Mr. Mark Schneidereit-Hsu reports

TAIGA'S (TBL) THIRD QUARTER RESULTS IMPACTED BY LOWER VOLUME SALES OF COMMODITY PRODUCTS

Taiga Building Products Ltd. has released its financial results for the three and nine months ended Sept. 30, 2024.

Third quarter ended Sept. 30, 2024 -- earnings results

Sales for the quarter ended Sept. 30, 2024, were $423.9-million, compared with $456.6-million over the same period last year. Sales decreased by $32.7-million or 7 per cent mainly due to a reduction in commodity products sold.

Gross margin for the quarter ended Sept. 30, 2024, decreased to $45.5-million from $56.4-million over the same period last year. Gross margin percentage was 10.7 per cent for the three months ended Sept. 30, 2024, compared with 12.4 per cent over the same period last year. The decrease in gross margin dollars was mainly due to a reduction in commodity products sold.

Net earnings for the quarter ended Sept. 30, 2024, decreased to $14.3-million from $21.4-million over the same period last year, primarily due to decreased gross margin dollars.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended Sept. 30, 2024, was $21.5-million, compared with $27.6-million for the same period last year. EBITDA decreased primarily due to lower margin dollars earned during the quarter.

Nine months ended Sept. 30, 2024 -- earnings results

Sales for the nine months ended Sept. 30, 2024, were $1,245.3-million, compared with $1,312.0-million over the same period last year. Sales decreased by $66.7-million or 5 per cent mainly due to a reduction in commodity products sold.

Gross margin for the nine months ended Sept. 30, 2024, decreased to $132.0-million from $155.9-million over the same period last year. Gross margin percentage was 10.6 per cent for the nine months ended Sept. 30, 2024, compared with 11.9 per cent over the same period last year. The decrease in gross margin dollars was mainly due to a reduction in commodity products sold.

Net earnings for the nine months ended Sept. 30, 2024, were $41.0-million, compared with $51.9-million for the same period last year, primarily due to a decreased gross margin.

EBITDA for the nine months ended Sept. 30, 2024, was $64.0-million, compared with $78.1-million for the same period last year. EBITDA decreased primarily due to lower margin dollars earned during the period.

The foregoing selected financial information 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, 2024, and the accompanying notes and management's discussion and analysis, which will be available shortly on SEDAR+.