Stella-Jones Inc., the company created through the joint venture between James Jones and Sons Ltd and Stella SpA of Italy recently held its AGM in Montreal and figures showed that the company continues to perform strongly in the North American market.
At the AGM in Montreal investors and analysts were briefed on the 2016 full year results and updated on 2017 trading.
2016 was another year of achievement for the company with record revenues totalling CAD$1.84 million, an increase of 17.9% on 2015. Net income increased 8.9% to CAD$153.9 million. In his address Chairman, Tom Bruce-Jones, highlighted the strategic acquisitions made during the year which had contributed to the overall performance, as well as the commissioning of a new greenfield pole treating plant in Wisconsin. The company now has 37 treatment plants spread across Canada and the United States.
President and CEO, Brian McManus commented: “2016 marked the sixteenth consecutive year of sales and net income growth for Stella-Jones. These results reflect the efficiency of our operations and the benefits of our expansion strategy. Most significantly, they point to the Company’s deeply rooted role as a principal North American provider of treated wood products in our main product categories,”
The Q1 trading update was also released which showed sales of CAD$396.9 and, commenting on the results, Brian McManus said: “As anticipated, results for the first quarter of 2017 reflected both lower sales volume and weaker pricing in the railway tie category. Utility poles showed improved performance, reflecting sales synergies directly related to Stella-Jones’ expansion in the southeastern United States over the past two years. During the quarter, our new treating facility in Cameron, Wisconsin became fully operational, providing us with additional capacity to service the utility pole market.”