GMS Q2 Profit And Revenue Down, But Beat Consensus

(RTTNews) - GMS Inc. (GMS), a distributor of construction products, Thursday reported lower profit in the second quarter, primarily impacted by decline in revenue due to drop in Steel Framing sales. However, earnings as well sales topped the Street view.

Profit for the second quarter decreased 21.5 percent to $80.96 million, or $1.97 per share from $103.15 million, or $2.41 per share in the same period a year ago.

Excluding one-time items, earnings were $94.6 million, or $2.30 per share that beat the average estimate of analysts polled by Thomson-Reuters of $2.26 per share. Analysts' estimates typically exclude special items.

Sales for the quarter edged down 0.7 percent year-over-year to $1.421 billion, but came in above the consensus estimate of $1.38 billion.