Pricing drags CanWel profits in Q2

VANCOUVER — CanWel Building Materials reported Q2 profits of $7.8 million, down from $14.7 million in the same quarter of 2018. Revenues increased by 0.9% to $385.7 million, compared to $382.1 million a year ago. Sales for the distribution segment rose by $2.8 million or 0.7%, largely due to the inclusion of the results from the company’s acquisition of Lignum in 2019 and its 2018 acquisitions. These improvements in the quarter were partially offset by the impact of construction materials pricing which continued a downward trend until late in the quarter. For the first half of 2019, net earnings were $7.5 million, down from $21.2 million in the comparable period of 2018.