Sales of $395.8 million, up 24.3%; organic growth(1) of 7.7% in Canada;
Gross margin of $128.5 million, up 31.4% due to The Parts Alliance acquisition;
EBITDA(1) of $32.2 million. Adjusted EBITDA(1) of $33.9 million, up 10.0% from $30.8 million last year;
EPS and adjusted EPS of $0.26 and $0.36 respectively compared to $0.41 last year;
Closed the acquisition of The Parts Alliance(2) in the UK providing a third growth platform; and
Two additional acquisitions in the quarter, BBC Superfactors in the UK adding 7 locations, and
Dash Distributors in Canada adding 4 locations.
Boucherville (Québec), November 8, 2017 – Uni-Select Inc. (TSX:UNS) today reported its financial results for the third quarter ended September 30, 2017.
“We are very pleased to report our third quarter results which include seven weeks of The Parts Alliance (“TPA”) business in the UK acquired in August. TPA results do not represent a full quarter as we are only reporting since its acquisition on August 7, 2017. We are excited by the opportunities ahead. TPA management is driving a number of profitable growth initiatives and has already demonstrated it with their first acquisition in September, adding seven locations to its network. The Canadian business reported another strong quarter, with organic sales growth of 7.7% while improving its EBITDA. FinishMaster US is focusing on initiatives underway to overcome headwinds from the product line changeover, but also from the two hurricanes that impacted important markets, Texas and Florida, during the quarter,” said Henry Buckley, President and Chief Executive Officer of Uni-Select. “While consolidated net earnings are below our expectations, the underlying industry fundamentals are positive, and we have both profitable sales growth initiatives and productivity improvement initiatives underway to maximize shareholder value,” added Henry Buckley.