HDI Has Record Third Quarter

Hardwoods Distribution Inc. (HDI) had sales of $315.8 million for the third quarter of 2020, an increase of eight per cent compared to sales of $292.5 million in the same period in 2019. Acquired businesses contributed $20.9 million of this growth, representing a 7.2 per cent increase in sales. Sales in Canada increased four per cent year-over-year and sales from U.S. operations increased 7.5 per cent. Gross profit for the third quarter increased 12.6 per cent to $60 million, from $53.3 million in the same quarter last year. Gross profit margin of 19 per cent was up from 18.2 per cent. Third quarter adjusted EBITDA climbed 22.4 per cent to a record $26.1 million, from $21.3 million during the same period in 2019.