viewAtlas Engineered Products Ltd.

Atlas Engineered Products expects third quarter revenue to increase based on new orders, larger projects

The Nanaimo, BC-based company said it expects its third quarter revenue to be nearly 18% higher than 2Q results

wood saw
The construction company is seeing growth in each of its business lines

Atlas Engineered Products Ltd (CVE:AEP) (OTCMKTS:APEUF) is seeing robust growth across Canada into the coming year, the company told shareholders on Wednesday.

The Nanaimo, BC-based company said it expects its third-quarter revenue to be nearly 18% higher than its previous quarter as it drives margin improvement across its product categories.

The construction company is seeing growth in each of its business lines, including residential, commercial and agricultural, CEO Dirk Maritz told shareholders.

READ: Atlas Engineered Products expands building and design plant in Ontario

"It is exciting to see our expanded production capacity reflected in the contracts and purchase orders we are receiving from both existing and new clients, as well as specific newly targeted markets," Maritz said in a statement.

The manufacturer has had a busy year, taking on larger projects and filling its order books.

In Ontario, AEP’s Pacer Business Components division is involved with a large-scale 150 home project with an additional four multifamily buildings for a total of 360 units. Its Clinton Building Components facility, also in Ontario, won a barn truss project valued between C$400,000 to $500,000.

On the West Coast, AEP’s Atlas Building Systems facility in Nanaimo expanded its capabilities to supply engineered wood products (EWP) in addition to trusses. The facility has won a number of contracts worth more than C$500,000.

A Nanaimo, BC-based client is developing six new, four-plus storey projects using Atlas Building Systems EWP and trusses for a total value of over C$1 million.

US expansion

In the US, the company began delivering trusses and wall panels to a Michigan brand name hotel project in a contract for over C$750,000.

The project represents a significant expansion of AEP’s reach into the US, the company said in a statement.

CEO Maritz is pleased with the level of activity AEP is experiencing.

"As the construction industry embraces the shift to customized engineered roofs, walls, floors and beams, the value and size of individual AEP projects and client relationships are growing rapidly."

Shares of AEP were up 2.2% in Toronto at C$0.45 on Wednesday morning.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Atlas Engineered Products Ltd.

Price: 0.275 CAD

Market: TSX-V
Market Cap: $15.87 m

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