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Exco Resources sees c-suite shift with 1Q results

In the three months ended Dec 31, 2018, Exco reported net income of C$3.8 million, down from C$8.9 million in the previous year's three-month period

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Exco is a technology supplier to the die-cast, extrusion and automotive industries

Exco Technologies Limited (TSE:XTC) saw a shift in its boardroom this quarter when releasing its quarterly results. 

The technology supplier to the die-cast, extrusion and automotive industries announced its Board of Directors has appointed Darren Kirk as president and CEO, effective immediately, replacing Brian Robbins who has been named the executive chair.

In the three months ended Dec 31, 2018, Exco reported net income of C$3.8 million, down from C$8.9 million in the previous year's three-month period. 

Exco also announced a 6% increase in its quarterly dividend to $0.09 per common share which will be paid on March 29, 2019 to shareholders of record on March 15, 2019. 

Recently, the company announced it was closing operations at its Automotive Leather Company in Bulgaria. 

Exco said that the liquidation filing for ALC, acquired in 2014 for approximately $25 million, was prompted by ongoing operating losses at ALC which were tied to “its failure to reach an agreement with its primary customer for continued price support,” said the company in a statement. 

The company said its sales reached $142.1 million, with adjusted earnings-per-share at $0.24 compared to $0.21 in the prior year. 

Quick facts: Exco Technologies

Price: 9.4 CAD

TSX:XTC
Market: TSX
Market Cap: $369.13 m
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