• Goodfellow (GDL) has revealed it’s 2020 first quarter results
  • The lumber supplier had a net income for the quarter of C$3.4 million, or $0.40 per share, compared to net income of $1.9 million, or $0.22 per share last year
  • The company said the high result was down to “unforeseen pandemic circumstances” and was therefore unlikely to be repeated
  • The company’s year to date net income is $1.3 million, up from the $0.3 million it posted last year
  • Goodfellow (GDL) closed at $4.43 per share yesterday

Goodfellow (GDL), a Quebec-based lumber supplier, has revealed its financial results for the first quarter of 2020.

The company posted a net income of C$3.4 million, or $0.40 per share for the quarter, compared to a net income of $1.9 million or $0.22 per share last year.

The company said financials for the second quarter were “as a result of unforeseen pandemic circumstances combined with a contrasting, unprecedented surge in seasonal demand.”

The company posted a consolidated sales figure of $103.8 million compared to $123.7 million last year.

This was largely attributable to a 15 per cent drop in sales in the Canadian market, alongside an 18 per cent sales drop in the US market.

The export sales number as a whole contracted by a whopping 35 per cent.

However, the company’s operational costs improved during the quarter.

Goodfellow’s selling, administrative and general expenses decreased overall by $6.2 million for the period.

The company’s financial year began in the fourth quarter, like a lot of companies in the logging and lumber industry.

Its figures for the financial year to date are also up on last year’s results, with the company reporting six month net income of $1.3 million, up from $0.3 million last year.

The company said of the coronavirus that it had implemented “rigorous hygiene practices and physical distancing measures” in workplaces across the country to avoid the risk of infection.

Goodfellow also kept most of it’s facilities and factories open during the pandemic, being deemed an essential service by all of the jurisdictions in which it operates.

Goodfellow (GDL) closed at $4.43 per share yesterday.

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