MONTREAL - Transcontinental Inc. (TSX:TCL.A) fell short of analyst estimates in the first quarter, although it showed year-to-year improvements in profit and revenue.
The Montreal-based printing and publishing company went from a year-earlier loss to $17.8 million or 23 cents per share of net income in the quarter.
In terms of adjusted earnings, there was a less dramatic improvement to $28.5 million or 37 cents per share.
That was a penny short of the consensus estimate compiled by Thomson Reuters.
Revenue for the quarter ended Jan. 31 was also less than analysts expected at $528.7 million, although it was up 8.4 per cent from a year earlier.
Transcontinental says its revenue was boosted by acquisitions but partially offset by the termination of a flyer contract due to the closure of the Zellers stores.
In the year-earlier quarter, Transcontinental had $487.6 million of revenue, a net loss of $33.3 million or 41 cents per share and adjusted earnings of $27.1 million or 33 cents per share.