US: GMS’ net sales grew by 27% year-on-year to US$2.79bn in the half year to the end of October 2022 from US$2.19bn in the same period in 2021. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 34% to US$356m from US$265m. Sales of wallboard increased by 37% to US$1.11bn from US$0.80bn.
John C Turner, Jr, the president and chief executive officer of GMS, said, “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.” He continued, “As a result, with favourable pricing across our product categories, positive volume growth in wallboard, ceilings and complementary products and the benefit of our AMES acquisition, our team achieved another quarter of record levels of net sales, net income and adjusted EBITDA and generated significant levels of cash flow.”
