Taiga (TBL) Q1 results impacted by lower commodity prices

BURNABY, BC, May 5, 2023 - Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three months ended March 31, 2023 and 2022.

First Quarter Ended March 31, 2023 Earnings Results

The Company's consolidated net sales for the quarter ended March 31, 2023 were $408.5 million compared to $612.7 million over the same period last year. The decrease in sales by $204.2 million or 33% was largely due to decreased selling prices for commodity products.

Gross margin for the quarter ended March 31, 2023 decreased to $47.1 million from $108.9 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 March 31, 2023 decreased to $13.5 million from $39.5 million over the same period last year primarily due to decreased gross margin.

EBITDA for the quarter ended March 31, 2023 was $22.5 million compared to $58.6 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