MONTREAL - Transcontinental Inc. says net earnings last quarter dropped nearly 68 per cent year over year stemming from its US$1.32-billion purchase of packaging firm Coveris Americas in 2018 and the sale of its California newspaper printing business. Profits fell to $22.3 million in Transcontinental’s second quarter, down from $68.9 million during the same period last year. On an adjusted basis, net earnings rose nearly nine per cent to $52.6 million from $48.5 million. Adjusted net earnings per share fell almost five per cent to 60 cents from 63 cents, above analysts’ expectations of 57 cents, according to Thomson Reuters Eikon. The Coveris purchase aims to bolster Transcontinental’s packaging services for dairy, pet food and consumer products and add agriculture, beverage and protein into the mix.

Source: thestar June 06, 2019 16:41 UTC