June 18th, 2024

Transcontinental earns $15.9 million in first quarter, down from last year

By The Canadian Press on June 5, 2024.

A TC Transcontinental sign is pictured at the company's annual general meeting in Montreal, Tuesday, March 11, 2014. THE CANADIAN PRESS/Graham Hughes

MONTREAL – Transcontinental Inc. says its net earnings attributable to shareholders were $15.9 million, down from $22.2 million a year earlier.

The Montreal-based printer, packager and publisher says revenues were $683.2 million, down from $747.2 million during the same quarter last year.

Net earnings per share were 18 cents, down from 26 cents last year.

President and CEO Thomas Morin says this past quarter, the company pursued cost reduction initiatives “with determination.”

He says Transcontinental is also seeing the results of efforts to improve its product mix toward higher-value products.

This past February, the company announced it was closing its printing press in Saint-Hyacinthe, Que., one of a few recent closures across its network as it struggles with demand for packaging and printing.

This report by The Canadian Press was first published June 5, 2024.

Companies in this story: (TSX:TCL.A)

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