Canada's Biorem Q2 revenue rises 66% on project execution

Overview

• Canada clean tech firm's Q2 revenue rose 66% yr/yr on strong project execution

• Net income and EPS for Q2 increased significantly from prior year

• Company repurchased shares under normal course issuer bid during the quarter

Outlook

• Company did not provide specific guidance for future quarters or full year

Result Drivers

• PROJECT EXECUTION - Co said project execution exceeded expectations and contributed to higher revenue and profitability

• NEW PROJECTS - 20 new projects secured in the quarter helped maintain order backlog at near record levels

• HIGHER SALES EXPENSES - Increase in operating expenses was mainly due to higher variable sales expenses on increased revenue

Company press release: ID:nCNW6hdc5a

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the environmental services equipment peer group is "buy"

• Wall Street's median 12-month price target for Biorem Inc is C$3.50, about 15.5% above its July 27 closing price of C$3.03

Reuters Recommended Reads

• July 28 - Canada's Tamarack Valley Q2 revenue rises on higher oil prices

• July 28 - Finland's Lamor Q2 revenue falls on weak orders

• July 27 - Canada's First Capital REIT Q2 net income plunges on impairment, credit losses

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)