CanWel posts Q1 loss

VANCOUVER ― CanWel Building Materials reported Q1 revenues of $281.9 million, compared to $295 million in the same period in 2018. Sales for the distribution segment decreased by $15 million or 5.3%, largely due to the impact of the construction materials market on the company’s operating results. CanWel sustained a net loss of $356,000, following on a $6.5 million profit in Q1 of 2018.

“The first quarter financial results reflect a period during which we continued to withstand and work through a weak macro-economic period with lower lumber, panel and OSB pricing, which was further exacerbated by the longer, colder and wet winter season impacting the construction sector across various key markets in Canada and in the Western U.S.,” commented Chairman Amar S. Doman. “Despite these external factors, we are pleased with our performance during a seasonally slow period, as we push ahead with an optimistic view based on the activity level we are seeing in our markets as we kick off the busy season, particularly in our Canadian operations.”