Atlas Engineered Products Ltd (CVE:AEP) (OTCMKTS:APEUF) has provided an update on its net revenues for the first two months of the second quarter of 2021, noting that it has continued the strong momentum achieved in the first quarter of 2021 into the second quarter.
The engineering company said revenues for the two months ended May 31 stood at C$8.9 million, a 12.6% increase from the full three months ended June 30, 2020, when it recorded revenues of C$7.9 million.
AEP said revenue for the first two months of the quarter almost matched revenues of C$9.1 million reported for the full three months ended March 31, 2021, which was the company’s best first quarter to date.
READ: Atlas Engineered Products updates on organic growth initiatives at its newest acquisition, Novum Building Components
"Continuing our strong organic growth in revenues while navigating the raw material shortages and high raw material costs has been a challenge, but one that the company has tackled head-on," said interim CFO Melissa MacRae.
"The entire team at AEP continues to focus on satisfying our customers' needs while producing solid financial results as we push forward through the final month of our second quarter and into the remainder of our fiscal year, which is typically the busiest time for our industry.”
The company said its focus continues to be on the raw material and labor challenges experienced by the construction industry, while also driving forward with further organic growth and production efficiency initiatives.
AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry.
It has a well-defined and disciplined acquisition and operating growth strategy enabling it to scale aggressively and apply new technologies, giving the company a unique opportunity to consolidate a fragmented industry of independent operators.
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