Market Conditions Supportive For Hardwoods Distribution

Hardwoods Distribution Inc. (HDI) had sales of $659.7 million for the third quarter of 2022, an increase of 39.9 per cent compared to sales of $471.7 million in the third quarter of 2021. Gross profit climbed 19.6 per cent, or $22.8 million, to $139 million, with a gross profit margin percentage of 21.1 per cent, as compared to 24.6 per cent in the same period last year. Adjusted earnings before taxes climbed 3.4 per cent to $66 million, from $63.8 million during the same period in 2021. The company says market conditions remained supportive of its business, with increased product prices resulting in strong organic sales growth. In Canada, third quarter sales increased by C$7.8 million, or 13.8 per cent, compared to the same period in 2021.