Canadian equities kicked off the week on a cautious note, with the S&P/TSX Composite Index marginally lower in trading today. However, the benchmark index had an excellent run last week, gaining 2.33%. The index has gained almost 12% over the last one month as investor sentiment on risk assets has improved considerably.
One of the major movers in trading today as been Hardwoods Distribution (TSX: HWD). Based in Langley, British Columbia, Hardwoods Distribution is engaged in the wholesale distribution of hardwood lumber and related sheet good and specialty wood products. HWD shares were up more than 1.5% in late trading after the company reported record results for its fourth quarter. The company also declared a quarterly dividend.
For the fourth quarter, HWD reported 23.3% increase in revenue. The company’s EBITDA for the quarter jumped 46.1% and profit jumped 58.9%. The strong financial results enabled Hardwoods Distribution to announce a quarterly dividend of $0.055 per share. The dividend will be payable on April 29, 2016.
Hardwoods Distribution currently offers a dividend yield of 1.23%. Although the yield on HWD is currently not attractive, the company has been consistent in its dividend payments. HWD has also consistently raised its dividend payments.
