Mr. Mark Schneidereit-Hsu reports

TAIGA'S (TBL) THIRD QUARTER RESULTS IMPACTED BY LOW COMMODITY PRICES

Taiga Building Products Ltd. has released its financial results for the three and nine months ended Sept. 30, 2023.

Third quarter ended Sept. 30, 2023, earnings results

Sales for the quarter ended Sept. 30, 2023, were $456.6-million, compared with $533.1-million over the same period last year. The decrease in sales by $76.5-million or 14 per cent was largely due to decreased selling prices for commodity products.

Gross margin for the quarter ended Sept. 30, 2023, decreased to $56.4-million from $63.8-million over the same period last year. The decrease in gross margin was primarily due to lower commodity prices during the quarter.

Net earnings for the quarter ended Sept. 30, 2023, increased to $21.4-million, compared with $18.6-million over the same period last year. The increase in net earnings was due to income tax recoveries from the prior year.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended Sept. 30, 2023, was $27.6-million, compared with $29.8-million for the same period last year. EBITDA decreased primarily due to lower margins earned during the quarter.

Nine months ended Sept. 30, 2023, earnings results

Sales for the nine months ended Sept. 30, 2023, were $1,312.0-million, compared with $1,791.9-million over the same period last year. The decrease in sales was largely due the company experiencing lower selling prices for its commodity products.

Gross margin for the nine months ended Sept. 30, 2023, decreased to $155.9-million from $241.7-million over the same period last year. The decrease in gross margin was primarily due to lower commodity prices during the period.

Net earnings for the nine-month period ended Sept. 30, 2023, were $51.9-million, compared with $78.9-million for the same period last year. The decrease in net earnings was primarily due to decreased gross margins during the period.

EBITDA for the nine months ended Sept. 30, 2023, was $78.1-million, compared with $122.1-million for the same period last year. EBITDA decreased primarily due to lower margins earned during the period.

The selected financial information in this news release is qualified in its entirety by, and should be read in conjunction with, the company's unaudited condensed interim consolidated financial statements for three and nine months ended Sept. 30, 2023, and accompanying notes, and the management's discussion and analysis, which will be available shortly on SEDAR+.