Doman Building Materials Reports 2023 Financial Results

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Full Year 2023 Financial Highlights⁽¹⁾:

• Revenues of $2.5 billion
• Gross Margin at 16.2%
• EBITDA⁽²⁾ amounted to $196.1 million
• Net Earnings amounted to $75.8 million
• Total dividends of $0.56 per share declared⁽³⁾
  

Q4 2023 Financial Highlights⁽¹⁾:

• Revenues of $527.4 million
• Gross Margin at 15.3%
• EBITDA⁽²⁾ amounted to $33.2 million
• Net Earnings amounted to $10.5 million
• Quarterly dividend of $0.14 per share declared⁽³⁾
  

VANCOUVER, British Columbia, March 07, 2024 (GLOBE NEWSWIRE) -- Doman Building Materials Group Ltd. (“Doman” or “the Company”) (TSX:DBM) announced today its fourth quarter and full year 2023 financial results⁽¹⁾ for the period ended December 31, 2023.

For the year ended December 31, 2023⁽¹⁾, consolidated revenues were $2.5 billion, compared to $3.0 billion in 2022. The decrease was largely due to the impact of lower construction materials pricing, which resulted in lower average pricing for lumber, plywood and OSB during the current year. The Company is pleased that while it experienced lower average pricing, this was partially offset by increased unit volumes during 2023. The Company’s sales by product group in the period were made up of 74% construction materials, compared to 76% last year, with the remaining balance resulting from specialty and allied products of 22%, and forestry and other sources of 4%.

Gross margin dollars were $402.7 million in 2023, versus $408.8 million in 2022. Gross margin percentage was 16.2% during the year, an increase from the 13.5% achieved in 2022, largely due to reduced volatility in construction materials pricing.

EBITDA⁽²⁾ was $196.1 million, compared to $203.2 million in 2022. The Company declared a total of $0.56 per share⁽³⁾ in dividends in 2023, which was unchanged compared to 2022.

For the three-month period ended December 31, 2023⁽¹⁾, revenues amounted to $527.4 million when compared to $572.9 million in the same period in 2022. The Company’s sales by product group in the quarter were made up of 72% construction materials, with the remaining balance of sales resulting from specialty and allied products of 24%, and forestry and other of 4%.

Gross margin dollars were $80.6 million in the three-month period versus $82.0 million in the comparative quarter of 2022. Gross margin percentage was 15.3% in the quarter, an increase from 14.3% achieved in the same quarter of 2022.