3Q 2015 gross profit increased to $26.7 million, up 28% from $20.9 million last year. This improvement reflects the higher sales revenue, paired with a higher gross profit margin.
3Q EBITDA increased 34.7% to $10.2 million, from $7.6 million in 2014. The EBITDA gain reflects the increase in gross profit, partially offset by the higher expenses.
Profit for the period increased to $6 million, from $4.2 million in 3Q 2014. The $1.7 million improvement primarily reflects the $2.6 million increase in EBITDA and the $0.1 million increase in net finance income, partially offset by the $1 million increase in income tax expense.
“We turned in another quarter of record-breaking sales and EBITDA results,” said Hardwoods CEO Lance Blanco. “Our performance reflects the profitable organic growth we’re achieving as we execute our strategies to leverage Hardwoods’ successful import product program and expand our presence in the large North American commercial market. We are also benefiting from the stronger US dollar, which is having a significantly positive impact on our business both in Canada and in the US.”
For the nine months ended September 30, 2015, total sales increased by 26.1% to $430.6 million, from $341.4 million in the same period last year.
Nine-month gross profit increased 25.1% to $74.6 million, from $59.7 million in 2014.
Nine-month EBITDA increased sharply to $27.2 million, from $20.2 million in 2014. The 34.1% gain reflects the higher gross profit, partially offset by higher expenses before depreciation and amortization.
Profit for the nine-month period increased to $15.7 million, from $11.2 million last year.
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.
