Hardwoods Distribution Inc., $16.99, symbol HWD on Toronto (Shares outstanding: 16.7 million; Market cap: $280.9 million; www.hardwoods-inc.com), is one of North America’s largest distributors of high-grade hardwood lumber and plywood.
The company mainly purchases these products from hardwood lumber mills and sells them in the home construction, renovation and institutional markets. It operates through 33 distribution centres across Canada and the U.S.
Hardwoods converted from an income trust to a conventional corporation in July 2011.
In April 2014, the company acquired Hardwoods of Michigan, a producer, distributor and exporter of hardwood lumber, for $15.0 million U.S.
Hardwoods’ revenue rose 20.4% in the three months ended June 30, 2015, to a record $143.4 million from $119.0 million a year earlier. Hardwoods of Michigan contributed $2.2 million to the company’s sales in the latest quarter, while the lower Canadian dollar enhanced revenue from its U.S. operations, which supplied 64% of the total.
Earnings gained 25.4%, to $5.0 million, or $0.30 a share, from $4.0 million, or…
Privacy Policy and Terms of Use
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