Taiga Building Products' 2Q 2022 sales were $646.1 million compared to $786.7 million over the same period last year. The decrease in sales by $140.6 million or 18% was largely due to decreased selling prices for commodity products.
Gross margin for the quarter ended June 30, 2022 decreased to $69.0 million from $147.9 million over the same period last year. Gross margin percentage was 10.7% for the three months ended June 30, 2022 compared to 18.8% in the same period last year. These decreases were primarily due to falling commodity prices during the quarter.
Net earnings for the 2Q 2022 decreased to $20.8 million from $58.5 million over the same period last year primarily due to decreased gross margin.
EBITDA for the quarter ended June 30, 2022 was $33.7 million compared to $84.5 million for the same period last year. EBITDA decreased primarily due to lower margin earned during the quarter.
Six Months Ended June 30, 2022 Earnings Results
Sales for the six months ended June 30, 2022 were $1,258.8 million compared to $1,322.7 million over the same period last year. The decrease in sales by $63.8 million or 5% was largely due to the Company experiencing lower selling prices for its commodity products.
Gross margin for the six months ended June 30, 2022 decreased to $177.9 million from $238.3 million over the same period last year. Gross margin percentage was 14.1% for the six months ended June 30, 2022 compared to 18.0% in the same period last year. These decreases were primarily due to falling commodity prices during the period.
Net earnings for the six month period ended June 30, 2022 were $60.3 million compared to $87.6 million for the same period last year primarily due to decreased gross margin.
EBITDA for the six months ended June 30, 2022 was $92.3 million compared to $129.6 million for the same period last year. EBITDA decreased primarily due to lower margin earned during the period.
Taiga is the largest independent wholesale distributor of building products in Canada. Taiga distributes building products in Canada, the United States and overseas.
