Taiga Building Products' Q2 2024 sales were $427.8 million compared to $446.9 million over the same period last year. The decrease in sales by $19.1 million or 4% was largely due to selling lower quantities of commodity products.
Gross margin for the quarter ended June 30, 2024 decreased to $44.5 million from $52.4 million over the same period last year. Gross margin percentage was 10.4% for the three months ended June 30, 2024 compared to 11.7% over the same period last year. The decrease in gross margin dollars was primarily due to selling lower quantities of commodity products during the quarter combined with fluctuating commodity prices.
Net earnings for the Q2 2024 decreased to $13.9 million from $17.0 million over the same period last year primarily due to decreased gross margin dollars.
EBITDA for the Q2 2024 was $22.7 million compared to $28.0 million for the same period last year. EBITDA decreased primarily due to lower margin dollars earned during the quarter.
Six Months Ended June 30, 2024 Earnings Results
Sales for the six months ended June 30, 2024 were $821.5 million compared to $855.4 million over the same period last year. The decrease in sales by $33.9 million or 4% was largely due to the Company selling lower quantities of commodity products.
Gross margin for the six months ended June 30, 2024 decreased to $86.5 million from $99.5 million over the same period last year. Gross margin percentage was 10.5% for the six months ended June 30, 2024 compared to 11.6% over the same period last year. These decreases were primarily due to fluctuating commodity prices combined with selling less quantities of commodity products during the period.
Net earnings for the six months ended June 30, 2024 were $26.7 million compared to $30.5 million for the same period last year primarily due to decreased gross margin.
EBITDA for the six months ended June 30, 2024 was $42.5 million compared to $50.5 million for the same period last year. EBITDA decreased primarily due to lower margin dollars earned during the period.
Taiga is the largest independent wholesale distributor of building products in Canada. Taiga distributes building products in Canada, the United States and overseas.
