HDI Post Pandemic Sales Almost Double

Hardwoods Distribution Inc. (HDI) had sales of $471.7 million for the third quarter of 2021, a 99.1 per cent increase over sales of $234.7 million in the third quarter of 2020. The increase was due to favourable operating conditions in the quarter as compared to the significant pandemic-related business disruptions that impacted sales in the same period last year. In Canada, third quarter sales increased by $20.1 million, or 54.8 per cent compared to the year-ago period. Gross profit for the quarter climbed 158 per cent to $116.2 million, with gross profit margin percentage increasing to 24.6 per cent, from 19 per cent in the same period last year. Adjusted earnings before taxes climbed 226.2 per cent to a record $63.8 million, from $19.6 million during the same period in 2020.