Hardwoods Distribution Inc. announced record quarterly sales. For the three months ended March 31, 2016, total sales increased by 16.5% to $157.4 million, from $135.1 million in 1Q 2015, as the company said in the press release received by Lesprom Network.
1Q gross profit increased 21.6% to $28 million, from $23.1 million in 1Q 2015. The year-over-year improvement reflects higher sales revenue, combined with a higher gross profit margin. As a percentage of sales, gross profit margin increased to 17.8%, from 17.1% in 1Q 2015.
1Q EBITDA increased 23.4% to $9.4 million, from $7.6 million in 1Q 2015. The 23.4% gain primarily reflects higher gross profit, partially offset by increased operating expenses before depreciation and amortization.
“We established a new quarterly record for sales and achieved a 23.4% year-over-year improvement in EBITDA in the 1Q 2016,” said Rob Brown, President and CEO. “Our robust results reflect continued strong underlying performance as we leveraged improving market conditions and executed our ‘strengthen commercial’ and ‘leverage imports’ strategies. We also benefited from the positive impact of a US dollar that was significantly stronger year-over-year relative to the Canadian dollar.”
Hardwoods is one of North America’s largest distributors of high-grade hardwood lumber, sheet goods and architectural millwork to the cabinet, moulding, millwork, furniture and specialty wood products industries.
