CanWel Q4, year-end profits soar

VANCOUVER — CanWel Building Materials reported Q4 profits of $7.1 million, up from $3.7 million in the same period of 2016. Revenues surged by 28.9 % to a record $276.2 million, while gross margin rose to 15.6%, compared to 12.3% a year ago. The company attributed this gain primarily to the effect of its Honsador acquisition, along with higher prices on building materials. For the full fiscal 2017, CanWel reported that revenues increased by 16.1% to $1.14 billion, compared to $978.3 million in 2016. Net earnings rose by 45% to $31.6 million, excluding non-recurring costs.