Taiga Building Products Ltd. ("Taiga") reported its financial results for the three and six months endedJune 30, 2019. The сompany's consolidated net sales for the 2Q 2019were$354.7 million, compared to$422.9 millionover the same period last year. The decrease in sales by$68.2 million,or 16% was largely due to decreased selling prices for commodity products; this was offset by the inclusion of Exterior Wood Inc.'s results, which was acquired in July of 2018, as the company said in the press release received by Lesprom Network.
Gross margin for the 2Q decreased to$34.9 millionfrom$39.4 millionin the same quarter last year. Net earnings for the quarter endedJune 30, 2019increased to$7.1 millionfrom$6.4 millionfor the same period last year primarily due to the foregoing.
EBITDA for the 2Q 2019was$16.4 millioncompared to$16.1 millionfor the same period last year.
Sales for the six months endedJune 30, 2019were$642.1 millioncompared to$747.5 millionover the same period last year. The decrease in sales by$105.4 millionor 14% was largely due to decreased selling prices for commodity products.
Net earnings for the six month period endedJune 30, 2019were$11.8 millioncompared to$13.1 millionfor the same period last year. EBITDA for the six months endedJune 30, 2019was$27.5 millioncompared to$27.6 millionfor the same period last year.
Taiga produces preserved lumber at three plants strategically located to service the Canadian market. As well, Taiga exports products into markets in Asia, Central and South America, and the Middle East.
