Taiga Building Products Ltd. reported its financial results for the three and nine months ended September 30, 2022.
Sales for the Q3 2022 were $533.1 million compared to $484.6 million over the same period last year. The increase in sales by $48.5 million or 10% was largely due to higher selling prices for commodity products.
Gross margin for the Q3 2022 increased to $63.8 million from $7.6 million over the same period last year. In the 2021 comparative period commodity prices fell dramatically and the Company booked a $13.4 million inventory reserve due to the impact falling commodity prices had on its treated inventory values.
Net earnings (loss) for the Q3 2022 increased to income of $18.6 million compared to a loss of ($5.2) million over the same period last year. This was primarily due to higher gross margin.
Q3 2022 EBITDA was $29.8 million compared to ($1.8) million for the same period last year. EBITDA increased primarily due to higher margin earned during the quarter.
Nine Months Ended September 30, 2022 Earnings Results
Sales for the nine months ended September 30, 2022 were $1,791.9 million compared to $1,807.2 million over the same period last year.
Gross margin decreased to $241.7 million from $245.9 million over the same period last year.
Net earnings were $78.9 million compared to $82.4 million for the same period last year.
EBITDA for the nine months ended September 30, 2022 was $122.1 million compared to $127.8 million for the same period last year.
Taiga is the largest independent wholesale distributor of building products in Canada. Taiga distributes building products in Canada, the United States and overseas.
