Atlas Engineered Products ("AEP") announces its financial and operating results for the three and six months ended June 30, 2022.
Revenue increased 17% to $16.8 million for the three months ended June 30, 2022 from $14.4 million for the three months ended June 30, 2021. This increase now represents the Company's best 2Q to date. Additionally, revenue increased 24% to $29.3 million for the six months ended June 30, 2022 from $23.5 million for the six months ended June 30, 2021.
Gross margin for the three and six months ended June 30, 2022 was 28% and 29%, which was up from a gross margin of 26% and 23% for the three and six months ended June 30, 2021. Gross margins increased due to pricing assessments and updates being completed at all locations due to the fluctuating costs of raw materials and labour. The Company has also focused on improving efficiencies on new product lines and acquisitions.
Non-IFRS EBITDA for the three and six months ended June 30, 2022 was $3.6 million and $6.5 million respectively, with an EBITDA margin of 21% and 22%, respectively. EBITDA for the three and six months ended June 30, 2021 was $2.8 million and $3.6 million respectively, with an EBITDA margin of 20% and 16%. EBITDA and EBITDA margin for the three and six months ended June 30, 2022 increased compared to the three and six months ended June 30, 2021 due to increased net income for the period resulting from increased sales and improved gross margins.
"We are pleased with another successful quarter of organic growth, as well as, the contribution from our latest acquisition, Hi-Tec Industries Ltd," said Hadi Abassi, CEO & President, Founder. "In addition to the ongoing operational improvements and growth of our legacy facilities, we have seen an immediate improvement in both revenues and margins from Hi-Tec. Our order book for the remainder of 2022 continues to be strong and we anticipate another year of record results for the Company."
AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry.
