MONTREAL — Shares in Transcontinental Inc. shot higher after the company reported a fourth quarter that topped expectations for both profits and revenue.
Shares in the Montreal-based company were up $1.40 or more than seven per cent at $20.77 midday on the Toronto Stock Exchange after going as high as $22.42.
Transcontinental reported a profit of $67 million or 76 cents per share for the quarter ended Oct. 28, down from $73.4 billion or 95 cents per share a year ago.
On an adjusted basis, Transcontinental says it earned 99 cents per share for the quarter, up from 91 cents per share in the same quarter a year ago.
Revenue for what was the company’s fourth quarter totalled $829.2 million, up from $527.2 million, boosted by its acquisition of Coveris Americas earlier this year.
Analysts on average had expected an adjusted profit of 76 cents per share and revenue of $777.2 million, according to Thomson Reuters Eikon.
Companies in this story: (TSX:TCL.A, TSX:TCL.B)
The Canadian Press