ADENTRA generated Q2 2024 sales of $549.5 million (C$751.9 million), as compared to $585.9 million (C$786.8 million) in the Q2 2023. Gross margin was $119.2 million, similar to $119.4 million in Q2 of 2023. Gross margin percentage increased to 21.7%, a 130 basis points improvement.
Q2 2024 net income increased by 81.6% to $17.0 million; basic earnings per share grew 76.2% to $0.74 (C$1.01).
“This past quarter has been an eventful period for ADENTRA, marked by several significant developments. In May, after 11 years of service Mr. Peter Bull stepped down from our Board of Directors and reduced his share ownership in the Company to just under 10%, in order to achieve certain personal financial and estate planning objectives. The development is expected to enhance our market float and trading liquidity over time, which is a positive outcome for all stakeholders,” said Rob Brown, ADENTRA’s President and CEO.
“In June we successfully completed an equity offering of $73 million. This strategic move strengthened our balance sheet and positioned us well to execute on our promising M&A pipeline. In line with this strategy, we were pleased to announce the acquisition of Woolf subsequent to quarter-end, on July 29, 2024.”
ADENTRA is one of North America’s largest distributors of architectural building products to the residential, repair and remodel, and commercial construction markets.
