CanWel Has Record Third Quarter

CanWel Building Materials Group Ltd. had consolidated revenues of $472.2 million for the third quarter of 2020, up 26.5 per cent over consolidated revenues of $373.1 million for the third quarter of 2019. Despite the general economic impact of the COVID-19 global pandemic, sales for the distribution segment increased by $101.7 million or 28.1 per cent, demonstrating the company’s continued resilience and steady overall end-market demand for its products. Gross margin dollars increased 66 per cent to $86.8 million, compared to $52.3 million during the corresponding period in 2019. Gross margin percentage also increased to a record 18.4 per cent of revenues versus 14 per cent last year. EBITDA increased to a quarterly record of $57 million compared to $25 million, largely due to the improvements in both sales volumes and construction materials pricing as a result of the continued increased demand during the third quarter of 2020. Net earnings for the quarter were $31 million compared $6.4 million in the year-ago period.