Latest news with #Terrebonne
CTV News
9 hours ago
- Business
- CTV News
ADF Group reports Q1 profit, revenue falls from year ago amid tariff uncertainty
TERREBONNE — ADF Group Inc., a maker of steel superstructures, reported a first-quarter profit of $8.7 million as its revenue plunged compared with a year earlier due to the uncertainty related to U.S. tariffs. Revenue for the quarter totalled $55.5 million, down from $107.4 million in the same quarter last year. The Quebec-based company says the drop came as it earned a profit of 30 cents per diluted share for the quarter ended April 30 compared with a profit of $15.3 million or 47 cents per diluted share a year earlier. ADF, which builds complex steel structures, says the uncertainty surrounding the application and functioning of the U.S. tariffs caused an unrecoverable delay in fabrication hours, mainly at its plant in Terrebonne. It says the drop in revenue forced it to take contingency measures and start a work-sharing program at the plant that helped mitigate the negative impacts of the decrease in fabrication hours. ADF also says the tariffs hurt its margins. This report by The Canadian Press was first published June 10, 2025.
Globe and Mail
10 hours ago
- Business
- Globe and Mail
ADF GROUP INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED APRIL 30, 2025
QUARTER HIGHLIGHT Revenues of $55.5 million , down from the same period last year, in line with the uncertainty related to the U.S. tariffs. Gross margin, as a percentage of revenue (1) stood at 22.0%, compared to 29.2% a year ago. Cash flow from operations of $25.3 million . Net income of $8.7 million , down compared to April 30, 2024 . Order Backlog (1) at $330.4 million as at April 30, 2025 , up compared with January 31, 2025 . All amounts are in Canadian dollars unless otherwise noted. TERREBONNE, QC , June 10, 2025 /CNW/ - ADF GROUP INC. ("ADF" or the "Corporation") (TSX: DRX), a North American leader in the fabrication of steel superstructures, recorded revenues of $55.5 million for the first quarter ended April 30, 2025 , compared to $107.4 million for the same period a year earlier. Gross margin, as a percentage of revenue (1) went from 29.2% for the three (3) months ended April 30, 2024 , to 22.0% for the same period ended April 30, 2025 . These variations are attributable to the direct and indirect impacts of the U.S. tariffs. Although the Corporation's order backlog (1) is more than adequate, exceeding $300 million as at April 30, 2025 , the uncertainty surrounding the application and functioning of these tariffs has caused an unrecoverable delay in fabrication hours, mainly at ADF's plant in Terrebonne, Quebec . The decline in revenues forced the Corporation to take contingency measures and initiate a work-sharing program at its Terrebonne plant. This program has allowed the Corporation to mitigate the negative impacts of the decrease in fabrication hours, however not entirely. The tariffs also had an indirect negative impact on the Corporation's margins, which is caused by the increase in the price of steel sold by U.S. steel mills. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) (2) amounted to $10.4 million , or 18.7% of revenues, compared with $23.1 million or 21.5% of revenues on April 30, 2024 . For the first quarter ended April 30, 2025 , ADF recorded net income of $8.7 million ( $0.30 per share basic and diluted) compared to net income of $15.3 million ( $0.47 per share basic and diluted) for the same period a year earlier. As at April 30, 2025 , the Corporation's order backlog (1) was $330.4 million , up compared with January 31, 2025 , when the order backlog stood at $293.1 million . As at April 30, 2025 , the Corporation had working capital (1) of $108.6 million while operating activities generated cash of $25.3 million during the three (3) month period ended April 30, 2025 , closing the same quarter with cash and cash equivalents of $75.3 million . _______________________________ (1) The order backlog, gross margin as a percentage of revenues and working capital are additional financial measures. Refer to the "Non-IFRS and Other Financial Measures" section herein for the definition of these indicators. (2) Adjusted EBITDA is a non-IFRS financial measure. Refer to the "Non-IFRS Financial Measures and Other Financial Measures" section of this press release for the definition of this indicator. Financial Highlights Three-Month Period Ended April 30, 2025 2024 (In thousands of Canadian dollars, and dollars per share) $ $ Revenues 55,523 107,400 Adjusted EBITDA (1) 10,395 23,099 Income before income taxes expense 11,732 21,258 Net income for the period 8,746 15,265 — Basic and diluted per share 0.30 0.47 Number Number Weighted average number of outstanding shares (basic and diluted) (In thousands) 28,751 32,640 (1) Adjusted EBITDA is a non-IFRS financial measure. Refer to the "Non-IFRS Financial Measures and Other Financial Measures" section of this press release for the definition of this indicator. U.S. Tariffs In recent months, the tariff measures put in place by the US authorities have been marked by frequent and sometimes unpredictable developments. In this context, and now that the official documents have been published and interpreted by the Corporation's customs experts, Management has a clearer view of the different impacts of these tariffs, including the impact of the announcements in the recent weeks. The products exported by ADF comply with the requirements of the Canada -United States-Mexico Agreement (USMCA). As a result, they are only subject to the specific steel tariffs, set at 25% by U.S. Government Proclamation 10896. These duties only apply if the raw materials used are not smelted and poured in the United States . However, ADF generally obtains steel from US-based mills and has done so for several years. Thus, when this condition is met, ADF's exports are exempt from these duties, allowing the Corporation to maintain its competitiveness in the U.S. market. At the same time, the Canadian government introduced countermeasures in the form of surtaxes on steel imports from the United States . However, these surcharges are recoverable upon exports. To facilitate the management of these costs for manufacturers, a remission order has been issued, allowing for immediate relief from these surtaxes at the time of import. Outlook "Given the circumstances, and more particularly the uncertainty related to U.S. tariffs, we are pleased with the results of the first quarter of our current fiscal year, which ended on April 30, 2025 . We were able to generate cash, while continuing our normal course issuer bid program, which we have completed since the close of the first quarter" indicated Mr. Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer. " We closed our first quarter with an order backlog (1) of $330 .4 million, allowing us to expect an increase in revenue and profitability for the second half of our fiscal year ending January 31, 2026 " concluded Mr. Jean Paschini. Dividend On April 9, 2025 , ADF Group's Board of Directors approved the payment of a semi-annual dividend of $0.02 per share, which was paid on May 15, 2025 , to Shareholders of Record as at April 24, 2025 . Conference Call with Investors A conference call with investors is scheduled today, April 10, 2025 , at 10 a.m. ( Montreal time) to discuss the results of the quarter ended April 30, 2025 . To join the conference call without operator assistance, you can register with your phone number on to receive an instant automatic reminder. You can also join the conference call with operator assistance by dialing 1-800-990-4777 a few minutes prior to the conference call scheduled start time. A replay of this conference call will be available from 1:00 p.m. on June 10, 2025 , until June 17, 2025 , by dialing 1-888-660-6345, followed by access code 63247#. The conference call (audio) will also be available at the Members of the media are invited to join in listening mode. ANNUAL GENERAL MEETING OF SHAREHOLDERS FOR THE FISCAL YEAR ENDED JANUARY 31, 2025 ADF Group Inc.'s Annual Meeting of Shareholders will be held on: About ADF Group Inc. | ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication, including the application of industrial coatings, and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non-residential infrastructure sector. ADF Group Inc. is one of the few players in the industry capable of handling highly technically complex mega projects on fast-track schedules in the commercial, institutional, industrial and public sectors. The Corporation operates two fabrication plants and two paint shops, in Canada and in the United States , and a Construction Division in the United States , which specializes in the installation of steel structures and other related products. Forward-Looking Information | This press release contains forward-looking statements reflecting ADF's objectives and expectations. These statements are identified by the use of verbs such as "expect" as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF's expectations. Non-IFRS Financial Measures and Other Financial Measures | Are measures derived primarily from the consolidated financial statements but are not a standardized financial measure under the financial reporting framework used to prepare the Corporation's financial statements. Therefore, readers should be careful not to confuse or substitute them with performance measures prepared in accordance with IFRS. In addition, readers should avoid comparing these non-IFRS financial measures to similarly titled measures provided or used by other issuers. The definition of these indicators and their reconciliation with comparable International Financial Reporting Standards measures issued by the International Accounting Standards Board ("IFRS Accounting Standards") is as follows: Adjusted EBITDA shows the extent to which the Corporation generates profits from operations, without considering the following items: Net financial expenses; Income taxes expense ; Foreign exchange losses, and Depreciation and amortization of property, plant and equipment, intangible assets, and right-of-use assets. Net income is reconciled with adjusted EBITDA in the table below: Gross Margin as a Percentage of Revenues Gross margin as a percentage of revenue indicator is used by the Corporation to assess the level of profitability for a given period based on the project mix for that same period. This indicator is subject to fluctuations in project prices and also in the operational efficiency of the Corporation. The indicator of gross margin as a percentage of revenues results from dividing gross margin by revenues. Order Backlog The order backlog is a measure used by the Corporation to assess future revenue levels. The order backlog includes firm orders obtained by the Corporation, either through a firm contract or a formal notice to proceed confirmed by the client. The order backlog disclosed by the Corporation therefore includes the portion of confirmed contracts that have not been put into production. The working capital indicator is used by the Corporation to assess whether current assets are sufficient to meet current liabilities. It is therefore equal to current assets, less current liabilities.
Globe and Mail
03-06-2025
- General
- Globe and Mail
‘Every vote counts' is not just a slogan
'Every vote counts' has long been a slogan for those urging participation in the democratic process. But those three words − with a question mark − are now shaping up to be a legal question that could ultimately trigger a by-election in the Quebec riding of Terrebonne. The result, after all the official counting was done, was as close as it could be: Liberal candidate Tatiana Auguste received 23,352 votes in a judicial recount, just one more than her Bloc Québécois opponent Nathalie Sinclair-Desgagné. Even with that tiniest of victory margins, that would have given the seat to Ms. Auguste and the Liberals – except that riding resident Emmanuelle Bossé then went public with her claim that her mail-in ballot, with a vote for the Bloc, was returned to her on May 2. Elections Canada had used an incorrect postal code for a self-addressed return envelope. Ms. Bossé has told reporters that she put her ballot in the mail on April 5, well ahead of the April 22 deadline for it to be received by Elections Canada. That ballot was returned to her on May 2, four days after the election. Her additional vote for the BQ would have meant a tie, triggering a by-election. The BQ filed a court application on May 23, as it is entitled to under the Canada Elections Act, requesting a by-election. That would be a just outcome, not just for Ms. Bossé, but for all Canadians' voting rights. Elections Canada says that 106 mail-in ballots were sent out with incorrect postal codes. Of those, 85 were returned in time to be counted, five were returned to Elections Canada late and 16 (including Ms. Bossé's ballot) were not returned at all. It is possible – even likely – that more than just Ms. Bossé's right to vote is at stake. The five late ballots could have been slowed down by their lack of an accurate postal code. And there is a possibility that another 15 votes were cast and not received by Elections Canada, as was the case for Ms. Bossé. That is a question mark hanging over the basic democratic rights of nearly two dozen voters in Terrebonne. And the arithmetic is clear: Even one more vote for the Bloc in the official count would have resulted in a new election. And that is a key fact for the court to consider. It's not enough that Elections Canada made a mistake in addressing the envelopes. No election is conducted without hiccups. Perfection is an unreasonable standard. The mistake must be big enough to have potentially affected the outcome of the election in the riding. Most of the time, that error would have be very large indeed to be bigger or equal to the winning candidate's margin of victory. But in Terrebonne in the 45th general federal election, the margin was tiny, just one vote. So, if the facts are as Ms. Bossé has described, the resulting irregularities would appear to meet the legal standard in the Canada Elections Act for nullifying the election and ordering a by-election. There is a downside, both for partisans and for riding residents. For Liberals, they are trading the certainty of a win for the possibility of defeat. The results were surprisingly good for the Liberals on April 28. In a by-election, voters would know that the Liberals would continue on in government no matter the outcome. That could well mean the BQ wins. More broadly, a by-election would deprive the residents of Terrebonne of representation during the current sitting of Parliament. That is not a step that should be taken lightly. Neither of those is a good enough reason to avoid a by-election in Terrebonne for the very simple reason that Ms. Bossé's vote is no less important than those from the 60,278 people currently in the official count. Her vote should have been part of that group verdict and was not, seemingly through no fault of her own. And that means one of her fundamental rights as a Canadian was violated. Democratic rights are not just part of the Charter of Rights and Freedoms. They are set on a higher plane than many other rights in the Charter, beyond the reach of a legislature's ability to use the notwithstanding clause. Freedom of religion, freedom of expression, freedom of peaceful assembly: all are important but can be limited using the notwithstanding clause. But not the right to vote, because the power of democracy ultimately underpins all other rights. 'Every vote counts' has been used as a slogan for so long that it has slipped into the bland world of platitudes. But if Ms. Bossé's case has no other effect, it has demonstrated that real power lies in the hands of each voter.
CTV News
02-06-2025
- General
- CTV News
The Québec solidaire candidate in Terrebonne switches to the Parti Québécois
Archives - Parti Québécois leader Paul St-Pierre Plamondon celebrates with candidate Catherine Gentilcore, second from left, after she won the by-election in Terrebonne on Monday, March 17, 2025. (The Canadian Press/Christinne Muschi) The candidate who represented Québec solidaire (QS) in the Terrebonne by-election, Nadia Poirier, is leaving the party to join the Parti Québécois (PQ). Poirier made the announcement on social media on Sunday, just over two months after the by-election, which PQ candidate Catherine Gentilcore easily won. A few days after the by-election, in which she finished fourth with 4.55 per cent of the vote, Poirier publicly lamented the lack of support from QS during the campaign. On Reddit, Poirier pointed out, among other things, that no QS MNAs had come to Terrebonne with her to campaign, except co-spokesperson Ruba Ghazal for a 'solidarity beer.' On Sunday, Poirier revealed that this was 'only the tip of the iceberg of what [she] criticizes the party for.' 'But since I prefer to wash my dirty laundry in private, I shared the rest of my grievances with them privately. The result remains the same: I am leaving Québec Solidaire,' she announced. Poirier justified her move to the PQ by saying that she had read the party's national platform and found 'particularly progressive elements, ideas that overlap with those of QS, refreshing proposals.' 'When you put aside the QS-PQ rivalry, you realize that we are not so far apart,' she wrote. Poirier stated that she will continue to campaign for independence. She also said she hopes for a 'sovereignist convergence' with a view to a third referendum. Poirier also ran for QS in Terrebonne in the 2022 general election. She finished third, behind the Coalition Avenir Québec and the PQ. This report by The Canadian Press was first published in French June 2, 2025.
CBC
23-05-2025
- Politics
- CBC
Bloc Québécois files legal challenge to have election in Terrebonne overturned
The Bloc Québécois says it has filed a legal challenge in the Superior Court to have the election in Terrebonne overturned after losing by one vote. Liberal candidate Tatiana Auguste won the riding, but it later flipped to Bloc candidate Nathalie Sinclair-Desgagne after validation.
