Taiga Building Products (TBL) Q2 2024 earnings summary

Executive summary

• Q2 2024 sales fell 4% YoY to $427.8 million as lower commodity-product volumes weighed on results; H1 sales also declined 4% to $821.5 million.

• Q2 net earnings were $13.9 million and EBITDA was $22.7 million, both lower YoY primarily due to reduced gross margin dollars.

Financial highlights

• Q2 sales were $427.8 million vs. $446.9 million; gross margin was $44.5 million vs. $52.4 million; net earnings were $13.9 million vs. $17.0 million.

• H1 sales were $821.5 million vs. $855.4 million; gross margin was $86.5 million vs. $99.5 million; net earnings were $26.7 million vs. $30.5 million.

• Q2 earnings before income taxes were $18.4 million vs. $23.5 million; income tax expense was $4.5 million vs. $6.6 million.

• H1 earnings before income taxes were $35.9 million vs. $41.9 million; income tax expense was $9.2 million vs. $11.4 million.

Key financial ratios and metrics

• Q2 gross margin was 10.4% vs. 11.7% YoY; EBITDA was $22.7 million vs. $28.0 million; EPS was $0.13 vs. $0.16.

• H1 gross margin was 10.5% vs. 11.6% YoY; EBITDA was $42.5 million vs. $50.5 million; EPS was $0.25 vs. $0.28.

• EBITDA is a non-IFRS measure; its reconciliation adds income taxes, finance and subordinated debt interest, and amortization to net earnings.