05:14 PM EDT, 09/11/2024 (MT Newswires) -- Transcontinental Inc. (TCL-A.TO) after trade Wednesday reported fiscal third-quarter adjusted earnings that beat forecasts, even as it had slightly weaker than expected revenues.

The printing and package company reported adjusted earnings, excluding most one-time items, of $51.4 million, or $0.60 per share, in the quarter ended July 28, up from $44.0 million, or $0.51, a year ago. The result beat the Capital IQ consensus forecast of a $0.56 per share adjusted profit.

Revenue of $700 million was down from $706.7 million a year earlier, and missed the consensus forecast of $701.69 million.

"I am satisfied with the increase in our results in both the Packaging Sector and the Retail Services and Printing Sector," said chief executive Thomas Morin. "This fourth consecutive quarter of improvement in our profitability is the results of our cost reduction initiatives, including the optimization of our manufacturing network, as well as our efforts to market higher value-added products."

The company said it expects higher adjusted operating earnings before depreciation for the fiscal year for its packaging operations, while its printing operations are expecting stable adjusted operating earnings for the fiscal year.

Transcontinental's Class A shares closed up $0.29 to $16.69 on the Toronto Stock Exchange.