Stella-Jones reports $77M Q1 profit, up from $60M a year earlier

MONTREAL — Stella-Jones Inc. reported a first-quarter profit of $77 million, up from $60 million a year ago, as its revenue rose nine per cent.

The maker of utility poles and railway ties says its profit amounted to $1.36 per diluted share for the quarter ended March 31, up from a profit of $1.03 per diluted share a year earlier.

Sales for the quarter totalled $775 million, up from $710 million in the first quarter of 2023.

Stella-Jones chief executive Eric Vachon says the performance reflects the ongoing robust fundamental market trends in its infrastructure product business and an improvement over its fourth-quarter results.

Analysts on average had expected a profit of $1.07 per share, according to data provided by LSEG Data & Analytics.

Stella-Jones shares were up $6.26 at $78.93 in trading on the Toronto Stock Exchange on Wednesday.

This report by The Canadian Press was first published May 8, 2024.

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The Canadian Press