REGINA, SASKATCHEWAN, CANADA — AGT Food and Ingredients Inc. announced on Nov. 12 that EBITDA for the third quarter ending Sept. 30 increased 46.5% to C$21.1 million from C$14.4 million, due in part to strong import volumes in regional consumption markets like India and Turkey.
EBITDA improved to C$80.8 million for the trailing 12 months ended Sept. 30 compared to C$54.3 million for the trailing 12 months ended Sept. 30, 2013 and compared to C$74.1 million for the trailing 12 months ended June 30.
Revenue was C$287.7 million for the third quarter compared to C$240.5 million for the same period a year ago. EBITDA as a percentage of revenue increased to 7.33% compared to 5.98% for the same period last year, and compared to 6.79% for the three months ended June 30.
Adjusted earnings per share increased to C46¢ (C45¢ fully diluted) for the quarter compared to C24¢ (C24¢ fully diluted) for the same period a year ago.
“We are very pleased with AGT’s continued ability to execute our earnings growth strategy and deliver positive performance in our business. Our legacy segments continue to recover, with significant volumes moving though our system. Harvest in North America is complete and the result has been a marketable crop that we expect can fill the demands of global customers and markets,” said Murad Al-Katib, president and chief executive officer of AGT.