Latest news with #Richelieu
Hamilton Spectator
10-07-2025
- Business
- Hamilton Spectator
Richelieu Hardware Q2 profit down from year ago, sales up on acquisitions and growth
MONTREAL - Richelieu Hardware Ltd. reported its second-quarter profit fell compared with a year ago as its consolidated sales climbed, helped by internal growth and acquisitions. The specialty hardware company says, including non-controlling interests, net earnings attributable to shareholders totalled $22.5 million for the quarter ended May 31, down 3.9 per cent from a year ago. The profit amounted to 41 cents per diluted share for the quarter, down from 42 cents per diluted share in the same quarter last year. Sales in the quarter totalled $512.2 million compared with $481.4 million in the second quarter of 2024. Richelieu says part of the internal growth in the U.S. came from price adjustments applied to reflect new tariffs, representing essentially a cost pass-through with no impact on gross margin. In Canada, the company says overall sales remained stable, reflecting good performance in the Eastern manufacturing markets, offset by a decline in Ontario due to a more challenging economic environment. This report by The Canadian Press was first published July 10, 2025. Companies in this story: (TSX:RCH)
Winnipeg Free Press
10-07-2025
- Business
- Winnipeg Free Press
Richelieu Hardware Q2 profit down from year ago, sales up on acquisitions and growth
MONTREAL – Richelieu Hardware Ltd. reported its second-quarter profit fell compared with a year ago as its consolidated sales climbed, helped by internal growth and acquisitions. The specialty hardware company says, including non-controlling interests, net earnings attributable to shareholders totalled $22.5 million for the quarter ended May 31, down 3.9 per cent from a year ago. The profit amounted to 41 cents per diluted share for the quarter, down from 42 cents per diluted share in the same quarter last year. Sales in the quarter totalled $512.2 million compared with $481.4 million in the second quarter of 2024. Richelieu says part of the internal growth in the U.S. came from price adjustments applied to reflect new tariffs, representing essentially a cost pass-through with no impact on gross margin. In Canada, the company says overall sales remained stable, reflecting good performance in the Eastern manufacturing markets, offset by a decline in Ontario due to a more challenging economic environment. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published July 10, 2025. Companies in this story: (TSX:RCH)
Cision Canada
10-07-2025
- Business
- Cision Canada
INCREASE IN SALES OF 6.4% IN THE SECOND QUARTER AND TWO NEW ACQUISITIONS FOR A TOTAL OF SIX IN THE FIRST HALF Français
HIGHLIGHTS OF THE SECOND QUARTER ENDED MAY 31, 2025 Sales of $512.2 million, up 6.4%, including $275.8 million in Canada and US$168.1 million in the United States, up 11.7% ($US). EBITDA of $55.2 million - EBITDA margin of 10.8%. Net earnings attributable to shareholders of $22.5 million, or $0.41 per diluted share. Adjusted cash flows from operating activities of $46.8 million. Expansion: two acquisitions (Quebec -- New Jersey) FIRST-HALF Sales of $953.9 million, of which $517.4 million in Canada and US$307.9 million in the United States. EBITDA of 97.6M$ - EBITDA margin of 10.2%. Net earnings attributable to shareholders of $36.4 million, or $0.66 per diluted share. Adjusted cash flows from operating activities of $84.1 million. Healthy and solid financial situation as at May 31, 2025, with working capital of $614.2 million (ratio of 2.9:1). Quarterly dividend of $0.1533 per share payable on August 7, 2025, to shareholders registered as of July 24, 2025. MONTREAL, July 10, 2025 /CNW/ - (TSX: RCH) "All our market segments in the United States delivered a strong performance in the second quarter driving an 11.7% increase in sales, of which 5.1% was attributable to acquisitions and 6.6% to internal growth. Starting in May, part of this internal growth came from price adjustments applied to reflect the new tariffs on imports, representing essentially a cost pass-through with no impact on gross margin. In Canada, although market conditions were less favorable, overall sales remained relatively stable compared to the second quarter of 2024, despite a decline in Ontario where the business environment was more challenging. We completed two business acquisitions during the quarter, bringing the total to six since the beginning of the fiscal year, for additional annualized sales of over $53 million. Beyond their contribution to revenue, these acquisitions strengthen our North American distribution network and support the diversification of our market segments, the complementarity of our offering, the creation of synergies, and the enhancement of our value-added service. We remain fully committed to executing our strategies focused on innovation, acquisitions, and customer service, the main drivers of our growth," said Mr. Richard Lord, President and Chief Executive Officer. Following the four acquisitions completed in the first quarter, including one in Canada and three in the United States, Richelieu completed the acquisitions of Rhoads & O'Hara Architectural Products on April 1 and Les industries Camcoat on May 1. Through these acquisitions, the Corporation added to its network a specialist in exclusive architectural panels and related products operating a distribution centre in Vineland, New Jersey, enabling close collaboration with high-end architects, designers, and architectural woodworkers, as well as a distributor of wood finishing products for the industrial market, operating in the Greater Montreal area. This one further reinforces the development of our North American finishing products distribution network, which has been firmly established for more than 20 years. In total, the six acquisitions completed in the first half of 2025 represent over $53 million in additional annualized sales. Furthermore, as part of its ongoing network improvement plan, the Corporation completed a more than 50,000-square-foot expansion of its Detroit distribution centre during the quarter, in order to broaden its offering with new product lines and meet the needs of its growing business. OPERATING RESULTS FOR THE SECOND QUARTER AND FIRST SIX MONTHS ENDED MAY 31, 2025 The following table provides an overview of Richelieu's sales in its two main markets for the quarters ended May 31, 2025 and 2024 : For the second quarter ended May 31, 2025, consolidated sales totaled $512.2M, compared to $481.4M for the second quarter of 2024, representing an increase of $30.8M, or 6.4%, equally attributable to internal growth and acquisitions. Internal growth in the U.S. manufacturers' market was supported by higher selling prices. Starting in May, part of this internal growth came from price adjustments applied to reflect the new tariffs, representing essentially a cost pass-through with no impact on gross margin. In Canada, overall sales remained stable, reflecting good performance in the Eastern manufacturing markets, offset by a decline in Ontario due to a more challenging economic environment. On a currency-adjusted basis compared to the second quarter of 2024, consolidated sales for the second quarter ended May 31, 2025, would have increased by 4.9%. Operating expenses excluding amortization totalled $457.0M, representing 89.2% of sales, compared to $427.6M, or 88.8% of sales, for the same period in 2024. The increase in operating expenses in absolute terms reflects the growth in sales. As a percentage of sales, the increase is mainly attributable to the contribution of recent acquisitions, which carry lower margins, as well as to integration costs and network expansion initiatives. Earnings before income taxes, interest, and amortization (EBITDA) reached $55.2M, up $1.4M or 2.7% from the corresponding quarter of 2024. This growth was primarily driven by higher sales, partially offset by the temporary impact of lower margins associated with recent acquisitions and their integration costs. As a result, the EBITDA margin was 10.8%, compared to 11.2% for the corresponding quarter of 2024. Amortization expense for the second quarter of 2025 amounted to $19.0M, up $1.8M compared to the same period in 2024. This increase is primarily attributable to the growth in right-of-use assets related to expansion projects, lease renewals, and business acquisitions completed during the previous fiscal year and the first half of 2025. Net financial costs totaled $4.0M, compared to $3.1M in the corresponding quarter of 2024, representing an increase of $0.9M. This increase is equally attributable to higher lease obligations and increased use of credit facilities, which were used in part to finance recent acquisitions. Net earnings were $23.5M, a decrease of 4.5% from the corresponding quarter of 2024. Including non-controlling interests, net earnings attributable to shareholders of the Corporation were $22.5M, a decrease of 3.9% from the second period of 2024. Net earnings per share were $0.41, basic and diluted, compared to $0.42, basic and diluted, for the second period of 2024, a decrease of 2.4%. Cash flow from operating activities, before net change in non-cash working capital balances, was $46.8M or $0.84 per diluted share compared to $45.1M or $0.80 per diluted share for the second quarter of 2024. This 5.0% increase mainly reflects the increase in earnings before income taxes, interest, and amortization. Net change in non-cash working capital items represented a cash inflow of $0.5M, reflecting a $10.2M reduction in inventories, while other items required $9.7M in cash. As a result, operating activities provided a cash inflow of $47.3M, compared to a cash inflow of $55.7M in the second quarter of 2024. In the first six months of 2025, consolidated sales reached $953.9M, up $65.6M or 7.4% over the first half of 2024, of which 3.5% from the positive contribution of acquisitions and 3.9% from internal growth. On a currency-comparable basis with the corresponding period in 2024, the increase in consolidated sales would have been 5.2%. Operating expenses excluding amortization totalled $856.3M, representing 89.8% of sales, compared to $794.1M, or 89.4% of sales, for the same period in 2024. The variations in monetary terms and as a percentage of sales reflect the aforementioned elements. EBITDA was $97.6M, up $3.4M or 3.6% from the corresponding six-month period of 2024 and net earnings attributable to shareholders were $36.4M, down 5.9% from the prior year. Net earnings per share were $0.66 basic and diluted, compared to $0.69 basic and diluted for the same period of 2024, representing a decrease of 4.3%. Cash flow from operating activities, before net change in non-cash working capital balances, was $84.1M or $1.52 per diluted share compared to $80.0M or $1.42 per diluted share for the first six months of 2024. The net change in non-cash working capital items used cash flows of $33.1M, mainly reflecting the change in inventories which used cash flows of $12.6M, while other items used cash of $20.5M. As a result, operating activities represented a cash inflow of $51.0M, compared to a cash inflow of $56.2M in the first six months of 2024. FINANCIAL POSITION Total assets were $1.47B as at May 31, 2025, compared to $1.39B as at November 30, 2024, an increase of 5.4%. Current assets increased by 3.7% or $33.2M from November 30, 2024. Non-current assets increased by 8.6% mainly due to the addition of right-of-use assets. As at May 31, 2025, the Corporation had a working capital of $614.2M, for a ratio of 2.9:1, compared to $612.9M (ratio of 3.1:1) as at November 30, 2024, and an average return on shareholders' equity of 9.0%. SHARE CAPITAL As at May 31, 2025, the Corporation's share capital consisted of 55,304,503 common shares [55,218,678 common shares as at November 30, 2024]. For the three and six-month periods ended May 31, 2025, the weighted average number of diluted shares outstanding was 55,420,350 and 55,440,570 [56,328,850 and 56,421,090 in 2024]. DIVIDENDS On July 10, 2025, the Board of Directors approved the payment of a quarterly dividend of 0.1533$ per share to shareholders of record as at July 24, 2025, payable on August 7, 2025. The declared dividend is designated as an eligible dividend under the Income Tax Act of Canada. MAIN TRADEMARKS PROFILE AS AT MAY 31, 2025 Richelieu is a leading North American importer, manufacturer, and distributor of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinets, storage and closets, home furnishing and office furniture manufacturers, residential and commercial woodworkers, doors and windows, and hardware retailers including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers worldwide. Its product selection consists of over 145,000 different items targeted to a base of more than 120,000 customers who are served by 117 centres in North America – 49 distribution centres in Canada, 65 in the United States, and three manufacturing plants in Canada, specifically, Les Industries Cedan Inc., Menuiserie des Pins Ltée, and USIMM UNIGRAV Inc., which manufacture a variety of veneer sheets and edge banding products, a broad selection of decorative moldings and components for the window and door industry as well as custom products, including a 3D scanning centre. Notes to readers — Richelieu uses earnings before interest, income taxes, and amortization ("EBITDA") because this measure enables management to assess the Corporation's operational performance. This measure is a financial indicator of a corporation's ability to service its debt. However, EBITDA should not be considered by an investor as an alternative to operating income, net earnings, cash flows or as a measure of liquidity. Because EBITDA is not a standardized measurement as prescribed by IFRS, it may not be comparable to the EBITDA of other companies. Richelieu also uses adjusted cash flows from operating activities, which are based on net earnings plus the amortization of property, plant and equipment, intangible assets and right-of-use assets, deferred tax expense (or recovery), share-based compensation expense, and financial costs. These additional measures do not account for the net change in non-cash working capital items to exclude seasonality effects and are used by management in its assessments of cash flows from long-term operations. Therefore, adjusted cash flows from operating activities may not be comparable to those of other companies. Certain statements set forth in this report (generally identified by terms such as "may", "could", "might", "intend", "expect", "believe", "estimate" or comparable variants) constitute forward-looking statements which, by their very nature, remain subject to other risks and uncertainties as set forth in the Corporation's annual and quarterly reports. Although management considers these assumptions and expectations reasonable based on the information available at the time they are provided, such assumptions and expectations could prove inaccurate, and actual results could differ materially. Richelieu is under no obligation to update or revise any forward-looking statements made herein to account for future events or circumstances, except as required by applicable legislation. The unaudited interim consolidated financial statements, accompanying notes and interim MD&A for the second quarter and first half ended May 31, 2025 will be available on SEDAR+ at and on the Corporation's website at SOURCE Richelieu Hardware Ltd.
Globe and Mail
03-07-2025
- Business
- Globe and Mail
Richelieu to release its Q2 results on Thursday, July 10, 2025
MONTREAL, July 3, 2025 /CNW/ - Richelieu (TSX: RCH) will release its Q2 results ending May 31, 2025, on Thursday morning, July 10. CONFERENCE CALL – Financial analysts and investors are invited to join the conference call to be held on Thursday, July 10 at 2:30 p.m. (Eastern Time). Mr. Richard Lord, President and Chief Executive Officer, and Mr. Antoine Auclair, Chief Financial Officer and Chief Operating Officer, will answer questions from analysts and investors.
Cision Canada
03-07-2025
- Business
- Cision Canada
Richelieu to release its Q2 results on Thursday, July 10, 2025 Français
MONTREAL, July 3, 2025 /CNW/ - Richelieu (TSX: RCH) will release its Q2 results ending May 31, 2025, on Thursday morning, July 10. CONFERENCE CALL – Financial analysts and investors are invited to join the conference call to be held on Thursday, July 10 at 2:30 p.m. (Eastern Time). Mr. Richard Lord, President and Chief Executive Officer, and Mr. Antoine Auclair, Chief Financial Officer and Chief Operating Officer, will answer questions from analysts and investors. Contact information for accessing and replaying the conference call can be found at (Investor relations/events). Richelieu is a leading North American distributor, importer and manufacturer of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, storage and closet, home furnishing and office furniture manufacturers, residential and commercial woodworkers, door and window, and hardware retailers including renovation superstores. Richelieu counts over 120,000 active customers, served through a network of 116 centres: 52 in Canada including 3 manufacturing plants, and 64 distribution centres in the United States. SOURCE Richelieu Hardware Ltd.
