For the three-month period ended September 30, 2020, consolidated revenues of CanWel Building Materials Group Ltd. increased by 26.5% to $472.2 million when compared to $373.2 million in the same period in 2019.
Gross margin dollars increased 66% to $86.8 million, compared to $52.3 million during the corresponding period in 2019. Gross margin percentage also increased to a record 18.4% of revenues versus 14% during the same period in 2019. The increase in margin dollars and margin percentage is mainly attributable to the improvements in sales and construction materials pricing during the 3Q 2020.
EBITDA and Adjusted EBITDA for the 3Q 2020 increased to a quarterly record at $57 million compared to $25 million, and $25.3 million, respectively during the 3Q 2019, largely due to the improvements in both sales volumes and construction materials pricing as a result of the continued increased demand during the 3Q 2020. As a result, net earnings for the quarter ended September 30, 2020 increased by $24.6 million to $31 million compared to net earnings of $6.4 million in the same quarter of 2019.
For the nine-month period ended September 30, 2020, the company generated EBITDA and Adjusted EBITDA of $106.4 million, on revenues of $1.2 billion. Gross margin and gross margin percentage during the period amounted to $189.2 million, and 15.6%, respectively. This compares to 2019 EBITDA and Adjusted EBITDA of $67.4 million and $67.8 million, respectively, on revenues of $1 billion. Gross margin and gross margin percentage during the 2019 period amounted to $147.8 million and 14.2%. Net earnings for the nine-month period ended September 30, 2020 were $44.6 million versus $13.8 million in the comparative period of 2019.
Founded in 1989, CanWel is Canada’s only fully integrated national distributor in the building materials and related products sector.
