Highlights
*Revenues of $690.6 million for the quarter ended January 30, 2022; operating earnings of $33.8 million; and net earnings attributable to shareholders of the Corporation of $18.4 million ($0.21 per share).
*Adjusted operating earnings before depreciation and amortization(1) of $89.0 million for the quarter ended January 30, 2022; adjusted operating earnings(1) of $49.3 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $30.0 million ($0.35 per share).
*Completed, on February 1st, 2022, a private offering of $200 million of 2.667% senior unsecured notes due in February 2025.
*Ranked 16th among the world’s most sustainable corporations by Corporate Knights.
Transcontinental Inc. (TSX: TCL.A TCL.B) announces its results for the first quarter of fiscal 2022, which ended January 30, 2022.
“While I am proud of the way we worked with our customers to ensure a continuity of supply and of the actions we took to protect our coworkers health and safety, the financial results of the quarter did not meet our expectations,” said Peter Brues, President and Chief Executive Officer of TC Transcontinental. “The spread of the Omicron variant caused significant operational disruptions that hampered our ability to efficiently manage our business and, combined with inflationary pressures, had an adverse impact on our profitability.
“In our Packaging Sector, our financial performance was negatively affected by operational inefficiencies caused by Omicron, and by delays in passing through cost increases to our customers. Despite the strong demand for our products and services, our revenue growth was limited by reduced labour availability, leading to a significant increase in backlog.
“Our Printing Sector produced strong organic growth in revenues and solid profitability, despite the challenges of the pandemic. Higher revenues were noteworthy in the Sector’s growth activities, namely in-store marketing, book printing and premedia. The Media Sector contributed another solid quarter with higher revenues and profitability.
“Despite a challenging quarter, our financial performance will improve with the actions we have taken, and with the lessening impact of COVID-19. Through the strength of our development of sustainable packaging, strong customer relationships, ability to generate solid cash flow and strong financial position, we are well placed to take advantage of growth opportunities and achieve our full potential.”
details at: https://tctranscontinental.com/en-us/company-overview/news-room/press-releases/transcontinental-inc-announces-results-for-the-first