Stella-Jones reports 12.6% sales increase in 2018

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Stella-Jones Inc. announced financial results for its 4Q and fiscal year ended December 31, 2018. Sales for the 4Q 2018 amounted to $432.8 million, up 14.7% from sales of $377.4 million for the same period in 2017.

Gross profit amounted to $67 million, or 15.5% of sales, in the 4Q 2018, versus $53.5 million, or 14.2% of sales, in the 4Q 2017. The increase as a percentage of sales mainly reflects better year-over-year overhead absorption driven by greater production activity while product margins were comparable to the previous year.

Operating income totalled $31.8 million, or 7.4% of sales, in the 4Q 2018, versus $29 million, or 7.7% of sales, last year and was impacted by a non-cash loss of $7.9 million related to the markto-market fair value of diesel and petroleum derivative commodity contracts.

4Q 2018 net income for the period reached $20.6 million, or $0.30 per diluted share, compared with $51.1 million, or $0.74 per diluted share, in the prior year.

Sales for the year ended December 31, 2018 reached $2,123.9 million, up 12.6% versus last year’s sales of $1,886.1 million.

FY 2018 operating income was $206.3 million, or 9.7% of sales, compared with $207.4 million, or 11% of sales, in 2017. While operating income in absolute dollars is in line with last year, it is lower on a percentage of sales basis.

Net income for 2018 decreased 18% to $137.6 million, or $1.98 per diluted share, down from $167.9 million, or $2.42 per diluted share, in 2017.

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