PRESS RELEASE
TAIGA’S (TBL) FOURTH QUARTER RESULTS IMPACTED BY LOW COMMODITY PRICES
BURNABY, BC, February 23, 2024 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the year ended December 31, 2023.
Fourth Quarter Ended December 31, 2023 Earnings Results
The Company’s consolidated net sales for the quarter ended December 31, 2023 were $367.7 million compared to $400.8 million over the same quarter last year. A decrease in sales by $33.1 million.
Gross margin for the quarter ended December 31, 2023 decreased to $42.4 million from $49.4 million over the same quarter last year. The decrease in gross margin was primarily due to lower commodity prices during the quarter.
Net earnings for the quarter ended December 31, 2023 had a slight decreased to $9.4 million compared to $9.7 million over the same period last year primarily due to lower sales accompanied by an increase in operating costs.
EBITDA for the quarter ended December 31, 2023 was $13.1 million compared to $17.2 million for the same period last year. EBITDA decreased primarily due to lower margins earned during the quarter.
Year Ended December 31, 2023 Earnings Results
Sales for the year ended December 31, 2023 were $1,679.7 million compared to $2,192.7 million in the prior year. The decrease in sales was largely due the Company experiencing lower selling prices for its commodity products.
Gross margin for the year ended December 31, 2023 decreased to $198.4 million from $291.2 million in the prior year. The decrease in gross margin was primarily due to lower commodity prices during the period.
Net earnings for the year ended December 31, 2023 were $61.3 million compared to $88.6 million in the prior year. The decrease in net earnings was primarily due to decreased gross margins during the period.
EBITDA for the year ended December 31, 2023 was $91.3 million compared to $139.3 million in the prior year. EBITDA decreased primarily due to lower margins earned during the period.
The foregoing selected financial information is qualified in its entirety by and should be read in conjunction with our consolidated financial statements for the year ended December 31, 2023 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/2024/03/Press-Release-FY2023-Q4-v2024.02.21-ENG-1.pdf