Doman releases Q2 2023 financial results

Doman Building Materials Group Ltd. (Doman) has announced its financial results for the second quarter of 2023, covering the period ending June 30. In the three-month span, consolidated revenues reached $710.7 million, a decrease from $870.7 million during the same phase in 2022. The drop in revenues is primarily attributed to the impact of construction materials pricing, which had surged in the Spring of the prior year. Sales distribution during this period comprised 77% construction materials, consistent with the preceding year's quarter, while specialty and allied products accounted for 20%, and other sources contributed 3%.

Gross margin dollars for the three-month interval amounted to $121.2 million, an increase from $102.7 million in 2022. The gross margin percentage also improved to 17.0%, a rise from the 11.8% achieved in the same period in 2022.

During the quarter, EBITDA totaled $66.0 million, marking an increase from $52.1 million in the same timeframe of the previous year. Net earnings for the quarter reached $29.2 million, a rise from $20.7 million in the same quarter of 2022. Doman distributed a quarterly dividend of $0.14 per share to shareholders of record at the close of business on June 30, which was paid on July 14.