Taiga (TBL) Q4 results were marginally reduced due to lower commodity prices

BURNABY, BC, February 24, 2023 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the year ended December 31, 2022.

Fourth Quarter Ended December 31, 2022 Earnings Results      

The Company’s consolidated net sales for the quarter ended December 31, 2022 were $400.8 million compared to $412.5 million over the same quarter last year. The decrease in sales by $11.6 million was largely due to lower selling prices on commodity products in the quarter ended December 31, 2022.

Gross margin for the quarter ended December 31, 2022 decreased to $49.4 million from $54.3 million over the same quarter last year.

Net earnings for the quarter ended December 31, 2022 were $9.7 million compared to net earnings of $10.3 million over the same quarter last year.

EBITDA for the quarter ended December 31, 2022 was $17.2 million compared to an EBITDA of $17.4 million for the same quarter last year.

Year Ended December 31, 2022 Earnings Results

Sales for the year ended December 31, 2022 were $2,192.7 million compared to $2,219.7 million in the prior year. The decrease in sales by $27.0 million or 1% was largely due to lower selling prices for commodity products.

Gross margin dollars for the year ended December 31, 2022 decreased to $291.2 million from $300.2 million over the same period last year.

Net earnings for the year ended December 31, 2022 were $88.6 million compared to $92.7 million in the prior year.

EBITDA for the year ended December 31, 2022 was $139.3 million compared to $145.2 million in the prior 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

Attachment: https://www.taigabuilding.com/wp-content/uploads/archives/press_release_fy2022_q4_final.pdf

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