Cervus Equipment Corp. (TSXV:$CERV) announced today its financial results and operational highlights for the quarter ending on September 30, 2017.
CEO of Cervus, Graham Drake stated, “Our agriculture segment achieved record new equipment sales for the quarter, a result of focused sales efforts buoyed by an attractive Canadian dollar. I am also pleased to see the continued progress of our service optimization initiatives, where efficiencies are improving our customer experience and increasing service gross profit margins across all segments. For the remainder of 2017 and into 2018, out Agriculture sales team is focused on maintaining healthy inventory turns and servicing customer equipment.”
Some highlights of the quarter:
- Revenue increased $32.9 million and 10% in the third quarter ended Sept 30.
- Income for the quarter decreased $1.1 million to $9.5 million, compared to $10.5 million of income for the comparable period in 2016
- Adjusted income and adjusted basic income per share was $9.2 million and $0.58 per share respectively
- Earnings before interest, taxes, depreciation, and amortization was $18.7 million
- All divisions generated increased parts and service revenue in the three month period ended Sept 30.
- The positive year to date equipment sales trend continued in the Agriculture segment, achieving record 2Q sales of $224 million
- Dividends of $0.07 per share were declared to shareholders of record
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