Acquisitions Lead HDI First Quarter Sales

Hardwoods Distribution Inc. (HDI) had sales of $644.9 million for the first quarter of 2022, an increase of 121.5 per cent compared to sales of $291.2 million in the first quarter of 2021. The increase was attributable mostly to acquisitions. Gross profit for the quarter climbed 155.3 per cent to $147.8 million with gross margin profit margin increasing to 22.9 per cent from 19.9 per cent in the same period last year. Adjusted earnings before taxes climbed 209.8 per cent to $79.8 million, from $25.8 million during the same period in 2021.