|By Marketwired .||
|January 13, 2017 05:20 PM EST|
MONTREAL, QUEBEC -- (Marketwired) -- 01/13/17 -- Stella-Jones Inc. (TSX: SJ) ("Stella-Jones" or the "Company") today provided preliminary unaudited results for the fourth quarter and fiscal year ended December 31, 2016. These preliminary results are based on information available to the Company as of the date of this release and are subject to revision upon finalizing the audit of Stella-Jones' annual consolidated financial statements. Financial results for the fourth quarter and fiscal year ended December 31, 2016 will be reported on March 17, 2017.
Stella-Jones is providing this update to inform of lower year-over-year financial results in the fourth quarter. For this period, the Company is currently anticipating sales in the range of $340.0-$342.0 million, compared with $357.5 million last year, while operating income is expected to be between $27.0 and $29.0 million, versus $48.3 million a year ago.
The year 2016 will mark the sixteenth consecutive year of sales and net income growth for Stella-Jones. For the fiscal year ended December 31, 2016, consolidated sales are expected to show a year-over-year increase of nearly 18.0%, reaching close to $1.84 billion, while operating income should be between $232.0 and $234.0 million, up from $220.1 million last year.
The year-over-year decrease in sales and profitability in the fourth quarter of 2016 was primarily driven by lower railway tie demand at the end of the year, as anticipated in management's discussion and analysis for the third quarter of 2016. For the current fiscal year, total sales and operating margins are expected to remain comparable to 2016, assuming stable currencies.
Stella-Jones Inc. (TSX: SJ) is a leading producer and marketer of pressure treated wood products. The Company supplies North America's railroad operators with railway ties and timbers, and the continent's electrical utilities and telecommunication companies with utility poles. Stella-Jones also manufactures and distributes residential lumber and accessories to retailers for outdoor applications, as well as industrial products for construction and marine applications. The Company's common shares are listed on the Toronto Stock Exchange.
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, the ability of the Company to raise the capital required for acquisitions, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results. Forward-looking statements are provided for the purpose of assisting the reader in understanding the Company's preliminary unaudited results for the fourth quarter and fiscal year ended December 31, 2016 and the reader is cautioned that such statements may not be appropriate for other purposes.
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