Goodfellow Reports its Results for the Second Quarter Ended May 31, 2023

Goodfellow Inc. (the “Company” or “Goodfellow”) announced its financial results for the second quarter of fiscal year 2023.

For the three months ended May 31, 2023, the Company reported net earnings of $6.6 million or $0.77 per share compared to net earnings of $12.5 million or $1.46 per share a year ago, while consolidated sales were $142.3 million compared to $184.9 million last year.

For the six months ended May 31, 2023, the Company reported net earnings of $6.4 million or $0.75 per share compared to net earnings of $17.7 million or $2.06 per share a year ago, while consolidated sales were $248.3 million compared to $314.3 million last year.

Given the slowing economy and widespread market uncertainty, the decline in seasonal demand was in line with expectations. Goodfellow’s experienced team has continued to provide excellent service to clients from coast to coast, while diligently managing increased overhead costs to achieve strong results. While these results are lower than last year, they represent a solid performance for the second quarter.

To view the full second 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@goodfellowinc.com – (450) 635-6511

Source: Goodfellow Inc.