Hardwoods Distribution Inc. (“HDI”) announced financial results for the three and twelve months ended December 31, 2018. For 2018, total sales increased 8.5% to $1,134.3 million, from $1,045.8 million in 2017, as the company said in the press release received by Lesprom Network.
Gross profit for the year ended December 31, 2018 increased 4.5% to $200.5 million, from $191.9 million in 2017. This $8.7 million improvement reflects higher sales, partially offset by a lower gross profit margin.
For the year ended December 31, 2018, HDI reported EBITDA of $53.2million, as compared to $55.6million in 2017. The $2.4 million reduction includes the impact of a lower gross profit percentage on sales.
Adjusted EBITDA was $56.2 million, a decrease of $2.9 million from $59.1 million in 2017.
Profit for the year ended December 31, 2018 increased 7.4% to $32.2 million, from $30 million in 2017. The $2.2 million improvement primarily reflects the decrease in income tax expense of $5.9 million, partially offset by the $2.4 million decrease in EBITDA, a $0.9 million increase in net finance expense, and a $0.3 million increase in depreciation and amortization. Diluted profit per share increased to $1.49 from $1.39, a 7.2% gain as compared to 2017.
HDI is North America’s largest wholesale distributor of architectural grade building products to the residential and commercial construction markets, with a comprehensive US and Canadian distribution network.
