MONTREAL - Transcontinental Inc. says its net income attributable to shareholders surged to $35.6 million in the second quarter as its printing sector marked the first organic growth since the beginning of the pandemic.
The Montreal-based packaging and printing company says it earned $35.6 million, up nearly 39 per cent from $25.7 million a year earlier. It included $7.5 million from the Canada Emergency Wage Subsidy, down from $8.2 million in the second quarter of 2020.
That translated into earnings of 41 cents per share, up from 30 cents per share in the second quarter of 2020.
Excluding one-time items, adjusted profits rose almost 10 per cent to $47.8 million or 55 cents per share, from $43.6 million or 50 cents per share in the prior year.
Revenues for the three months ended April 25 were $623.3 million, down from $625.1 million.
Transcontinental was expected to post 45 cents per share in adjusted profits on $626.2 million in revenues, according to financial data firm Refinitiv.