Was there a sudden surge in demand for telephone poles.
- Sales of $710 million for the first quarter
- Strong 18% organic sales growth in infrastructure-related businesses
- Record EBITDA(1) of $120 million, or a margin(1) of 16.9%, up from 13.5% in Q1 2022
- Net income of $60 million, or $1.03 per share, up 41% from EPS in Q1 2022
MONTREAL, May 10, 2023 (GLOBE NEWSWIRE) -- Stella-Jones Inc. (TSX: SJ) (“Stella-Jones” or the “Company”) today announced financial results for its first quarter ended March 31, 2023.
“The Company had an excellent start to the year, propelled by the momentum of our growth in 2022,” said Eric Vachon, President and Chief Executive Officer of Stella-Jones. “Our record results in Q1 featured strong sales, higher EBITDA and margin, and were marked by an out-performance of our utility poles product category, which saw a 29% organic sales increase. Our first quarter results also reflected steady sales growth in railway ties, aligned with our expectations for this product category, and an anticipated pullback in residential lumber sales compared to 2022.”
“Stella-Jones’ performance in the first quarter further evidenced our ongoing proactivity in securing fibre supply and increasing pole production capacity, and our financial strength to support growth. We are executing on our plan to grow our infrastructure-related businesses, and deliver on our commitment to return capital to shareholders. As we continue to invest in our business and seek expansion opportunities, we are fulfilling or exceeding the objectives laid out in our 3-year plan and I am proud of our business for continuously delivering such a high standard of service to our customers,” he concluded.