Taiga’s Q3 results – Falling commodity prices sees margin fall 26%

BURNABY, BC, November 8, 2018 - Taiga Building Products Ltd. (“Taiga” or the “Company”) (TSX: TBL) today reported its financial results for the three and nine months ended September 30, 2018.

Third Quarter Ended September 30, 2018 Earnings Results        

Sales for the third quarter increased to $399.6 million from $396.6 million in the same quarter last year. 

Gross margin dollars for the third quarter decreased $9.9 million or 26% to $27.9 million compared to $37.8 million in the same quarter last year.  Gross margin percentage for the third quarter was 7.0% compared to 9.5% in the same quarter last year. The decrease in gross margin percentage was primarily due to falling commodity prices in the current quarter compared to the same quarter last year. 

Net earnings for the quarter decreased to $5.6 million from $6.0 million in the same quarter last year primarily due to decreased gross margin dollars.

EBITDA for the quarter ended September 30, 2018 was $9.2 million compared to $16.2 million for the same period last year.   

Nine Months Ended September 30, 2018 Earnings Results

Sales increased to $1,147.1 million for the nine months ended September 30, 2018 compared to $1,062.4 million for the nine months ended September 30, 2017.

Gross margin dollars for the nine months ended September 30, 2018 increased to $98.0 million from $95.7 million over the same period last year. Gross margin percentage for the nine months ended September 30, 2018 decreased to 8.5% from 9.0% for the same period last year.

Net earnings for the nine months ended September 30, 2018 were $18.7 million compared to $11.3 million for the same period last year.

EBITDA for the nine months ended September 30, 2018 decreased to $36.9 million compared to $38.3 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