06:34 AM EST, 12/05/2024 (MT Newswires) -- GMS (GMS) reported fiscal Q2 adjusted net income Thursday of $2.02 per diluted share, down from $2.40 a year earlier.

Analysts polled by FactSet expected $2.19.

Net sales for the fiscal quarter ended Oct. 31 was $1.47 billion, up from $1.42 billion a year earlier.

Analysts surveyed by FactSet expected $1.46 billion.

GMS said it has renewed its share buyback program, authorizing the company to repurchase up to $250 million of its outstanding shares.

Shares of the building materials provider were down 1% in recent Thursday premarket activity.

Price: 101.26, Change: -1.03, Percent Change: -1.01