2 million, a 1.3% decline from the previous year, driven by COVID-19 impacts. Net income rose 48.2% to $16.1 million, with adjusted net income increasing 16.4% to $25.9 million. Despite a decline in gross margin to 32.4%, SG&A expenses improved as a percentage of sales. The company opened a new location in Waco, TX, and achieved cash flow of $44.4 million. Total debt was $994.2 million, with a net debt leverage of 2.9 times, showing improved financial stability.
GMS Inc. (NYSE:GMS) will announce its financial results for the fiscal third quarter ending January 31, 2021, on March 4, 2021, before the NYSE market opens. A conference call is scheduled for the same day at 8:30 a.m. ET to discuss the results and recent events. Shareholders can participate via telephone or listen to a live webcast on the company's website. Established in 1971, GMS operates over 260 distribution centers in North America, serving contractors with a wide range of interior building products.
GMS Inc. (NYSE: GMS), a leading North American distributor of interior building products, has announced the acquisition of D.L. Building Materials, Inc. and the establishment of five new locations. This acquisition expands GMS's Canadian presence, introducing its first location in Quebec and enhancing its footprint in the Ottawa-Gatineau market. Additionally, new locations in Atlantic City, Waco, and Memphis will further strengthen GMS's market position. The company operates over 260 distribution centers, celebrating its 50th anniversary this year.
GMS reported Q2 fiscal 2021 results with net sales of $812.9 million, down 5.7% year-over-year, while organic sales fell 6.4%. Net income was $28.5 million or $0.66 per diluted share, decreasing from $29.1 million in Q2 fiscal 2020. The gross profit was $265.1 million, a 6.8% decline, leading to a gross margin of 32.6%. SG&A improved slightly to 23.2% of sales. The company maintained strong liquidity with $118.2 million cash on hand and $415.4 million available credit. A new greenfield location opened in Hillsboro, Oregon.
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