Atlas Engineered Products announces its financial and operating results for the three and nine months ended September 30, 2022.
Q3 2022 revenue increased to $17.6 million from $17.5 million for the Q3 2021. Additionally, revenue increased to $46.9 million for the nine months ended September 30, 2022 from $41.1 million for the nine months ended September 30, 2021. This increase now represents the Company’s best third quarter to date.
Q3 2022 non-IFRS EBITDA was $5 million and $11.5 million with an EBITDA margin of 29% and 25%. EBITDA for the three and nine months ended September 30, 2021 was $4.5 million and $8.2 million with an EBITDA margin of 26% and 20%. EBITDA and EBITDA margin for the three and nine months ended September 30, 2022 increased compared to the three and nine months ended September 30, 2021 due to increased net income for the period resulting from increased sales and improved gross margins.
Gross margin for the three and nine months ended September 30, 2022 was 35% and 32%, which was up from a gross margin of 31% and 27% for the three and nine months ended September 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.
Net income after taxes was $3.1 million and $6.7 million for the three and nine months ended September 30, 2022 compared to net income after taxes of $2.8 million and $4.5 million for the three and nine months ended September 30, 2021. This increase was primarily due to the increase in revenues, improvements in gross margin, and the new acquisition of Hi-Tec.
Atlas Engineered Products is a growth company that is acquiring and operating profitable, well-established operations in Canada’s truss and engineered products industry.
