BUZZ-GMS soars after upbeat quarterly results

Reuters

Jun 18

** Shares of interior building products distributor GMS GMS.N rise as much as 17.2% to a near five-month high of $85.84

** Stock set for its best day since November 2020, if gains hold

** Co beats estimates for Q4 net sales and adjusted EPS, according to data compiled by LSEG

** Says co implemented an additional estimated $25 million in annualized cost reductions

** "The ongoing challenging interest rate environment and general market uncertainty continue to be a headwind for the business, contributing to reduced levels of activity in each of our major end markets," says CEO John Turner, adding that co is nearing the bottom of this cycle

** Up to last close, stock has fallen 3% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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