ECN Capital Reports US $0.05 in Adjusted Net Income per Common Share in Q3-2024

ECN Capital Reports US $0.05 in Adjusted Net Income per Common Share in Q3-2024

Benzinga
November 7, 2024

Strong Q3 2024 Results

TORONTO, Nov. 7, 2024 /CNW/ - ECN Capital Corp. (TSX:ECN) ("ECN Capital" or the "Company") today reported financial results for the three-month period ended September 30, 2024.

For the three-month period ended September 30, 2024, ECN Capital reported Adjusted net income (loss) applicable to common shareholders from continuing operations of $13.1 million or $0.05 per share (basic) versus $8.2 million or $.03 per share (basic) for the previous three-month period and $0.5 million or nil per share (basic) for the same period last year.

"Q3 was a strong quarter with Adjusted EPS of $0.05 in line with our guidance of $0.04 to $0.06", said Steven Hudson, CEO of ECN Capital Corp. "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."

Originations for the three-month period ended September 30, 2024 were $625.7 million, versus $622.5 million in the previous three-month period and $571.5 million for the same period last year. Originations for the three-month period ended September 30, 2024 include $351.3 million of originations from our Manufactured Housing Finance segment and $274.4 million of originations from our Recreational Vehicle and Marine Finance segment.

Managed Assets as at September 30, 2024 were $6.7 billion versus $5.3 billion as at June 30, 2024 and $4.8 billion as at September 30, 2023.

Adjusted EBITDA for the three-month period ended September 30, 2024 was $36.1 million versus $31.5 million for the previous three-month period and $24.1 million for the same period last year.

Operating Expenses for the three-month period ended September 30, 2024 were $30.3 million versus $26.5 million for the previous three-month period and $26.3 million for the same period ...

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