Goodfellow Inc. announced its financial results for the Q3 ended August 31, 2024. For the three months ended August 31, 2024, the Company reported net earnings of $5.8 million or $0.68 per share compared to net earnings of $6.2 million or $0.72 per share a year ago, while consolidated sales were $140 million compared to $139 million last year.
For the nine months ended August 31, 2024, the Company reported net earnings of $11.0 million or $1.29 per share compared to net earnings of $12.6 million or $1.47 per share a year ago, while consolidated sales were $385 million compared to $387 million last year.
In the Q3 2024, seasonal consumer demand remained modest, and as a result, retailers felt no urgency to increase their inventories. However, the supply chain demonstrated stability, ensuring reliable, just-in-time deliveries of building materials. These factors worked in favour of Goodfellow, particularly in its custom job lot capabilities and robust distribution network. In August 2024, Goodfellow acquired strategic hardwood processing assets located in Petersburg and Hazelton, West Virginia, USA. With an experienced staff and efficient production capabilities, the Company expects positive returns from these assets by the Q2 2025.
Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings.
