Transcontinental Inc. announces its results for the third quarter of fiscal 2019

Financial News
Typography

Highlights

  • Revenues of $728.9 million, down 3.8% compared to the third quarter of 2018.
  • Adjusted operating earnings before depreciation and amortization (1) of $112.9 million, down 3.0%.
  • Operating earnings of $56.6 million, up 42.9%.
  • Adjusted operating earnings (1) of $80.9 million, down 4.4%.
  • Net earnings of $3.4 million ($0.04 per share) compared to $19.3 million ($0.22 per share) for the corresponding period in 2018.
  • Adjusted net earnings (1) of $52.2 million ($0.60 per share) compared to $52.1 million ($0.59 per share) for the corresponding period in 2018.
  • Cash flows from operating activities of $90.2 million, up 17.0%.
  • Appointed Thomas Morin as President of the Packaging Sector. 
  • On September 3, 2019, announced the sale of the Fremont, California building to Hearst for US$75 million, subject to customary closing conditions.
  • On September 3, 2019, announced the acquisition of a 60% participation in Industrial y Commercial Trilex C.A., a plastic packaging supplier located in Guayaquil, Ecuador.

(1)  Please refer to the section entitled "Non-IFRS Financial Measures" in this press release for a definition of these measures.

Montréal, September 5, 2019 - Transcontinental Inc. (TSX: TCL.A TCL.B) announces its results for the third quarter of fiscal 2019, which ended July 28, 2019.

"I am satisfied with the synergies achieved to date from the integration of Coveris Americas and their impact on our profitability in the Packaging Sector, said François Olivier, President and Chief Executive Officer of TC Transcontinental. We are building solid foundations for the future growth of the company, in particular by signing long-term contracts with major customers.

"Our Printing Sector continued to be affected by the same trends observed in recent quarters with respect to our retailer-related service offering. We are however confident that the extent of the decrease in revenues recorded this year will be lower in the coming quarters and that the efficiency measures in place will enable us to optimize our cost structure.

"In summary, we are pursuing our business plan with confidence. The sale of the Fremont building, combined with the significant cash flows we continue to generate, will allow us to accelerate the reduction of our net indebtedness."

Read more...

Source: TC Transcontinental

We use cookies to improve your experience on our website. You consent to the use of cookies by continuing the use of the site. Read more about our cookie policy and privacy statement.
More information Ok Decline