Taiga (TBL) announces second quarter results impacted by low commodity prices
BURNABY, BC, August 11, 2023 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three and six months ended June 30, 2023.
Second Quarter Ended June 30, 2023 Earnings Results
Sales for the quarter ended June 30, 2023 were $446.9 million compared to $646.1 million over the same period last year. The decrease in sales by $199.2 million or 31% was largely due to decreased selling prices for commodity products.
Gross margin for the quarter ended June 30, 2023 decreased to $52.4 million from $69.0 million over the same period last year. Gross margin percentage was 11.7% for the three months ended June 30, 2023 compared to 10.7% in the same period last year. The decrease in gross margin dollars was primarily due to falling commodity prices during the quarter.
Net earnings for the quarter ended June 30, 2023 decreased to $17.0 million from $20.8 million over the same period last year primarily due to decreased gross margin dollars.
EBITDA for the quarter ended June 30, 2023 was $28.0 million compared to $33.7 million for the same period last year. EBITDA decreased primarily due to lower margin dollars earned during the quarter.
Six Months Ended June 30, 2023 Earnings Results
Sales for the six months ended June 30, 2023 were $855.4 million compared to $1,258.8 million over the same period last year. The decrease in sales by $403.4 million or 32% was largely due to the Company experiencing lower selling prices for its commodity products.
Gross margin for the six months ended June 30, 2023 decreased to $99.5 million from $177.9 million over the same period last year. Gross margin percentage was 11.6% for the six months ended June 30, 2023 compared to 14.1% in the same period last year. These decreases were primarily due to falling commodity prices during the period.
Net earnings for the six months ended June 30, 2023 were $30.5 million compared to $60.3 million for the same period last year primarily due to decreased gross margin.
EBITDA for the six months ended June 30, 2023 was $50.5 million compared to $92.3 million for the same period last year. EBITDA decreased primarily due to lower margin dollars earned during the period.
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 three and six months ended June 30, 2023 and accompanying notes and management’s discussion and analysis which will be available shortly on SEDAR at www.sedar.com.
For further information regarding Taiga, please contact:
Mark Schneidereit-Hsu
CFO and VP, Finance & Administration
Tel: 604.438.1471
Email: mschneidereit@taigabuilding.com