2023 Quarterly Report – Q3

TAIGA’S (TBL) THIRD QUARTER RESULTS IMPACTED BY LOW COMMODITY PRICES

BURNABY, BC, November 10, 2023 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three and nine months ended September 30, 2023.

Third Quarter Ended September 30, 2023 Earnings Results

Sales for the quarter ended September 30, 2023 were $456.6 million compared to $533.1 million over the same period last year. The decrease in sales by $76.5 million or 14% was largely due to decreased selling prices for commodity products.

Gross margin for the quarter ended September 30, 2023 decreased to $56.4 million from $63.8 million over the same period last year. The decrease in gross margin was primarily due to lower commodity prices during the quarter.

Net earnings for the quarter ended September 30, 2023 increased to $21.4 million compared to $18.6 million over the same period last year. The increase in net earnings was due to income tax recoveries from the prior year.

EBITDA for the quarter ended September 30, 2023 was $27.6 million compared to $29.8 million for the same period last year. EBITDA decreased primarily due to lower margins earned during the quarter.

Nine Months Ended September 30, 2023 Earnings Results

Sales for the nine months ended September 30, 2023 were $1,312.0 million compared to $1,791.9 million over the same period last year. The decrease in sales was largely due the Company experiencing lower selling prices for its commodity products.

Gross margin for the nine months ended September 30, 2023 decreased to $155.9 million from $241.7 million over the same period last year. The decrease in gross margin was primarily due to lower commodity prices during the period.

Net earnings for the nine month period ended September 30, 2023 were $51.9 million compared to $78.9 million for the same period last year. The decrease in net earnings was primarily due to decreased gross margins during the period.

EBITDA for the nine months ended September 30, 2023 was $78.1 million compared to $122.1 million for the same period last year. EBITDA decreased primarily due to lower margins earned during the period.

The foregoing selected financial information is qualified in its entirety by and should be read in conjunction with, our unaudited condensed interim consolidated financial statements for three and nine months ended September 30, 2023 and accompanying notes and management’s discussion and analysis which will be available shortly on SEDAR at www.sedar.com.

For further information regarding Taiga, please contact:
Mark Schneidereit-Hsu
CFO and VP, Finance & Administration
Tel: 604.438.1471
Email: mschneidereit@taigabuilding.com

BOD 4.c. Press Release FY2023 Q3 (Final)

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