Business
Dexterra Group Announces Results for Q2 2021 and Increases Dividend
Highlights Revenue of $173.6 million and EBITDA of $22.5 million for the three months...
About this update from Dexterra Group, Inc.
[{"type":"text","content":"Dexterra Group Announces Results for Q2 2021 and Increases Dividend HighlightsRevenue of $173.6 million and EBITDA of $22.5 million for the three months ended June 30, 2021 are 12% and 26% higher than Q1 2021;EBITDA was $22.5 million for Q2 showing strong results as the business starts to return to more normal activity levels;Net earnings of $8.2 million and basic EPS of $0.13 were 84% higher than Q1 2021 for the three months ended June 30, 2021;Generated Free Cash Flow was $14.9 million in Q2 2021 and debt was reduced to $71.9 million at June 30, 2021 from $85.4 million at December 31, 2020. Management has significant unused credit facilities and lower than normal levels of leverage to execute on its growth strategy;The NRB Modular Solutions plant in Cambridge is now fully operational; the plant opened on schedule, capital costs were under budget, and we have a strong pipeline of future projects; Dexterra Group increased its dividend by 16.7% and declared a dividend for the third quarter of 2021 of $0.0875 per share, for shareholders of record at September 30, 2021 to be paid October 15, 2021. The expected results over the back half of 2021 and into 2022 support the higher dividend to shareholders. Toronto, Ontario--(Newsfile Corp. - August 10, 2021) - Dexterra Group Inc. (TSX: DXT)Second Quarter Financial SummaryThree months ended June 30,Six months ended June 30,(000's except per share amounts)20212020(6)20212020(6)Revenue$173,627$76,106$329,031$136,479EBITDA(1)(2)$22,502$22,885$40,327$25,033Adjusted EBITDA(1)(2)$22,502$23,241$40,327$26,524Net earnings(2)(3)(5)$8,213$47,431$12,687$48,391Earnings per share:         Basic & Diluted(4)(5)$0.13$1.08$0.19$1.27 (1) Please refer to \"Non-GAAP measures\" for the definition of EBITDA and Adjusted EBITDA.(2) Includes $4.2 million and $9.1 million of pre-tax Canada Emergency Wage Subsidy for the three and six months ended June 30, 2021 respectively (2020 - $19.2 million for both Q2 and YTD results).(3) Includes the recognition from the three months ended March 31, 2021 (\"Q1 2021\") of a tax benefit of $1.1 million related to non-capital loss carryforwards based on the implementation of a new tax plan and the profitability of the related businesses.(4) All 2020 share and per share data presented has been retroactively adjusted to reflect the f...