Investor Relations
2020 Second Quarter Results
Revenues of $588 Million and EBITDA of $32 Million
Liquidity of $478 Million and Net Debt to Invested Capital 28%
| Three Months Ended | Six Months Ended | ||||
|---|---|---|---|---|---|
| June 30, 2020 | June 30, 2019 | March 31, 2020 | June 30, 2020 | June 30, 2019 | |
| Revenues | $ 588 | $ 937 | $ 815 | $ 1,403 | $ 1,969 |
| EBITDA1 | 32 | 65 | 36 | 67 | 137 |
| EBIT1 | 16 | 51 | 20 | 36 | 109 |
| Net Income | 5 | 31 | 11 | 15 | 65 |
| Earnings per share | 0.07 | 0.50 | 0.17 | 0.24 | 1.05 |
| Free Cash Flow per share1 | 0.25 | 0.71 | 0.41 | 0.66 | 1.65 |
| Cash from Operations | 116 | 50 | 68 | 184 | 44 |
| Shareholders' Equity | 931 | 980 | 980 | 931 | 980 |
| Dividends Paid per common share | 0.38 | 0.38 | 0.38 | 0.76 | 0.76 |
All amounts are reported in millions of Canadian dollars except per share figures, which are in Canadian dollars.
1EBITDA, EBIT and Free Cash Flow per share are non-GAAP measures. EBITDA represents earnings before interest, finance expense, taxes and depreciation. EBIT represents earnings before interest, finance expense and taxes. Free cash flow per share represents cash from operating activities before change in working capital less capital expenditures divided by average shares outstanding for the period. Our Management’s Discussion and Analysis includes additional information regarding these non-GAAP measures, including a reconciliation to the most directly comparable GAAP measures, under the headings “Non-GAAP Measures”, “EBIT and EBITDA”, and “Free Cash Flow”.
Mr. John G. Reid, President and CEO, commented, “During the second quarter, the pandemic along with low energy prices created intense business conditions. Demand at our service center and distribution operations appeared to bottom out in April followed by a modest, yet steady, increase throughout the balance of the quarter. I want to commend our service centers for their performance as the segment generated higher earnings from operations in the 2020 second quarter than the comparable period last year. In addition, the service center segment continued to gain market share when compared to the Metal Service Center Institute’s statistics.”
Mr. Reid continued, “Our Canadian energy operations were affected by the particularly lengthy spring break up due to abnormally wet conditions. Our U.S. energy operations were adversely affected by the continued rig count decline. To date in the third quarter, the Canadian energy sector is experiencing some increases in rig counts. The countercyclical nature of our cash flows continued to generate significant cash with reductions in working capital generating cash of $95 million which supports our dividend. I also want to commend all of our employees for their continued efforts in adhering to our safety protocols in response to the pandemic as we remain committed to putting the health and safety of our employee group first and foremost.”
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September 30, 2020 - Q3 2020 Start of Quiet Period