Shares of DIRTT Environmental (TSX:DRT) are up today after the company reported better than expected fourth quarter results.
In the fourth quarter, DIRTT generated revenue of $23.7-million, up 69.4% over last year’s topline. For the year, the company earned $5.95-million on revenue of $187.3-million.
“Two thousand fourteen saw DIRTT launch new products, win major contracts, and drive strong organic growth from our core business focused on small and medium enterprises, all of which contributed to record financial performance in the fourth quarter and for the year,” said president and interim CFO Scott Jenkins. “Over the last few quarters, we successfully simplified our capital structure, strengthened our balance sheet, and invested in people and equipment, leaving us well positioned to take advantage of growth opportunities in new industry verticals as well as regions outside of North America.”
Founded in 2005, Calgary-based DIRTT, an acronym for ”Doing It Right This Time”, employs a 3D software platform to design and produce custom prefab interiors. The company compares its product to Lego in that its components connect using a repeated interface, but produce a unique result.
The company says it benefited from higher volumes in its production facilities, which allowed it better absorb fixed costs, and from a stronger U.S. dollar.
At press time, shares of DIRTT Environmental were up 19.4% to $5.67.