Transcontinental Inc hikes dividend by 6% after doubling of first-quarter profit

Transcontinental's adjusted earnings rose 36.7% to $36.1 million, or 46 cents per share. Net income more than doubled to $37.9 million or 49 cents per share. Revenue grew 1.1% to $504.6 million.

MONTREAL – Transcontinental Inc. said Tuesday it\’s raising its dividend rate by 6% with its next quarterly payment on April 30.

The Montreal-based printing and publishing company announced the dividend hike, to 17 cents per share quarterly and 68 cents every year, along with financial results showing a substantially higher first-quarter profit.

Its adjusted earnings rose 36.7% to $36.A million, or 46 cents per share. Net gain more than doubled to $37.9 million or 49 cents per share. Revenue grew 1.1% to $504.Six million.

Analysts had estimated 38 cents per share of earnings and $515.78 million of revenue.

Transcontinental said its profit benefited from restructuring its operations through acquisitions, divestitures and closures in addition to cost-cutting and the rising worth of the U.S. dollar.

It added that revenue growth was reduced by a slowdown in flyer printing and a challenging marketplace for advertising spending.

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