BURNABY, BC, May 6, 2022 /CNW/ – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three months ended March 31, 2022.
The Company’s consolidated net sales for the quarter ended March 31, 2022 were $612.7 million compared to $535.9 million over the same period last year. The increase in sales by $76.8 million or 14% was largely due to increased selling prices for commodity products.
Gross margin for the quarter ended March 31, 2022 increased to $108.9 million from $90.4 million over the same period last year. The increase in gross margin was primarily due to rising commodity prices during the quarter.
Net earnings for the quarter ended March 31, 2022 increased to $39.5 million from $29.2 million over the same period last year primarily due to increased gross margin.
EBITDA for the quarter ended March 31, 2022 was $58.6 million compared to $45.1 million for the same period last year.
The outbreak of the coronavirus, also known as “COVID-19”, has spread across the globe and continues to impact worldwide economic activity. Conditions surrounding the coronavirus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus . As at the financial statement approval date, the pandemic has had a positive impact on Taiga’s business and financial performance in the first quarter of fiscal 2022. This is a direct result of the increased demand for detached housing, high commodity prices and low borrowing rates experienced during the period. However, commodity prices have been volatile at times during the pandemic including a drastic decline in the third quarter of fiscal year 2021 although prices did recover in the subsequent quarter. The …