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As the company expands across Asia, Europe and North America large industrial orders are driving revenues upward, with gains in EBITDA.
Xebec Adsorption (TSXV:XBC), cleantech company witnessed revenues soar over the quarter to C$35.7 million, up 136 percent year-over-year. As industrial orders increased, net income ticked up to C$0.02 per share while earnings before interest, tax, depreciation and amortization (EBITDA) footed C$1.5 million.
As quoted in the news release:
Financial Results
Revenues of $35.7 million for the nine-month period ended September 30, 2019, compared to $14.1 million for the same period in 2018, a 153% increase. The increase is mainly explained by the higher volume of major cleantech contracts.
Gross profit of $11.4 million or 32% of revenues for the nine-month period ended September 30, 2019, compared to $4.2 million for the same period in 2018, a 171% increase compared to the same period in 2018. The company has higher gross margins in the cleantech segment and a better absorption of the overhead costs due to a higher volume of sales.
Net profit of $2.5 million or $0.04 per share for the nine-month period ended September 30, 2019, compared to a net loss of ($1.9) million or ($0.04) per share for the same period in 2018, an improvement of $4.4 million. The increase is mainly due to higher sales and margins.
Positive EBITDA of $4.4 million for the nine-month period ended September 30, 2019, compared to ($0.4) million for the same period in 2018, an increase of $4.8 million.
Backlog increased by $5.5 million, from $65.5 million on November 8, 2018, to $71.0 million on November 11, 2019.
