ADENTRA Income Slides

ADENTRA Inc. (formerly, Hardwoods Distribution Inc.) had a net income of $13.4 million in the fourth quarter of 2022, a decrease of 58.3 per cent compared to $32.1 million from the same period in 2021. Gross profit was $116.2 million, a decline of 5.5 per cent compared to $122.9 in the prior-year period. Gross profit per cent was 20.2 per cent, compared to 23.8 per cent from the prior-year period, a drop of 3.6 per cent. Overall sales were $574.7 in the fourth quarter of 2022, an increase of 11.5 per cent over the fourth quarter of 2021. The increase was driven by the acquisition of Mid-Am, which contributed $68.5 million of sales during the period. In Canada, sales were $57 million in the reporting period, a rise of 1.3 per cent versus $56.3 from the year-ago period. The Canadian sales growth was organic and reflects the strong market demand, which resulted in improved market prices for products compared to the same quarter of 2021.