The following is a summary of the Acadian Timber Corp. (ACAZF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Acadian reported Q1 sales of $28.8 million, a substantial increase from the previous year, thanks to their first significant sale of carbon credits and increased timber sales volumes.
Operating costs rose to $21.2 million due to costs related to carbon credit sales and higher timber sales volumes, and adjusted EBITDA improved to $10.6 million.
Net income totalled $6 million or $0.35 per share, slightly more than the $5.6 million or $0.33 per share from the previous year.
The company declared dividends of $5 million, or $0.29 per share.
Business Progress:
Acadian made a significant sale in voluntary carbon credits and is continuing to register additional credits.
The company executed a lease agreement for the development of a solar-powered facility on its Maine Timberland, indicating a move towards renewable energy.
It also completed the acquisition of considerable new timberland in New Brunswick at a competitive price.
The company has active plans for refinancing a portion of its long-term debt ahead of its 2025 maturity date.
They expect steady demand and stable prices for their products for the rest of the year, thanks to their increasing contractor capacity.
The company displayed strategic planning in buying waterfront lands, which are intended to be sold off over the next few years.
More details: ACADIAN TIMBER CORP IR
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