Exco Results For Second Quarter Ended March 31, 2021

• Sales increased 4% excluding foreign exchange impact 
• EBITDA growth of 15% to $20.2 million
  
• EBITDA margin of 17.1% compared to 14.7% prior year
• EPS of $0.30 compared to $0.24 prior year; a 25% improvement
• Quarterly dividend of $0.10 per common share
  

TORONTO, April 28, 2021 (GLOBE NEWSWIRE) -- Exco Technologies Limited (TSX-XTC) today announced results for its second quarter of fiscal 2021 ended March 31, 2021. In addition, Exco announced a quarterly dividend of $0.10 per common share which will be paid on June 30, 2021 to shareholders of record on June 16, 2021. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

	Three Months Ended March 31				Six Months Ended March 31
(in $ thousands except per share amounts)
		2021		2020		2021		2020
Sales	$118,360		$120,244		$239,762		$240,667
Net income for the period	$11,734		$9,495		$22,650		$17,553
Earnings per share: Basic and Diluted – Reported	$0.30		$0.24		$0.58		$0.44
EBITDA	$20,264		$17,642		$39,556		$33,024

“Exco’s second quarter results were very strong by almost any measure. Encouragingly we see many opportunities for further gains ahead”, said Darren Kirk, Exco’s President and CEO. “Of course a big thank you goes out to all of our employees for their commitment to working safely through these challenging times.”

Consolidated sales for the second quarter ended March 31, 2021 were $118.4 million compared to $120.2 million in the same quarter last year – a decrease of $1.8 million, or 1%. Excluding foreign exchange rate fluctuations sales increased 4% during the quarter.

The Automotive Solutions segment reported sales of $69.3 million in the second quarter – a decrease of $4.1 million, or 6% from the prior year quarter. Excluding foreign exchange rate movements on Exco’s results, segment revenues were lower by $0.6 million, or 1% during the quarter. After adjusting for the impact of foreign exchange rate movements, the segment continues to perform above IHS vehicle production estimates of negative 5% in North America and negative 1% in Europe in the quarter representing content per vehicle growth. This segment’s sales were favourable when considering the negative impact from the global microchip shortage, continued COVID-19 lockdowns, the Texas snowstorm, and shipping delays from congested ports which reduced vehicle production in the quarter. Segment sales were supported by a number of program launches for both new and existing products and favourable vehicle mix. The segment has received multiple contract wins during the quarter and management continues to see decent quoting activities for new programs across the segment’s various businesses supporting future growth.