Hardwoods Distribution Inc. announced strong financial results for the three-and-six months ended June 30, 2016. For the three months ended June 30, 2016, total sales increased by 9.5% to $157 million from $143.4 million in 2Q 2015.
2Q 2016 gross profit increased to $28.4 million, up 14.2% from $24.8 million last year. This improvement reflects the higher sales revenue, paired with a higher gross profit margin of 18.1% compared to 17.3% last year.
2Q Adjusted EBITDA increased 24.2% to $11.5 million, from $9.3 million in 2Q 2015. Profit for the period increased 7.1% to $5.4 million, from $5 million in 2015. The $0.4 million increase primarily reflects increase in EBITDA, partially offset by an increase in income tax expense.
For the six months ended June 30, 2016, total sales increased by 12.9% to $314.4 million, from $278.5 million in the first half of 2015.
1H 2016 profit increased 17.7% to $56.4 million, from $47.9 million last year. First-half Adjusted EBITDA increased 23.8% to $21 million, from $16.9 million in 2015. Profit for the six-month period increased to $10 million from $9.7 million during the first half of 2015.
Hardwoods is North America’s largest distributors of high-grade hardwood lumber, sheet goods, architectural millwork and non-structural architectural grade building products to the residential and commercial construction markets.
