GMS Inc. reports Q4 adjusted EPS $1.93, consensus $2.05

Reports Q4 revenue $1.41B, consensus $1.4B. “We were pleased to deliver solid results for our Q4 and FY24, including record levels of net sales for the year,” said CEO John Turner. “Versus prior year, despite lower single-family full year demand, we delivered volume growth across all our major product categories, which helped offset significant Steel price deflation that occurred at levels beyond our prior expectations…We believe this indicates the start of a mild recovery in an end market that, with considerable pent-up demand, remains poised for a more robust recovery with the expected eventual relief in mortgage rates. As we move into FY25, we believe we are well prepared for what we expect to be continued changes in end market dynamics, as an improving single-family end market should help to offset declining multi-family, and likely commercial, demand as we move throughout the year. While we now anticipate some near-term headwinds, particularly in Wallboard and Steel margins, we expect to deliver improvement in our Q2 and solid results for the full fiscal year…Leveraging the benefits of our scale, a wide breadth of product offerings and a balanced mix of end markets served, we expect to successfully navigate these shifts in end market demand and price movement during the year, all while continuing to focus on providing outstanding service and continuing the execution of our strategic priorities.”