GMS Inc.: Initiation Of Coverage – A Story Of Improved Selling Prices and Anticipated Recovery in Single-Family Market!  

GMS Inc., a leading distributor of wallboard and suspended ceilings systems, reported mixed financial results for
the first quarter of Fiscal 2025. The company experienced a slight increase in net sales, reaching $1.45 billion, a
2.8% rise compared to the same period a year ago. This growth was primarily driven by volume growth across all
four major product categories, which was largely attributed to recent acquisitions. However, organic sales
declined due to softening demand in the multifamily and commercial end markets coupled with steel price
deflation. This downturn in organic growth highlights the challenges GMS faces despite its expansion efforts.