Goodfellow Inc. reported 1Q 2022 net earnings of $5.1 million, or $0.60 per share compared to net earnings of $3.8 million or $0.44 per share a year ago. Consolidated sales for the three months ended February 28, 2022 were $129.4 million compared to $119.4 million last year.
Sales in Canada increased 8% compared to the same period a year ago, while sales in the United States increased 21% and export sales decreased 8% compared to the same period a year ago. Selling, administrative and general expenses increased overall by $0.8 million.
Demand from residential, manufacturing, retail and industrial sectors delivered for Goodfellow a strong start to fiscal 2022. The uncharacteristic demand for this period is carried over from a busy 4Q 2021 and is set against uncertain and disrupted global markets. Despite these conditions, the Company performed very well by focusing on the diversity of its offering, smart logistics solutions and increased customer communications.
Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings.
