In This Article:
BURNABY, BC, Nov. 8, 2024 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") today reported its financial results for the three and nine months ended September 30, 2024.
Third Quarter Ended September 30, 2024 Earnings Results
Sales for the quarter ended September 30, 2024 were $423.9 million compared to $456.6 million over the same period last year. Sales decreased by $32.7 million or 7% mainly due to a reduction in commodity products sold.
Gross margin for the quarter ended September 30, 2024 decreased to $45.5 million from $56.4 million over the same period last year. Gross margin percentage was 10.7% for the three months ended September 30, 2024 compared to 12.4% over the same period last year. The decrease in gross margin dollars was mainly due to a reduction in commodity products sold.
Net earnings for the quarter ended September 30, 2024 decreased to $14.3 million from $21.4 million over the same period last year primarily due to decreased gross margin dollars.
EBITDA for the quarter ended September 30, 2024 was $21.5 million compared to $27.6 million for the same period last year. EBITDA decreased primarily due to lower margin dollars earned during the quarter.
Nine Months Ended September 30, 2024 Earnings Results
Sales for the nine months ended September 30, 2024 were $1,245.3 million compared to $1,312.0 million over the same period last year. Sales decreased by $66.7 million or 5% mainly due to a reduction in commodity products sold.
Gross margin for the nine months ended September 30, 2024 decreased to $132.0 million from $155.9 million over the same period last year. Gross margin percentage was 10.6% for the nine months ended September 30, 2024 compared to 11.9% over the same period last year. The decrease in gross margin dollars was mainly due to a reduction in commodity products sold.
Net earnings for the nine months ended September 30, 2024 were $41.0 million compared to $51.9 million for the same period last year primarily due to a decreased gross margin.
EBITDA for the nine months ended September 30, 2024 was $64.0 million compared to $78.1 million for the same period last year. EBITDA decreased primarily due to lower margin dollars earned during the period.
Condensed Consolidated Statement of Earnings
For the Three Months Ended
| | September 30, | |
| (in thousands of Canadian dollars, except for per share amounts) | 2024 | 2023 |
| Sales | 423,886 | 456,615 |
| Gross margin | 45,544 | 56,403 |
| Distribution expense | 8,151 | 8,135 |
| Selling and administration expense | 19,169 | 23,447 |
| Finance expense | 3 | 98 |
| Other (income) expense | (109) | 263 |
| Earnings before income taxes | 18,330 | 24,460 |
| Income tax expense | 3,999 | 3,056 |
| Net earnings | 14,331 | 21,404 |
| Net earnings per share(1) | 0.13 | 0.20 |
| EBITDA(2) | 21,497 | 27,617 |
The following is the reconciliation of net earnings to EBITDA: