Material price stabilization impacts AEP 2023 revenues

Atlas Engineered Products (AEP) had revenue of $49.41 million for 2023, down from revenue of $61.90 million for 2022. Revenues decreased due to the stabilization of some material prices (such as lumber and engineered wood products) at significantly lower levels than the prior two years, which were passed along to customers. The market also saw a slowdown in some areas of Canada, mainly in Ontario and recently in some parts of British Columbia as well. Gross margin for the year decreased to 27 percent compared to gross margin of 32 percent for the previous year. The company had net income after taxes of $3.15 million for 2023 compared to net income after taxes of $8.83 million for 2022. Normalized EBITDA margin decreased to 20 percent for 2023 from 25 percent for 2022. This decrease was mainly due to decreased gross margins and increased operating costs.