05:14 PM EDT, 06/05/2024 (MT Newswires) -- Transcontinental Inc (TCL-A.TO) on Wednesday said its fiscal second-quarter adjusted profit rose 16% even as revenue weakened.

The packaging and printing company said its adjusted profit, which excludes most one-time items rose to $45.3 million, or $0.52 per share, in the quarter ended April 28, from $39.1 million, or $0.45, in the year-prior period. The result topped the consensus analyst estimate for the measure of $0.45 per share, according to Capital IQ.

Revenue fell 8.6% to $683.2 million from $747.2 million.

"I am very satisfied with our performance for the quarter in terms of profitability. We pursued our cost reduction initiatives with determination, while our efforts to improve our product mix toward higher value-added products are showing results," chief executive Thomas Morin said in a release.

Transcontinental shares closed down $0.19 to $13.35 on the Toronto Stock Exchange.