Investor Relations


2019 Annual and Fourth Quarter Results

Three Months EndedThree Months EndedYear EndedYear Ended
December 31, 20192019201820192018
Revenues $ 837$ 1,115$ 3,676$ 4,165
EBIT1271146331
Net Income (Loss)(7)4677219
Earnings (Loss) per share(0.11)0.741.233.53
Free Cash Flow per share10.040.982.204.84
Dividends Paid per common share0.380.381.521.52

All amounts are reported in millions of Canadian dollars except per share figures, which are in Canadian dollars.

1EBIT and Free Cash Flow per share are non-GAAP measures.  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”.

For the year ended December 31, 2019, we generated net income of $77 million or $1.23 per share on revenues of $3.7 billion compared to net income of $219 million or $3.53 per share on revenues of $4.2 billion for the year ended December 31, 2018.  For the 2019 fourth quarter we recorded a loss of $7 million or $0.11 per share on revenues of $0.8 billion.  These results compare to net income of $46 million or $0.74 per share in the 2018 fourth quarter.

For the quarter and year ended December 31, 2019, we recorded inventory provisions in our energy products and steel distributor segments related to the deterioration of the line pipe and OCTG market as a result of lower rig counts.  In addition, the 2019 fourth quarter included charges relating to the October 1, 2019 City Pipe acquisition for fair value accounting on inventory and acquisition expenses. 

Three Months EndedThree Months EndedYear EndedYear Ended
December 31, 20192019201820192018
EBIT$ 2$ 71$ 146$ 331
Inventory Provision18-24-
City Pipe Acquisition6-6-
Adjusted EBIT22671176331
Adjusted Net Income114699219
Adjusted Earnings per share0.190.741.593.53

All amounts are reported in millions of Canadian dollars except per share figures, which are in Canadian dollars.

2Adjusted EBIT, Adjusted Net Income and Adjusted Earnings per share are non-GAAP measures and include adjustments for non-recurring items; inventory provisions and acquisition related charges.  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”, “Overview”, and “EBIT and EBITDA”.

During 2019, our operations turned in a solid performance, in what proved to a be a challenging year where trade actions that had dramatically increased steel prices in 2018 were reversed in mid-2019 leading to selling prices that were lower than in 2017.  Certain of our operations had stellar years, particularly Wirth Steel, Comco Pipe and Color Steels who reported stronger results than 2018.  During the year, we emphasized working capital management and generated $250 million in cash from operating activities.  Looking forward to 2020, there has been a modest increase in pricing and consistent demand.

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