Record profitability driven by continued growth in infrastructure-related businesses
- Sales of $949 million, up 13%
- 17% organic sales growth in infrastructure-related businesses
- EBITDA(1) of $193 million, or a margin(1) of 20.3%, up from 14.1% in Q3 2022
- Net income of $110 million, or $1.91 per share, up 79% from EPS in Q3 2022
- Acquired utility pole manufacturing business of Baldwin Pole and Piling ("Baldwin")
- Normal Course Issuer Bid announced for 2023-2024
MONTREAL, Nov. 07, 2023 - Stella-Jones Inc. (TSX: SJ) (“Stella-Jones” or the “Company”) today announced financial results for its third quarter ended September 30, 2023.
“In Q3, Stella-Jones made notable progress in its growth trajectory, delivering not only another quarter of strong sales growth, but record increase in profitability,” said Eric Vachon, President and Chief Executive Officer of Stella-Jones. “These results were supported by the ongoing robust performance of our infrastructure-related businesses, and by residential lumber delivering in line with our expectations. While utility poles sales continued to benefit from favourable pricing dynamics, we also saw a progressive improvement in utility poles sales volumes in the quarter, as well as significant production volume gains, stemming from capital projects and the recent acquisition of Baldwin. Combined with replenished railway tie inventory levels, we are confident in the sustained growth of the Company as we move into 2024. Additionally, in the third quarter, we published our 2022 Environmental, Social and Governance Report, in which we introduced our ESG strategy and targets to contribute to a more sustainable future.”
“As we approach the end of the year, I am pleased with the performance and milestones we have achieved so far in 2023. They highlight our ability to capitalize on positive industry trends by leveraging our expansive North American presence and the invaluable collective expertise of our people to drive long-term profitable growth for our shareholders,” concluded Mr. Vachon.
Source: Stella-Jones
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