Commodity Pricing Benefits Taiga Sales

Taiga Building Products Ltd. had sales of $786.7 million for the second quarter of 2021, an increase of 120 per cent over sales of $356.9 million in the second quarter of 2020. The increase was largely due to increased selling prices for commodity products. Gross margin for the quarter increased to $147.9 million from $42.7 million over the same period last year and gross margin percentage was 18.8 per cent compared to 12 per cent. The company had net earnings of $58.5 million compared to net earnings of $7.1 million in the year-ago period. The company says that while it benefited from increased selling prices that resulted from conditions from the COVID-19 pandemic, since then, a reduction in demand for renovation products has led to a sharp decline in lumber and panel prices, beginning in mid-July.