By Adriano Marchese
Shares of ADF Group jumped Thursday morning after the company reported higher profit and revenue in the third quarter.
At 9:43 a.m. ET, shares were trading 18% higher at 5.31 Canadian dollars ($3.91).
The Canadian steel company posted net income of C$11.2 million, or C$0.34 a share, compared with C$2.91 million, or C$0.09 a share, in the prior-year period.
Revenue rose to C$82.1 million from C$65 million.
The company’s order-backlog was at C$339.3 million as of the end of the period, down from C$376.5 million at Jan. 31.
Chairman and Chief Executive Jean Paschini said he expects the company will be able to continue to grow its order backlog thanks to the number of projects currently under negotiation.
Write to Adriano Marchese at [email protected]
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