Highlights
*Increase in adjusted operating earnings before depreciation and amortization(1) of 5.2% for the quarter, including organic growth of 18.5% in the Packaging Sector.
*Revenues of $747.2 million for the quarter ended April 30, 2023; operating earnings of $43.8 million; and net earnings attributable to shareholders of the Corporation of $22.2 million ($0.26 per share).
*Adjusted operating earnings before depreciation and amortization(1) of $109.0 million for the quarter ended April 30, 2023; adjusted operating earnings(1) of $66.2 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $39.1 million ($0.45 per share).
*Launched the new innovative flyer raddar™ in Montreal on May 15, 2023.
*Won the “Company of the Year – Large Business” award at the business competition of the Fédération des chambres de commerce du Québec (FCCQ).
*Appointment of Thomas Morin as President and Chief Executive Officer of TC Transcontinental on June 7, 2023.
*(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 second quarter of fiscal 2023, which ended April 30, 2023.
“Despite lower volume, the second quarter results are solid, with adjusted operating earnings before depreciation and amortization growing by 5.2%, said Thomas Morin, President and Chief Executive Officer of TC Transcontinental.
“In our Packaging Sector, we posted the highest quarterly adjusted operating earnings before depreciation and amortization since the Corporation entered this business segment in 2014. The profit improvement results mainly from increases in prices to mitigate the impact of inflation, cost reduction initiatives and the favourable exchange rate effect, partially offset by pressures on volume. Our investments in sustainable packaging solutions position us well for the future and should be a key driver of our long-term growth.
“As for our Printing Sector, necessary measures were taken to adjust our cost structure and prices were increased to mitigate the cost increases due to inflation. The actions allowed us to partially offset the effect of lower volume in the retail flyer printing and distribution activities. In addition, our in-store marketing activities grew in revenues and profits during the quarter. Lastly, we should highlight the launch in Montreal of raddar™, our reinvented flyer.”
“Our financial position is solid and we expect to generate significant cash flows in the second half of fiscal 2023, which will enable us to reduce our net indebtedness, ” said Donald LeCavalier, Executive Vice President and Chief Financial Officer of TC Transcontinental.
details at: https://tctranscontinental.com/en-us/company-overview/news-room/press-releases/transcontinental-inc-announces-results-for-the-second-0