11 August, 23:38
For the three months ended June 30, 2017, Hardwoods Distribution's sales increased by 75.3% to $275.3 million, from $157 million in 2Q 2016. Of the $118.2 million year-over-year increase, $104 million, representing a 66.2% increase in sales, was due to the addition of Rugby's operations and $8.6 million, representing a 5.5% increase in sales, was due to organic growth.
2Q gross profit increased to $51.5 million, an increase of 81.7% from $28.4 million in 2Q 2016. The year-over-year improvement reflects higher sales revenue, combined with a higher gross profit margin.
2Q Adjusted EBITDA grew 49.4% to $17.2 million, from $11.5 million in 2Q 2016. The $5.7 million increase primarily reflects the $23.2 million increase in gross profit, partially offset by the $17.5 million increase in operating expenses before a decrease in transaction expenses and before an increase in depreciation and amortization.
Profit for the 2Q increased 81.9% to $9.8 million, from $5.4 million during the same period in 2016. The year-over-year increase reflects the higher EBITDA, partially offset by a $1.2 million increase in income tax expense, a $0.4 million increase in net finance expense, and a $1 million increase in depreciation and amortization.
Hardwoods Distribution Inc. is North America’s largest distributor of architectural grade building products to the residential and industrial construction markets.