BURNABY, BC, February 26, 2021 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the year ended December 31, 2020.
Fourth Quarter Ended December 31, 2020 Earnings Results
The Company’s consolidated net sales for the quarter ended December 31, 2020 were $411.3 million compared to $298.1 million over the same quarter last year. The increase in sales by $113.2 million or 38% was largely due to higher selling prices on commodities in the quarter ended December 31, 2020.
Gross margin for the quarter ended December 31, 2020 increased to $60.4 million from $30.6 million over the same quarter last year.
Net earnings for the quarter ended December 31, 2020 were $17.6 million compared to net earnings of $5.8 million over the same quarter last year.
EBITDA for the quarter ended December 31, 2020 was $29.4 million compared to an EBITDA of $12.9 million for the same quarter last year.
Year Ended December 31, 2020 Earnings Results
Sales for the year ended December 31, 2020 were $1,589.1 million compared to $1,299.1 million in the prior year. The increase in sales by $290.0 million or 22% was largely due to increased selling prices for commodity products.
Gross margin dollars for the year ended December 31, 2020 increased to $225.2 million from $129.5 million over the same period last year.
Net earnings for the year ended December 31, 2020 were $70.8 million compared to $25.9 million in the prior year.
EBITDA for the year ended December 31, 2020 was $116.9 million compared to $57.7 million in the prior year.
Management Update on the COVID-19 Pandemic
The outbreak of the coronavirus, also known as “COVID-19”, has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the coronavirus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. As at the financial statement approval date, the outbreak and the related mitigation measures had the following impacts on the Company’s operations, among others: Sales declined by over 30% for the month of April 2020, however subsequent to this revenues have recovered and exceeded projections for the remainder of 2020. The extent to which these events may impact the Company’s business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, subsequent outbreaks, business disruptions, and the effectiveness of actions taken in Canada and other countries to contain and treat the disease. These events are highly uncertain and as such, the Company cannot determine the ultimate financial impacts at this time. However, the Company recognizes that there will be economic and financial challenges for the foreseeable future.
See attached PDF for complete press release and statement of earnings.
For further information:
Mark Schneidereit-Hsu, CFO and VP, Finance & Administration