For the three months ended September 30, 2016, Hardwoods Distribution's total sales increased by 54.8% to $235.4 million, from $152.1 million in 3Q 2015, as the company said in the press release received by Lesprom Network.
3Q gross profit increased to $43.8 million, up 64% from $26.7 million last year. This improvement reflects the higher sales revenue, paired with a higher gross profit margin of 18.6% compared to 17.6% last year.
3Q 2016 Adjusted EBITDAincreased 39.6% to $14.3 million, from $10.2 million in 3Q 2015. This gain reflects the increase in gross profit, partially offset by higher expenses.
Profit for the period increased 22.4% to $7.3 million, from $6 million in 2015.
For the nine months ended September 30, 2016, total sales increased by 27.7% to $549.9 million, from $430.6 million in the same period in 2015. Of the $119.3 million year-over-year increase, $81.6 million was due to the addition of Rugby’s operations and $20.5 million was due to organic growth.
Nine-month gross profit increased 34.3% to $100.3 million, from $74.6 million last year. This gain reflects the combination of increased sales and a higher gross profit margin.
Nine-month Adjusted EBITDA increased 29.8% to $35.2 million, from $27.2 million in 2015.
Profit for the nine-month period increased to $17.3 million from $15.7 million during the first nine months of 2015.
Hardwoods is North America’s largest wholesale distributor of high-grade hardwood lumber, specialty panels and non-structural architectural building materials, with a comprehensive US and Canadian distribution network.
