Lower volumes, sales impact ADENTRA earnings

ADENTRA Inc., a North American distributor of architectural building products to the residential, repair and remodel, and commercial construction markets, had sales of $579.9 million for the first quarter of 2023, a decrease of 10.1% compared to sales of $644.9 million in the first quarter of 2022. Sales in the US operations decreased 9.3% year over year while sales in Canada decreased 13.2%. The decrease was attributable to lower volumes and an $88.7 million reduction in organic sales. Overall gross profit for the quarter was $117 million, representing a gross margin percentage of 20.2%, was down 20.8% compared to gross profit of $147.8 million with a gross margin percentage of 22.9%.