Taiga’s better financial results due to stronger commodity prices | Taiga Building Products

Taiga’s better financial results due to stronger commodity prices

BURNABY, BC, November 9th, 2017 - Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three and six months ended September 30, 2017.

Second Quarter Ended September 30, 2017 Earnings Results    

Sales for the second quarter increased to $396.6 million from $335.1 million in the same quarter last year. The increase in sales by $61.5 million or 18% was largely due to higher selling prices for commodity products. 

Gross margin dollars for the second quarter increased to $37.8 million compared to $29.5 million in the same quarter last year.  Gross margin percentage for the second quarter was 9.5% compared to 8.8% in the same quarter last year. The increase in gross margin percentage was primarily due to higher commodity prices in the current quarter compared to the same quarter last year. 

Net earnings for the quarter increased to $6.0 million from $3.1 million in the same quarter last year primarily due to increased gross margin dollars.

EBITDA for the quarter ended September 30, 2017 was $16.2 million compared to $11.3 million for the same period last year.   

Six Months Ended September 30, 2017 Earnings Results

Sales for the six months ended September 30, 2017 were $776.4 million compared to $660.5 million over the same period last year. The increase in sales by $115.9 million or 18% was largely due to higher selling prices for commodity products. 

Gross margin dollars for the six months ended September 30, 2017 increased to $71.5 million from $60.9 million over the same period last year. Gross margin percentage was 9.2% for the six months ended September 30, 2017 and 2016.

Net earnings for the six month period ended September 30, 2017 were $11.0 million compared to $7.9 million for the same period last year.

EBITDA for the six months ended September 30, 2017 increased to $30.5 million compared to $24.8 million for the same period last year.

See attached PDF for complete press release and statement of earnings.

For further information:

Mark Schneidereit-Hsu, CFO and VP, Finance & Administration, Tel: 604.438.1471, Email: mschneidereit@taigabuilding.com

Posting date: 
Thursday, November 9, 2017

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