NANAIMO – Atlas Engineered Products posted third quarter revenue of $16.5 million, which represents a 15 percent year over year increase.
Wall Panel revenue increased 120 percent year over year, and Engineered Wood Products rose 48 percent in the same period, while the sales team has expanded by 63 percent year to date for the company, headquartered in Nanaimo.
“We anticipated the market to continue to be slow and more competitive until the interest rate cut cycle inspired builders to increase activity,” notes President and CEO Hadi Abassi. “The team worked diligently to take market share, and successfully increase sales in other products lines like walls panels and engineered wood products. The Company has recently seen an increase in market activity for the upcoming quarter and see a building order book and funnel for 2025, which we see as a key inflection year for the Company.
“Ultimately, we continue to strategically balance the need for incremental sales resources heading into a busy 2025, with management around market share gains and gross margins. We see a deep pipeline of M&A opportunities at attractive multiples and are preparing for an exciting future with robotics automation. The Company has instituted a renewal to the NCIB, as we see these levels as attractive for deployment of capital back into our shares through accretive repurchases.”
At their Ontario and BC locations, Atlas has seen a 272% and 800% increase in wall panel revenues for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023.
Business Examiner Staff