CanWel owner Doman reports drop in Q1 revenue

Doman Building Materials Group, the owner of CanWel Building Materials, reported a big decline in revenue in the first quarter compared to Q1 of 2022. Revenues were $609.1 million, compared to $851.3 million in the prior year—a 28.5 percent drop.

Net earnings for the first quarter this year were $14.91 million, down 64.5 percent from $42.03 million a year prior. The decline was “largely due to the impact of construction materials pricing which peaked in the comparable period in 2022,” a company press release said.