MONTREAL -- TC Transcontinental shares are trading higher on the Toronto Stock Exchange as it beat earnings expectations after achieving efficiency efforts.
The Montreal-based company, focused on packaging, printing and media, says it had a net income of $3.4 million or four cents per share for the third quarter, down from earnings of $19.3 million or 22 cents per share for the same quarter last year.
Excluding one-time items, adjusted net earnings were $52.2 million, or 60 cents per share, slightly ahead of earnings last year and above analyst expectations of $47.6 million or 56 cents per share, according to financial markets data firm Refinitiv.
The company says profitability has been helped by cost savings following the purchase of packaging firm Coveris Americas last year for US$1.32 billion.
Revenue came in at $728.9 million, down from $757.9 million last year, as it continued to see declines in its printing sector. Analysts had expected revenue of $742.2 million.
Transcontinental shares were trading up 79 cents, or 5.5 per cent, to $15.19 in midday trading on the Toronto Stock Exchange.
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