SAINT-GEORGES, QC — North American specialty trailer designer and manufacturer Manac Inc. reported on Monday its first quarter profit more than doubled.
The Quebec-based business had net income of $4.3 million or $0.25 per share, compared with a net income of $1.6 million or $0.10 per share in the first quarter of 2014.
Revenues for the first quarter increased 45%, totaling $95.9 million, compared to $66.2 million a year earlier. The increase in revenues is due in part to the purchase of the trailer and chassis manufacturer Peerless Ltd. last June, but mainly to an increased production output at the company’s three other facilities to address the high level of demand, according to Manac.
“The year 2015 starts very well for Manac, supported by the backlog level at the end of 2014, solid trucking industry dynamic and our increased production levels,” said Charles Dutil, president and CEO. “The continued decrease of the Canadian dollar during the first quarter of 2015 negatively impacted the company’s cost of material, although our hedging strategy has helped mitigate the effect on our results.”
The company said its backlog of orders remains strong at $165.3 million on March 28, compared to $98.4 million on March 29, 2014 and to $173.5 million on December 31, 2014.
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