05:30 PM EST, 11/07/2024 (MT Newswires) -- ECN Capital ( ECNCF ) on Thursday reported higher third-quarter adjusted profit.

The finance company said adjusted net income, excluding most one-time items, rose to US$13.1 million or US$0.05 per basic share, from US$0.5 million, or nil per share, for the same period last year.

Originations for the quarter were US$625.7 million, versus US$571.5 million last year. Managed assets of US$6.7 billion was an increase from last year's US$4.8 billion.

A quarterly dividend of C$0.01, will be paid on Dec. 31 to shareholders of record on Dec. 13.

"Q3 was a strong quarter with Adjusted EPS of $0.05 in line with our guidance of $0.04 to $0.06", said chief executive Steven Hudson. "We remain on track for the year. Our management teams' have streamlined our business and made significant improvements that have positioned us for continued growth. We are providing 2025 guidance of $0.19 to $0.25."

The company's shares closed up $0.07 to $2.37 on the Toronto Stock Exchange.