Strongco Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
August 04, 2016 at 08:18 pm EDT
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Strongco Corporation reported earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported revenues of $126.6 million against $125.0 million a year ago. EBITDA was $8.4 million against $6.6 million a year ago. Net loss was $4.8 million or $0.37 per basic and diluted share against net income of $0.9 million or $0.06 per basic and diluted share a year ago. Pretax loss was $6.5 million compared to income of $1.1 million a year ago. Operating loss, before restructuring costs, was $3.5 million for the quarter, compared to income of $3.1 million. Revenues up slightly due entirely to higher equipment sales, primarily the result of strong crane sales in Quebec.
For the six months, the company reported revenues of $236.3 million against $237.7 million a year ago. EBITDA was $16.7 million. Net loss was $5.5 million or $0.42 per basic and diluted share against net income of $0.1 million or $0.00 per basic and diluted share a year ago. Pretax loss was $7.4 million compared to income of $0.1 million a year ago. Operating loss, before restructuring costs, was $0.9 million year-to-date, down from income of $5.2 million.
Strongco Corp is a Canada-based company. The Company sells, rents and services equipment used in diverse sectors such as construction, infrastructure, mining, oil and gas, utilities, municipalities, waste management and forestry. It represents equipment manufacturers with globally recognized brands, including Volvo Construction Equipment, Case Construction, Sennebogen, Manitowoc Crane, including National and Grove, Fassi, Konecranes, Eco Log, and Allied Construction. It provides in-field service, in-shop service, refurbishment, component rebuilding, scheduled maintenance, customer service agreements (CSA), extended warranties, equipment inspections, air conditioning, painting services, hydraulic repairs and others.