Gypsum Management & Supply (GMS) showcased a 21.5% increase in net sales in its 2017 Q1 financial results released Tuesday morning. For the the three months ended July 31, 2016, GMS showcased strong net sales, increased from $452.4 million in the year ago period to $549.8 million. Gross profit increased from $140.9 million in the year ago period to $178.6 million, and net income increased from $3.0 million in the year ago period to $9.2 million.
For the three months ending July 31, 2016, wallboard continued to provide a majority of GMS' sales, representing 45.7% of the total net sales. Ceilings made up 15.7% of net sales, steel framing 15.3%, and all other products comprised 23.3% of total net sales for the quarter.
Wallboard actually shrank slightly as a percentage of GMS' total net sales, but as a category, increased $40.4 million, the most of any of the product categories.
GMS also reported four acquisitions as of Sept 1, 2016, adding eight branches in five different states.
"We are excited to product our 20th straight quarter of double-digit growth in net sales, with strong results across all of our product categories to start the current fiscal year," said president and CEO Mike Callahan in a press release. "Residential demand continued to outpace commercial activity in many markets, which particularly benefited our wallboard and other product categories."