For the three months ended June 30, 2021, Hardwoods Distribution's (“HDI”) consolidated sales climbed to a record $338 million, an increase of $124.7 million, or 58.5%, from $213.3 million in the same period in 2020.
Gross profit for the 2Q 2021 grew 82.3% to $75.9 million, from $41.7 million in the same quarter last year. This $34.3 million improvement reflects the strong sales growth, paired with a record gross profit margin.
For the three months ended June 30, 2021, operating expenses increased by $11.7 million to $41.9 million, from $30.3 million in 2Q 2020. However as a percentage of sales, operating expenses were lower at 12.4%, as compared to 14.2% in the same period last year.
2Q 2021 Adjusted EBITDA climbed 149.5% to a record $44 million, from $17.6 million during the same period in 2020.
Profit for the 2Q 2021 grew 229.0% to $24.3 million, from $7.4 million in 2Q 2020. The $16.9 million improvement primarily reflects the $23.1 million increase in EBITDA, partially offset by a $0.5 million increase in depreciation and amortization, and the $5.8 million increase in income tax expense.
HDI is one of North America’s largest distributors of architectural grade building and millwork products to the residential, repair and remodel, and commercial construction industries.
