GMS Inc., the self-described national sales leader in drywall and steel studs, reported today its net profit in the quarter ended April 30 shot up to $8.9 million from $2.1 million in the year earlier period on a 30.3% jump in sales to $527.2 million.
The first earnings report since the Tucker, Ga.-based specialty dealer became a public company on May 26 also revealed a swing to $12.6 million in net profit in the year ended April 30 from an $11.7 million net loss in FY2015. Sales for the year grew 18.3% to $1.86 billion. That showing would have put GMS 8th on the ProSales 100 had it participated this year.
GMS prefers to measure itself in terms of adjusted EBITDA--earnings before interest, taxes, depreciation, and amortization as well as before such factors as equity-based compensation, severance costs, transaction costs, management fees, and contributions from acquisitions. By that measure, adjusted EBITDA for February through April 2016 climbed to $43.7 million from $29.8 million in the year-earlier period. And for all fiscal 2016, adjusted EBITDA rose to $150.3 million from $113.9 million.
During the latest quarter, wallboard sales rose 31.6% to $248.8 million on a 31.6% rise in volume to 816 million square feet and a slight drop in price. Ceiling sales rose 12.6% over the year-earlier quarter to $78.2 million, while sale of steel studs jumped 33% to $77.8 million and sales of all other products grew 39.8% to $122.4 million.
GMS noted its sales volume numbers were propelled by GMS' numerous acquisitions over the past year, most of which took place while GMS was privately held. (See ProSales articles.) It didn't provide year-over-year same-store sales figures, but it did note that $12.1 million of its $36.4 million in adjusted EBITDA growth for the fiscal year came from the contributions of companies acquired during the 12 months ended April 30.
GMS operates roughly 185 branches in 41 states spanning the country, all of them flying the flags of 45 local names rather than the GMS banner. The company describes itself as North America's leading distributor of wallboard and suspended ceiling systems, holding 13% market share in the first category and 14% in the second.