Goodfellow Inc. (Delson, Quebec) reported a loss of $2.5 million USD in the third quarter of 2016 compared with a profit of $3.7 million in the third quarter of 2015.
Sales in the third quarter were $159.14 million, a 4.87 percent increase compared with $151.74 million in sales in the third quarter of 2015.
"Sales at $159 million, although 4.87 percent higher than last year, were below expectation,” said Denis Fraser, president and CEO, in a statement.
The third quarter results were delayed because Goodfellow was reviewing discrepancies in its second quarter 2016 finances. The review results, released Nov. 29, reduced the company’s profit from $3.4 million to $2.5 million in the second quarter of 2016.
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