Doman Building Materials Group’s consolidated revenue in the first quarter of 2022 increased 63.7% to $851.3 million from $519.9 million in 2021, primarily due to contributions from the company’s acquisitions in 2021 The Company’s sales by product group during the quarter were 81% building materials, with the balance of sales coming from specialty and related products at 16% and other at 3%.
Gross profit in dollars increased to $132.6 million from $90.4 million in 2021. Gross profit percentage was 15.6%, down from 17.4% achieved in the same quarter of 2021.
EBITDA and Adjusted EBITDA for 1Q 2022 were $78.1 million, compared to $60.0 million in 2021.
“Our early results demonstrate the continued strength of our business platform in Canada and the United States,” commented Amar S. Doman, Chairman of the Board. “I am extremely satisfied with our financial performance and the integration efforts around our recent acquisitions, which have enabled us to successfully pursue the deployment of our global growth strategy. Although the economy is doing well, we are seeing general economic headwinds in the form of inflation, rising interest rates as well as price volatility in certain product categories. We remain focused on adaptation and performance in these uncertain times, which are familiar territory for our team as we focus on growth and overall cost management.
Doman is a leading North American distributor of building materials and Canada’s only fully integrated national distributor of building materials and related products.