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Atlas Engineered Products continues profitable run with strong quarter driven by acquisitions

CEO Dirk Maritz credited the company’s strong focus on efficient growth for helping to propel the company to profit

Atlas Engineered Products -
Taking into account the nine-month year-to-date results, the company reported positive net income for the first time since going public in November 2017

Atlas Engineered Products Ltd (CVE:AEP) (OTCMKTS:APEUF) reported strong quarterly results on Friday in which the truss manufacturer swung to a profit during its third quarter. 

The Nanaimo, BC-based company posted an operating income of C$736,000 on revenue of C$10.5 million during its third quarter, compared to a loss of C$8,000 on C$5.1 million sales in the same period a year prior. 

Taking into account the nine-month year-to-date results, the company reported positive net income for the first time since going public in November 2017.

READ: Atlas Engineered Products set for further growth as it strikes supply deal with Gillfor Distribution

CEO Dirk Maritz credited the company’s strong focus on efficient growth as helping to propel the company to profit.

"Taking seasonality into account, we believe the acquisitions we have completed, the addition of new product lines and sales staff, and the focus on improved costs put us on track to achieve our objective of full year EBITDA margin in the 10 – 15% range," Maritz said in a statement.

"We're realizing greater economies of scale through integration activities such as consolidated raw material supply, improved manufacturing efficiency and productivity gains, and lower cost of sales."

Last week, Atlas announced a supply and purchase deal with Gillfor Distribution Inc, which, it says, will generate significant market penetration and revenue growth for the group.

Gillfor is a leading independent wholesale distributor of building materials and will supply all of Atlas's Eastern Canadian operations with engineered wood products.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Atlas Engineered Products Ltd.

Price: 0.275 CAD

TSX-V:AEP
Market: TSX-V
Market Cap: $15.87 m
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