TAIGA $(TBL.AU)$ REPORTS FISCAL 2024 RESULTS IMPACTED BY DECLINE IN COMMODITY SALES VOLUME
Canada NewsWire
BURNABY, BC, Feb. 27, 2025
BURNABY, BC, Feb. 27, 2025 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") today reported its financial results for the year ended December 31, 2024.
Fourth Quarter Ended December 31, 2024 Earnings Results
The Company's consolidated net sales for the quarter ended December 31, 2024 were $389.0 million compared to $367.7 million over the same quarter last year. The increase in sales by $21.3 million was due to the marginally higher commodity prices throughout the quarter.
Gross margin for the quarter ended December 31, 2024 decreased to $41.3 million from $42.4 million over the same quarter last year. The decrease in gross margin was primarily due to higher costs of products during the quarter.
Net earnings for the quarter ended December 31, 2024 decreased to $6.6 million compared to $9.4 million over the same period last year primarily due to increased taxes payable for the quarter.
EBITDA for the quarter ended December 31, 2024 was $15.7 million compared to $13.1 million for the same period last year.
Year Ended December 31, 2024 Earnings Results
Sales for the year ended December 31, 2024 were $1,634.4 million compared to $1,679.7 million in the prior year. The decrease in sales was largely due the Company selling lower volumes of commodity products during the year.
Gross margin for the year ended December 31, 2024 decreased to $173.3 million from $198.4 million in the prior year. The decrease in gross margin was primarily due to lower volumes of commodity products being sold during the year.
Net earnings for the year ended December 31, 2024 were $47.6 million compared to $61.3 million in the prior year. The decrease in net earnings was primarily due to decreased gross margin during the year.
EBITDA for the year ended December 31, 2024 was $79.8 million compared to $91.3 million in the prior year. EBITDA decreased primarily due to lower margins earned during the period.
Consolidated Statement of Earnings
For the Three Months Ended
December 31,
(in thousands of Canadian dollars, except for per 2024 2023
share amounts)
Sales 389,042 367,658
Gross margin 41,278 42,448
Distribution expense 8,093 8,241
Selling and administration expense 20,768 24,335
Finance income (463) (425)
Other expense (income) (49) (61)
Earnings before income taxes 12,929 10,358
Income tax expense 6,341 968
Net earnings 6,588 9,390
Net earnings per share(1) 0.06 0.09
EBITDA(2) 15,717 13,141
The following is the reconciliation of net earnings to EBITDA:
December 31,
(in thousands of Canadian dollars) 2024 2023
Net earnings 6,588 9,390
Income tax expense 6,341 968
Finance and subordinated debt interest expense (463) (425)
Amortization 3,251 3,209
EBITDA 15,717 13,142
Consolidated Statement of Earnings
For the Year ended
December 31,
(in thousands of Canadian dollars, except for per 2024 2023
share amounts)
Sales 1,634,382 1,679,667
Gross margin 173,287 198,395
Distribution expense 32,698 32,259
Selling and administration expense 73,951 86,980
Finance expense (income) (261) 2,302
Other expense (income) (232) 169
Earnings before income taxes 67,131 76,685
Income tax expense 19,518 15,384
Net earnings 47,613 61,301
Net earnings per share(1) 0.44 0.57
EBITDA(2) 79,755 91,263
The following is the reconciliation of net earnings to EBITDA:
December 31,
(in thousands of Canadian dollars) 2024 2023
Net earnings 47,613 61,301
Income tax expense 19,518 15,384
Finance and subordinated debt interest expense (261) 2,302
Amortization 12,885 12,276
EBITDA 79,755 91,263
Notes:
(1) Earnings per share is calculated using the weighted
average number of shares.
(2) Reference is made above to EBITDA, which represents
earnings before interest, taxes, and amortization.
As there is no generally accepted method of calculating
EBITDA, the measure as calculated by Taiga might not
be comparable to similarly titled measures reported
by other issuers. EBITDA is presented as management
believes it is a useful indicator of a company's ability
to meet debt service and capital expenditure requirements
and because management interprets trends in EBITDA
as an indicator of relative operating performance.
EBITDA should not be considered by an investor as
an alternative to net income or cash flows as determined
in accordance with IFRS. For the disclosure of the
manner in which EBITDA is calculated and reconciliation
to net earnings refer to the "EBITDA" section of the
Company's management's discussion and analysis which
will be available shortly on SEDAR+ at www.sedarplus.ca
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, 2024 and accompanying notes and management's discussion and analysis which will be available shortly on SEDAR+ at www.sedarplus.ca.
SOURCE Taiga Building Products Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/27/c7367.html
/CONTACT:
For further information regarding Taiga, please contact: Mark Schneidereit-Hsu, CFO and VP, Finance & Administration, Tel: 604.438.1471, Email: mschneidereit@taigabuilding.com
Copyright CNW Group 2025
(END) Dow Jones Newswires
February 27, 2025 17:00 ET (22:00 GMT)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.