GMS (GMS -7.7%) reported Q2 sales growth of 28.7% Y/Y to $833.84M. Sales by Product: Wallboard $334.69M (+16% Y/Y); Ceilings $118.37M (+16.5% Y/Y); Steel framing $135.76M (+31.5% Y/Y) and Other Products $245.01M (+58.4% Y/Y).
Q2 Gross margin declined by 60 bps to 32.2% and operating margin improved by 75 bps to 6.25%.
Q2 Adj. EBITDA increased 60.7% Y/Y to $87.15M and margin improved by 210 bps to 10.5%.
SG&A expenses increased by 15.9% Y/Y to $185.27M and margin declined by 246 bps to 22.2%.
Company has cash of $52.9M and total debt of $1.24B, as of October 31, 2018.
Company announced Stock repurchase program of up to $75M of the common stock. The Company has ~41.9M shares of common stock outstanding on a fully diluted basis as of October 31, 2018.
Previously: GMS misses by $0.05, beats on revenue (Dec. 4)
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