Highlights
*Growth in adjusted operating earnings before depreciation and amortization(1) of 14.3% for the quarter, including an increase of 29.6% in the Packaging Sector.
*Revenues of $680.4 million for the quarter ended January 28, 2024; operating earnings of $27.8 million; and net earnings attributable to shareholders of the Corporation of $13.9 million ($0.16 per share).
*Adjusted operating earnings before depreciation and amortization(1) of $96.1 million for the quarter ended January 28, 2024; adjusted operating earnings(1) of $59.0 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $37.4 million ($0.43 per share).
*Announced, on February 1, 2024, the closure of the Saint-Hyacinthe plant in April 2024 and the transfer of its operations to the other plants in the network.
Transcontinental Inc. (TSX: TCL.A TCL.B) announces its results for the first quarter of fiscal 2024, which ended January 28, 2024.
“We had a solid first quarter despite persistently challenging market conditions,” said Thomas Morin, President and Chief Executive Officer of TC Transcontinental. “This performance is largely attributable to cost reductions in line with our priorities and the profitability and financial position improvement program announced in December.
“The Packaging Sector had an excellent start with a 29.6% growth in adjusted operating earnings before depreciation and amortization for the quarter compared to last year, as the initiatives implemented to reduce our costs and a more favourable product mix more than offset the softer demand across the market. While there are still uncertainties surrounding short-term demand, we are satisfied with the progress made with the deployment of new equipment related to our strategic investments and the market interest in that respect.
“In our Printing Sector, our cost reduction initiatives allowed us to mitigate the persistent challenges facing our book printing activities. We are encouraged by the opportunities in our retail related services, in particular the continued roll-out of raddar™ as well as our in-store marketing activities.
details at: https://tctranscontinental.com/en-us/company-overview/news-room/press-releases/transcontinental-inc-announces-results-for-the-first-1