Price deflation softens ADENTRA Q1 sales

ADENTRA Inc. had total sales of $535.1 million for the first quarter of 2024, down from total sales of $579.9 million in the first quarter of 2023. While volumes improved, they were offset by product price deflation. Canadian sales improved 2.6 percent year over year to CDN$57.5 million while US operations had a sales improvement of 8.2 percent to $492.5 million. Both regions had a nine percent decrease in product prices while Canada had six percent increase in sales volume and the US had a sales volume increase of one percent.

Overall quarter gross margin increased to $118.2 million, up 1.1 percent from the same period last year. At 22.1 percent, first quarter gross margin percentage was 190 basis points higher than the 20.2 percent achieved in the year-ago period. Net income for the quarter was $10.7 million, up 11.2 percent from $9.6 million last year.