Atlas Engineered Products sees strong growth in sales across business despite pandemic

Atlas Engineered Products Ltd (CVE:AEP) (OTCPINK:APEUF), the wood product engineering firm, told investors it was seeing strong growth across its business despite uncertainty from the coronavirus pandemic. "Despite the impacts of COVID-19, we continue to see the value and size of individual AEP projects and client relationships growing rapidly," said CEO Dirk Maritz in a statement, in which the group outlined new contract wins. READ: Atlas Engineered Products CEO says 1Q revenue beats year-ago quarter as operations remain open during pandemic "By investing in new technologies, upgrading our design and engineering capacities, and improving workflows and productivity in our operations, we are able to offer our customers additional products and complete turn-key project solutions, allowing us to win projects for the rest of 2020 and beyond," he added. Atlas continues to be deemed an essential business and all of its locations across Canada remain open. The company said quoting activities had been steadily increasing at its Western Canadian operations, while its Prairies and Ontario regions are seeing a comeback as the weather improves and planning begins for the lifting of COVID-19 restrictions. At the group's Atlas Building Systems in Nanaimo, British Columbia, the firm has won "significant multi-product contracts", and has been delivering on Engineered Wood Product (EWP) and Truss packages for several developments across Vancouver Island. Atlas has also won two new truss contracts with W&J Construction Ltd. in Langford and Seymour Pacific Developments in Port Alberni that total over C$200,000 and was awarded a Truss and EWP project with Campbell Shores Holdings in Campbell River worth more than C$300,000, the company said. South Central Building Systems, based in Carman, Manitoba, is seeing significant customer quotes for projects as the Prairie winter is finally subsiding, said Atlas, while customer lists continue to grow at Coastal Windows & Doors in Nanaimo. In Ontario, quoting activity and projects wins continues to increase, and Truss and EWP combo packages are starting to account for more significant new contracts. Pacer Building Components, based at Illderton, Ontario, recently secured over C$400,000 of purchase orders for May and June this year, the group added. Contact the author at giles@proactiveinvestors.com