Taiga’s Q2 results - Hot commodity market sees sales rise by 11% | Taiga Building Products

Taiga’s Q2 results - Hot commodity market sees sales rise by 11%

BURNABY, BC, August 10th, 2018 - Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three and six months ended June 30, 2018.

Second Quarter Ended June 30, 2018 Earnings Results   

Sales for the second quarter increased to $422.9 million from $379.8 million in the same quarter last year. The increase in sales by $43.1 million or 11% was largely due to higher selling prices for commodity products. 

Gross margin dollars for the second quarter increased to $39.4 million compared to $33.7 million in the same quarter last year.  Gross margin percentage for the second quarter was 9.3% compared to 8.9% 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 $6.4 million from $5.0 million in the same quarter last year primarily due to increased gross margin dollars.

EBITDA for the quarter ended June 30, 2018 was $16.1 million compared to $14.3 million for the same period last year.   

Six Months Ended June 30, 2018 Earnings Results

Sales for the six months ended June 30, 2018 were $747.5 million compared to $665.8 million over the same period last year. The increase in sales by $81.7 million or 12% was largely due to higher selling prices for commodity products. 

Gross margin dollars for the six months ended June 30, 2018 increased to $70.2 million from $57.8 million over the same period last year. Gross margin percentage for the six months ended June 30, 2018 increased to 9.4% from 8.7% for the same period last year.

Net earnings for the six month period ended June 30, 2018 were $13.1 million compared to $5.3 million for the same period last year.

EBITDA for the six months ended June 30, 2018 increased to $27.6 million compared to $22.1 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: 
Friday, August 10, 2018

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