Second Quarter 2023 Financial Results summary. Revenues of $710.7 million
Gross Margin at 17.0%
EBITDA amounted to $66.0 million
Net Earnings amounted to $29.2 million
Quarterly dividend of $0.14 per share declared.
For the three-month period ended June 30, 2023, consolidated revenues amounted to $710.7 million, compared to $870.7 million in the same period in 2022. The decrease in revenues is largely due to the impact of construction materials pricing, which had peaked in the Spring for the comparative period in 2022. The Company’s sales by product group in the period were made up of 77% construction materials, consistent with the same quarter last year, with the remaining balance resulting from specialty and allied products of 20%, and other sources of 3%.
Gross margin dollars were $121.2 million in the three-month period versus $102.7 million in the comparative quarter of 2022. Gross margin percentage increased to 17.0% in the quarter, an improvement from 11.8% achieved in the same quarter of 2022.
EBITDA for the three-month period ended June 30, 2023, amounted to $66.0 million, compared to $52.1 million in the same period in 2022. Net earnings for the quarter were $29.2 million compared to $20.7 million in the same quarter of 2022.