Taiga’s third quarter results impacted by commodity prices
by CM staff
Sales for the quarter ended September 30, 2023 were $456.6 million compared to $533.1 million over the same period last year.
BURNABY — Taiga Building Products reported its financial results for the three and nine months ended September 30, 2023.
Sales for the quarter ended September 30, 2023 were $456.6 million compared to $533.1 million over the same period last year. The decrease in sales by $76.5 million or 14 per cent was largely due to decreased selling prices for commodity products.
Gross margin for the quarter ended September 30, 2023 decreased to $56.4 million from $63.8 million over the same period last year. The decrease in gross margin was primarily due to lower commodity prices during the quarter.
Net earnings for the quarter ended September 30, 2023 increased to $21.4 million compared to $18.6 million over the same period last year. The increase in net earnings was due to income tax recoveries from the prior year.
EBITDA for the quarter ended September 30, 2023 was $27.6 million compared to $29.8 million for the same period last year. EBITDA decreased primarily due to lower margins earned during the quarter.
Sales for the nine months ended September 30, 2023 were $1,312.0 million compared to $1,791.9 million over the same period last year. The decrease in sales was largely due the Company experiencing lower selling prices for its commodity products.
Gross margin for the nine months ended September 30, 2023 decreased to $155.9 million from $241.7 million over the same period last year. The decrease in gross margin was primarily due to lower commodity prices during the period.
Net earnings for the nine month period ended September 30, 2023 were $51.9 million compared to $78.9 million for the same period last year. The decrease in net earnings was primarily due to decreased gross margins during the period.
EBITDA for the nine months ended September 30, 2023 was $78.1 million compared to $122.1 million for the same period last year. EBITDA decreased primarily due to lower margins earned during the period.
