Taiga (TBL) announces stronger Q3 sales due to higher commodity prices

BURNABY, BC, November 4, 2022 - Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three and nine months ended September 30, 2022.

Third Quarter Ended September 30, 2022 Earnings Results

Sales for the quarter ended September 30, 2022 were $533.1 million compared to $484.6 million over the same period last year. The increase in sales by $48.5 million or 10% was largely due to higher selling prices for commodity products.

Gross margin for the quarter ended September 30, 2022 increased to $63.8 million from $7.6 million over the same period last year. In the 2021 comparative period commodity prices fell dramatically and the Company booked a $13.4 million inventory reserve due to the impact falling commodity prices had on its treated inventory values.

Net earnings (loss) for the quarter ended September 30, 2022 increased to income of $18.6 million compared to a loss of ($5.2) million over the same period last year.  This was primarily due to higher gross margin.

EBITDA for the quarter ended September 30, 2022 was $29.8 million compared to ($1.8) million for the same period last year. EBITDA increased primarily due to higher margin earned during the quarter.

Nine Months Ended September 30, 2022 Earnings Results

Sales for the nine months ended September 30, 2022 were $1,791.9 million compared to $1,807.2 million over the same period last year.

Gross margin for the nine months ended September 30, 2022 decreased to $241.7 million from $245.9 million over the same period last year.

Net earnings for the nine month period ended September 30, 2022 were $78.9 million compared to $82.4 million for the same period last year.

EBITDA for the nine months ended September 30, 2022 was $122.1 million compared to $127.8 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