RTTNews | Dec 2, 2021 07:27AM EST

07:26 Thursday, December 2, 2021 (RTTNews.com) - GMS Inc. (GMS), a specialty distributor of interior building products, on Thursday, posted a significant rise in its net profit for the second quarter, with a rise in sales, driven mainly by increased revenue from steel framing, wallboard, and complementary products segments. Excluding items, earnings beat the Street view.

For three-month period ended in October, the Anaheim-headquartered firm posted a net income of $74.4 million or $1.69 per share, sharply higher than $28.5 million or $0.66 per share, reported a year ago.

Excluding items, the interior building products supplier reported a profit of $87.8 million or $2 per share as against $40.2 million or $0.93 per share, last year. Eight analysts, on average, polled by Thomson-Reuters were estimating earnings per share at $1.6. Analysts' estimates typically exclude one-time items.

Amidst a rise in demand for the company products and services, GMS recorded its operating income at $111.93 million for the second quarter, versus $49.47 million, reported for the same 90-day period of last year.

For the thirteen-week period ended on October 31, EBITDA of the firm also increased to $142.25 million, from $77.50 million, reported for the same three-month period of 2020.

Net sales of the company also surged to $1.150 billion from $812.85 million, reported for the October quarter of previous fiscal. Analysts, on average, had expected the company to report a revenue of $1.06 billion.

For the second quarter, the American firm reported revenues of $414.52 million, $272 million, and $323.16 million from Wallboard, Steel framing, and Complementary products segments, respectively, compared with revenue of $330.51 million, $111.29 million, and $258.92 million, reported for same period.

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