*Growth in adjusted operating earnings before depreciation and amortization(1) of 3.1% for the quarter.
*Revenues of $779.7 million for the quarter ended October 29, 2023; operating earnings of $66.7 million; and net earnings attributable to shareholders of the Corporation of $41.7 million ($0.48 per share).
*Adjusted operating earnings before depreciation and amortization(1) of $145.5 million for the quarter ended October 29, 2023; adjusted operating earnings(1) of $107.3 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $71.8 million ($0.83 per share).
*Improved net indebtedness ratio(1) from 2.47x as at October 30, 2022 to 2.06x as at October 29, 2023.
*Announced, on November 3, 2023, the end of Publisac and its gradual replacement by raddar™ across Quebec, as well as the roll-out of raddar™ in Ontario and British Columbia.
*Launched an ambitious program including costs reductions, measures aimed at less-performing activities and the sale of real estate assets to improve the Corporation’s earnings per share and balance sheet. Actions already undertaken:
*Closed the Montreal recycling plant and integrated recycling into packaging plants.
*Announced, on November 24, 2023, the closure of the Tomah, Wisconsin, packaging plant in February 2024.
*Sold a building in Quebec City for $12.0 million.
(1) Please refer to the section entitled “Non-IFRS Financial Measures” in this press release for a definition of these measures.
Transcontinental Inc. (TSX: TCL.A TCL.B) announces its results for the fourth quarter and fiscal year 2023, which ended October 29, 2023.
“We successfully increased our adjusted operating earnings before depreciation and amortization in the fourth quarter, despite lower revenues,” said Thomas Morin, President and Chief Executive Officer of TC Transcontinental.
“The Packaging Sector finished the fiscal year on a strong note with solid adjusted operating earnings before depreciation and amortization for the quarter. This concludes a year of growth in the face of headwinds in demand. In spite of an uncertain outlook, we expect to further grow the sector’s operating earnings in the new fiscal year by continuing to focus on our priorities aimed at improving our financial performance.
“In our Printing Sector, the actions implemented since the beginning of the year partially offset the decrease in volume. We continue to face challenges in our book printing activities and we have taken measures to mitigate their impact in 2024. While continuing to reduce our cost structure to reflect the demand in this sector, we are encouraged by the favourable opportunities in our retailer related services as well as the roll-out of raddar™ in fiscal 2024. The Media Sector delivered a solid financial performance in the fourth quarter with a significant growth in adjusted operating earnings before depreciation and amortization.
details at: https://tctranscontinental.com/en-us/company-overview/news-room/press-releases/transcontinental-inc-announces-results-for-the-fourth-0