The Globe and Mail reports in its Thursday, May 14, edition that Exchange Income ($24.24) said its first quarter revenue grew 3 per cent to $307-million year-over-year. The Globe's Brenda Bouw writes that analysts were expecting revenue of $326.6-million.
Its net loss was $5.3-million or 15 cents per share. That compared with a profit of $7.5-million or 24 cents per share a year earlier. Adjusted earnings were $2.1-million or six cents. That compared with $12.7-million or 41 cents a year ago.
The company said its Alberta operations have been heavily impacted by both the COVID-19 pandemic and record low oil prices, "which have caused many companies to delay or cancel large capital projects." As a result, the corporation recorded a $6.1-million impairment charge against intangible assets related to the Alberta operations during the quarter. The Globe reported on Sept. 24, 2019, that Raymond James analyst Steve Hansen kept his rating on Exchange Income at "strong buy." Mr. Hansen said in the item that Exchange Income's embedded growth was "starting to emerge." The shares were then going for $39.78.
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