TAIGA’S (TBL) FIRST QUARTER RESULTS IMPACTED BY LOWER COMMODITY SALES
BURNABY, BC, May 3, 2024 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three months ended March 31, 2024 and 2023.
First Quarter Ended March 31, 2024 Earnings Results
The Company’s consolidated net sales for the quarter ended March 31, 2024 were $393.6 million compared to $408.5 million over the same period last year. The decrease in sales by $14.9 million or 4% was largely due to selling lower volumes of commodity products.
Gross margin for the quarter ended March 31, 2024 decreased to $42.0 million from $47.1 million over the same period last year. The decrease in gross margin was primarily due to selling lower volumes of commodity products during the quarter.
Net earnings for the quarter ended March 31, 2024 decreased to $12.8 million from $13.5 million over the same period last year primarily due to decreased gross margin.
EBITDA for the quarter ended March 31, 2024 was $19.8 million compared to $22.5 million for the same period last year.
The foregoing selected financial information is qualified in its entirety by and should be read in conjunction with, our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 and accompanying notes and management’s discussion and analysis which will be available shortly on SEDAR+ at www.sedarplus.ca.
For further information regarding Taiga, please contact:
Mark Schneidereit-Hsu
CFO and VP, Finance & Administration
Tel: 604.438.1471
Email: mschneidereit@taigabuilding.com
Attachment: https://www.taigabuilding.com/wp-content/uploads/2024/05/Press-Release-FY2024-Q1-v2_Eng.pdf