Goodfellow Inc. announced its financial results for the 3Q ended August 31, 2022. The Company reported net earnings of $10.6 million or $1.24 per share compared to net earnings of $10.0 million or $1.17 per share a year ago. Consolidated sales for the three months ended August 31, 2022 were $167.6 million compared to $168.0 million last year.
For the nine months ended August 31, 2022, the Company reported net earnings of $28.2 million or $3.30 per share compared to net earnings of $27.8 million or $3.24 per share a year ago. Consolidated sales were $481.9 million compared to $472.9 million last year.
Results for the 3Q of fiscal 2022 were characteristic for this period where seasonal demand is historically strong, which was unexpected given current inflationary pressures. Attention paid to overhead expenses helped maintain margin levels as cost of goods increased. Inventory levels remain high and it will be crucial to level them out before year end in order for Goodfellow to reach its objectives.
Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings.
