Taiga’s (TBL) Q2 sales decreased 16% due to lower commodity prices | Taiga Building Products

Taiga’s (TBL) Q2 sales decreased 16% due to lower commodity prices

BURNABY, BC, Aug 8, 2019 - Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three and six months ended June 30, 2019.

Second Quarter Ended June 30, 2019 Earnings Results   

The Company's consolidated net sales for the quarter ended June 30, 2019 were $354.7 million compared to $422.9 million over the same period last year. The decrease in sales by $68.2 million or 16% was largely due to decreased selling prices for commodity products; this was offset by the inclusion of Exterior Wood Inc.’s results, which was acquired in July of 2018.

Gross margin for the second quarter decreased to $34.9 million from $39.4 million in the same quarter last year. The decrease in gross margin was primarily due to lower commodity prices in the current quarter compared to the same quarter last year; this was offset by the inclusion of Exterior Wood Inc.’s results, which was acquired in July of 2018.

Net earnings for the quarter ended June 30, 2019 increased to $7.1 million from $6.4 million for the same period last year primarily due to the foregoing.

EBITDA for the quarter ended June 30, 2019 was $16.4 million compared to $16.1 million for the same period last year. Management estimates that if IFRS 16 were not taken into effect as of January 1, 2019 that EBITDA would have been $1.7M lower, or $14.7M for the quarter ended June 30, 2019.

 

Six Months Ended June 30, 2019 Earnings Results

Sales for the six months ended June 30, 2019 were $642.1 million compared to $747.5 million over the same period last year. The decrease in sales by $105.4 million or 14% was largely due to decreased selling prices for commodity products; this was offset by the inclusion of Exterior Wood Inc.’s results, which was acquired in July of 2018.

Gross margin dollars for the six months ended June 30, 2019 decreased to $62.4 million from $70.2 million over the same period last year. Gross margin percentage for the six months ended June 30, 2019 increased to 9.7% from 9.4% for the same period last year.

Net earnings for the six month period ended June 30, 2019 were $11.8 million compared to $13.1 million for the same period last year.

EBITDA for the six months ended June 30, 2019 was $27.5 million compared to $27.6 million for the same period last year. Management estimates that if IFRS 16 were not taken into effect as of January 1, 2019 that EBITDA would have been $3.0M lower, or $24.5M for the six months ended June 30, 2019.

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: 
Jeudi, août 8, 2019

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