Transcontinental Inc. announces its results for the third quarter of fiscal 2021

Financial News
Tools
Typography

Highlights

  • Strong growth in revenues and solid profitability in the Printing and Media Sectors.
  • Revenues of $621.6 million for the quarter ended July 25, 2021; operating earnings of $50.2 million; and net earnings attributable to shareholders of the Corporation of $28.1 million ($0.32 per share). 
  • Adjusted operating earnings before depreciation and amortization(1) of $101.7 million for the quarter ended July 25, 2021; adjusted operating earnings(1) of $67.4 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $44.2 million ($0.51 per share).
  • Released a Corporate Social Responsibility Progress Report presenting innovative projects related to its commitment to the circular economy for plastic and the reduction of the Corporation’s carbon footprint.
  • Closed a private offering of $250 million senior unsecured notes due in July 2026 and bearing interest at 2.28%.
  • Subsequent to quarter-end, extended the $400 million revolving credit facility until 2026 and added a sustainability-related component providing for a rate adjustment based on achieving targets linked to ESG factors, including diversity and reduction in greenhouse gas emissions.

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

Montréal, September 8, 2021 - Transcontinental Inc. (TSX: TCL.A TCL.B) announces its results for the third quarter of fiscal 2021, which ended July 25, 2021.

"I'm satisfied with the operating profitability of our three sectors in the third quarter, said François Olivier, President and Chief Executive Officer of TC Transcontinental. Considering the short-term challenges presented by the rise in the price of resin, the reduction in the Canada Emergency Wage Subsidy and the exchange rate variation, we delivered good operating performance.

"In our Packaging Sector, our main engine of long-term growth, we continue to improve operating profitability and demand for our packaging products remains strong. We continue to secure significant and promising agreements with many customers, while our sustainable packaging products, which contribute to the circular economy for plastic, are gaining momentum. All of this bodes well for our growth outlook in the coming years.

"Our Printing Sector, while continuing to be impacted by the pandemic, posted strong organic growth in revenues and generated solid profitability as a result of the gradual reopening of the economy and our disciplined cost control. Our Media Sector had another excellent quarter with a significant increase in revenues and profitability.

"In terms of our community involvement, I am proud of our collaboration with the Government of Québec and Énergir as our vaccination centre, in the East end of Montréal, was able to administer over 30,000 doses of the COVID-19 vaccine while it was open, from May 26 to August 28, 2021. I want to thank the centre's management team, healthcare personnel, volunteers as well as all other public and private partners who contributed to the success of this initiative.

"To conclude, our performance since the beginning of the fiscal year, combined with the solid foundations of our customer relationships and the development of sustainable products, as well as our solid financial position, allow us to pursue our growth strategy in each of our three sectors and look to the future with confidence."

Read more...

Source: Transcontinental

 

Legal Notice: Paper Advance is not responsible for the accuracy or availability of content on external websites.