2024-05-12 12:40:12 ET
CCL Industries, Inc. (CCDBF)
Q1 2024 Earnings Conference Call
May 09, 2024 7:30 AM ET
Company Participants
Geoffrey Martin - President and Chief Executive Officer
Sean Washchuk - Senior Vice President and Chief Financial Officer
Conference Call Participants
Hamir Patel - CIBC Capital Markets
Ahmed Abdullah - National Bank of Canada
Stephen MacLeod - BMO
Michael Glen - Raymond James
Daryl Young - Stifel
Sean Steuart - TD Cowen
David McFadgen - Cormark Securities
Presentation
Operator
Good morning, and welcome to CCL Industries' First Quarter Investor Update. Please note that there will be a question-and-answer session after the call. The moderator for today is Mr. Geoff Martin, President and Chief Executive Officer; and joining him is Mr. Sean Washchuk, Senior Vice President and Chief Financial Officer. Please go ahead, gentlemen.
Sean Washchuk
Good morning, everyone, and welcome to our first quarter call for 2024. I'll draw everyone's attention to Slide 2, our disclaimer regarding forward-looking information. I'll remind everyone that our business faces known and unknown risks and opportunities. For further information on these key risks, please take a look at our 2023 annual report, particularly in the section of risks and uncertainties. Our annual and quarterly reports can be found on the company's website, cclind.com or on sedarplus.ca.
Moving to Slide 3, our summary of financial information. For the first quarter of 2024, sales increased 5.2% with 2% organic growth, 3% acquisition growth and 0.2% positive impact from currency translation, resulting in sales of $1.74 billion compared to $1.65 billion in the first quarter of 2023. Operating income was $282 million for the 2024 first quarter compared to $257.7 million for the first quarter of 2023. A 9.1% increase excluding the impact of foreign currency translation. Geoff will expand on the segmented operating results of our CCL, Avery, Checkpoint and Innovia segments momentarily.
Corporate expenses were down slightly $0.1 million for the quarter versus the prior year quarter. Consolidated EBITDA for the 2024 first quarter, excluding the impact of foreign currency translation, increased 9.8% compared to the same period in 2023. Net finance expense was $18 million for the first quarter of 2024 compared to $19.4 million in the 2023 first quarter due to a decrease in total debt outstanding and increased finance income on the company's deposits....
Read the full article on Seeking Alpha
For further details see:
CCL Industries, Inc (CCDBF) Q1 2024 Earnings Call Transcript