GMS Inc. (NYSE:GMS) Q1 2025 Earnings Conference Call August 29, 2024 8:30 AM ET

Company Participants

Carey Phelps - VP, IR
John Turner - President and CEO
Scott Deakin - SVP and CFO

Conference Call Participants

Noah Merkousko - Stephens
David Manthey - Baird
Keith Hughes - Truist Securities
Chris Claude - RBC Capital Markets
Jeff Stevenson - Loop Capital Markets
Steven Ramsey - Thompson Research Group

Operator

Greetings. Welcome to the GMS Inc. First Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to Carey Phelps, Vice President of Investor Relations. Thank you. You may begin.

Carey Phelps

Thank you. Good morning, and thank you for joining us for the GMS earnings conference call for the first quarter of fiscal 2025. I am joined today by John Turner, President and Chief Executive Officer; and Scott Deakin, Senior Vice President and Chief Financial Officer. In addition to the press release we issued this morning, we've posted PowerPoint slides to accompany this call in the Investors section of our website at www.gms.com.

Starting with Slide 2, on today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties, many of which are beyond our control and may cause actual results to differ from those discussed today. As a reminder, forward-looking statements represent management's current estimates and expectations. The company assumes no obligation to update any forward-looking statement in the future. Listeners are encouraged to review the more detailed discussions related to these forward-looking statements contained in the company's filings with the SEC, including the Risk Factors section in the company's 10-K and other periodic reports.

Today's presentation also includes a discussion of certain non-GAAP measures. The definitions and reconciliations to these non-GAAP measures are provided in the press release and presentation slides. Please note that references on this call to the first quarter of fiscal 2025 relate to the quarter ended July 31, 2024. [Operator Instructions]

With that, I'll turn the call over to John Turner, whose discussion will be starting on Slide 3. JT?

John Turner

Thank you, Carey. Good morning, and thank you all for joining us today.

For our first quarter, we reported net sales of $1.45 billion, 2.8% higher than a year ago, driven by volume growth in all four of our major product categories, primarily the result of recent acquisitions. Organic sales declined for the quarter on softening demand in multi-family and commercial end markets, and steel price deflation, partially offset by year-over-year growth in single-family demand.