Goodfellow Reports Its Results for the First Quarter 2022

Goodfellow Inc. (the “Company” or “Goodfellow”) announced today its financial results for the first quarter ended February 28, 2022. The Company reported net earnings of $5.1 million or $0.60 per share compared to net earnings of $3.8 million or $0.44 per share a year ago.

Consolidated sales for the three months ended February 28, 2022 were $129.4 million compared to $119.4 million last year. Sales in Canada increased 8% compared to the same period a year ago, while sales in the United States increased 21% and export sales decreased 8% compared to the same period a year ago. Selling, administrative and general expenses increased overall by $0.8 million.

Demand from residential, manufacturing, retail and industrial sectors delivered for Goodfellow a strong start to fiscal 2022. The uncharacteristic demand for this period is carried over from a busy Q4 2021 and is set against uncertain and disrupted global markets. Despite these conditions, the Company performed very well by focusing on the diversity of its offering, smart logistics solutions and increased customer communications.

For the full first quarter results, click here.

About Goodfellow

Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. Goodfellow has a distribution footprint from coast-to-coast in Canada servicing commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also leverages its value-added product capabilities to serve lumber markets internationally. Goodfellow Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol “GDL”.

Contact:

Patrick Goodfellow – President & CEO – info@goodfellow.com – (450) 635-6511

Source: Goodfellow Inc.