CA - Westshore Terminals Investment GAAP EPS of C$0.53 revenue of C$96.72M

2023-05-08 01:15:13 ET

• Westshore Terminals Investment press release ( OTCPK:WTSHF ): Q1 GAAP EPS of C$0.53.
• Revenue of C$96.72M (+9.6% Y/Y).
• Tonnage shipped for Q1 2023 was 6.9 million tonnes compared to 6.8 million tonnes for the same period in 2022. Of the tonnes shipped in Q1 2023, 59% was thermal coal and 41% was metallurgical coal, compared to 63% and 37% respectively for the same period in the prior year.
• Outlook: The cash inflows of the Corporation are entirely dependent on Westshore’s operating results. They are affected by the volume and mix of coal shipped through the Terminal, the rates charged to customers for the handling of that coal, and Westshore’s operating and administrative costs. The variance in revenues from 2022 will ultimately be impacted by numerous factors, including total volumes shipped through the Terminal, the distribution of throughput by customer and the US/CDN dollar exchange rate. Based on the most recent information provided by Westshore’s customers, performance year to date and anticipated railway performance, 2023 throughput volumes are expected to be approximately 26.5 million tonnes at an average loading charge of approximately $13.00 per tonne, for the full year. The average loading rate for a period reflects the customer mix and US/CDN exchange rate. Westshore’s potash project is progressing well, and continues to be on schedule and on budget. The construction phase will take approximately four years and Westshore expects to start handling potash in 2026. This is a very significant diversification for Westshore to handle another product for the long term.

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