Taiga Building Products Ltd. reported its financial results for the three and six months ended June 30, 2021.
Sales for the 2Q 2021 were $786.7 million compared to $356.9 million over the same period last year. The increase in sales by $429.8 million, or 120% was largely due to increased selling prices for commodity products.
Gross margin for the 2Q 2021 increased to $147.9 million from $42.7 million over the same period last year. Gross margin percentage was 18.8% for the three months ended June 30, 2021 compared to 12% in the same period last year. These increases were primarily due to rising commodity prices
Net earnings for the 2Q 2021 increased to $58.5 million from $7.1 million over the same period last year primarily due to increased gross margin.
2Q 2021 EBITDA $84.5 million compared to $23.9 million for the same period last year. EBITDA increased primarily due to higher margin earned during the quarter.
Sales for the six months ended June 30, 2021 were $1,322.7 million compared to $677.2 million over the same period last year.
Gross margin for the 1H 2021 increased to $238.3 million from $73.3 million over the same period last year. Gross margin percentage was 18% for the six months ended June 30, 2021 compared to 10.8% in the same period last year. These increases were primarily due to rising commodity prices.
EBITDA for the six months ended June 30, 2021 was $129.6 million compared to $37 million for the same period last year.
Taiga is the leading independent wholesale distributor of building materials.
