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BURNABY, BC, Feb. 27, 2025 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") today reported its financial results for the year ended December 31, 2024.
Fourth Quarter Ended December 31, 2024 Earnings Results
The Company's consolidated net sales for the quarter ended December 31, 2024 were $389.0 million compared to $367.7 million over the same quarter last year. The increase in sales by $21.3 million was due to the marginally higher commodity prices throughout the quarter.
Gross margin for the quarter ended December 31, 2024 decreased to $41.3 million from $42.4 million over the same quarter last year. The decrease in gross margin was primarily due to higher costs of products during the quarter.
Net earnings for the quarter ended December 31, 2024 decreased to $6.6 million compared to $9.4 million over the same period last year primarily due to increased taxes payable for the quarter.
EBITDA for the quarter ended December 31, 2024 was $15.7 million compared to $13.1 million for the same period last year.
Year Ended December 31, 2024 Earnings Results
Sales for the year ended December 31, 2024 were $1,634.4 million compared to $1,679.7 million in the prior year. The decrease in sales was largely due the Company selling lower volumes of commodity products during the year.
Gross margin for the year ended December 31, 2024 decreased to $173.3 million from $198.4 million in the prior year. The decrease in gross margin was primarily due to lower volumes of commodity products being sold during the year.
Net earnings for the year ended December 31, 2024 were $47.6 million compared to $61.3 million in the prior year. The decrease in net earnings was primarily due to decreased gross margin during the year.
EBITDA for the year ended December 31, 2024 was $79.8 million compared to $91.3 million in the prior year. EBITDA decreased primarily due to lower margins earned during the period.
Consolidated Statement of Earnings
For the Three Months Ended
| | December 31, | |
| (in thousands of Canadian dollars, except for per share amounts) | 2024 | 2023 |
| Sales | 389,042 | 367,658 |
| Gross margin | 41,278 | 42,448 |
| Distribution expense | 8,093 | 8,241 |
| Selling and administration expense | 20,768 | 24,335 |
| Finance income | (463) | (425) |
| Other expense (income) | (49) | (61) |
| Earnings before income taxes | 12,929 | 10,358 |
| Income tax expense | 6,341 | 968 |
| Net earnings | 6,588 | 9,390 |
| Net earnings per share(1) | 0.06 | 0.09 |
| EBITDA(2) | 15,717 | 13,141 |
The following is the reconciliation of net earnings to EBITDA:
| | | | December 31, |
| (in thousands of Canadian dollars) | | 2024 | 2023 |
| Net earnings | | 6,588 | 9,390 |
| Income tax expense | | 6,341 | 968 |
| Finance and subordinated debt interest expense | | (463) | (425) |
| Amortization | | 3,251 | 3,209 |
| EBITDA | | 15,717 | 13,142 |
Consolidated Statement of Earnings
For the Year ended