RTTNews | Sep 2, 2021 06:52AM EDT

06:51 Thursday, September 2, 2021 (RTTNews.com) - GMS Inc. (GMS) said, for the fiscal first quarter, it recorded more than double the net income and 200 basis points of improvement in adjusted EBITDA margin year-on-year. GMS reported more than a billion dollars in quarterly net sales for the first time in the company's history.

Adjusted EBITDA was $128.1 million, up 54.2%. Adjusted EBITDA margin improved 200 basis points to 12.3% from 10.3%. Adjusted net income per share was $1.67, compared to $0.94, last year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $1.26, for the quarter. Analysts' estimates typically exclude special items.

Net income was $61.2 million, or $1.39 per share, compared to $27.2 million, or $0.63 per share, last year.

Net sales were $1.04 billion, up 29.8% compared to the COVID-19 impacted prior year quarter. Organic net sales increased 23.2%. The company noted that, including the impact from one less selling day in the first quarter of fiscal 2022 than the same period a year ago, net sales and organic net sales were up 31.9% and 25.2%, respectively. Analysts expected revenue of $975.53 million, for the quarter.

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