Tervita Corporation Announces Third Quarter 2018 Results
Press Release
Revenue Growth and Strong Margins Highlight the Quarter and Year to Date
Calgary, AB, November 14, 2018 – Tervita Corporation (“Tervita” or the “Company”) (TSX: TEV) announced today the results for the three and nine months ended September 30, 2018. All financial figures are in millions of Canadian dollars unless otherwise noted.
Message from the President and CEO
“In Q3 2018, our combined operations delivered strong performance with Adjusted EBITDA increasing 69% year-over-year to $71 million, with an Adjusted EBITDA margin of 35%. These results reflect our recent merger with Newalta and contributions from our growth and expansion investments in key regions,” said John Cooper, President and CEO. “The integration is progressing well and synergies are on track with the combination of the two companies delivering exactly the kind of incremental benefits we had envisioned. We expect annualized run rate synergies of $20 to $22 million by the end of 2018, and to deliver $40 to $45 million of annualized synergies by August 2020.”
“This is a period of significant development for our business and we intend to make the most of our expanded infrastructure and services while also driving continuous improvement across all operations,” continued Cooper. “Although the overall industry outlook is somewhat tempered due to current challenges facing the Canadian oil and gas sector, our expanded network is well positioned to provide our customers with opportunities to obtain the best available price for their products. We expect to finish the year with continued positive momentum. With a strong balance sheet underpinned by more stable production-related revenue, we remain well positioned to deliver double-digit growth and to capitalize on emerging market catalysts as they arise.”
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