“Stella-Jones concluded 2022 on a very strong note, and I am proud of the robust performance we delivered as a Company,” said Eric Vachon, President and CEO of Stella-Jones.
“Our fourth quarter sales continued their upward trajectory, reflecting more than a 25% organic increase in utility poles sales, sustained growth in railway ties sales and better than anticipated residential lumber sales. Our exceptional results in 2022 can be credited to several contributors, from the efforts of our dedicated team to our expansive North American network. In a year of challenging market and macroeconomic conditions, our proven ability to procure the fibre required to meet customer demand and pass through cost increases were true keystones of our success, and a testament to the resilient character of our business model.”
“Our strong performance was further bolstered by the contributions of our most recent accretive acquisitions. The timely addition of Cahaba has allowed us to seize growth opportunities, while Texas Electric Cooperatives' pole treating facility represents a strategic addition to our network, and I am very pleased with its contribution thus far,” added Mr. Vachon. “2022 marks a 22nd consecutive year of increased sales for Stella-Jones and the completion of the first year of our three-year plan, marked by exceptional utility poles sales growth, which we expect will continue in 2023. From where we stand, we are well on our way to meet or exceed our objectives, and remain favourably positioned for the future, with continued growth in sales, profitability and in turn, shareholder value,” he concluded.
- Sales of $3,065 million, up 11%, driven by infrastructure-related product category sales
- EBITDA(1) up 12% to $448 million, from $400 million in 2021
- Net income reached $241 million, or $3.93 per share
- Acquired wood utility pole manufacturing business of Texas Electric Cooperatives, Inc.
- Quarterly cash dividend increased 15% to $0.23 per share
Montreal, Quebec – March 8, 2023 - Stella-Jones Inc. (TSX: SJ) (“Stella-Jones” or the “Company”) today announced financial results for its fourth quarter and year ended December 31, 2022.
Source: Stella-Jones
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