Construction Stock Rises Following Financial Results

CanWel Building Materials Group Ltd. (TSX:CWX), a construction stock, climbed after announcing fiscal 2017 financial results

Sean Mason | March 9, 2018 | SmallCapPower

Revenue and earnings growth propelled a construction stock sharply higher Friday. Here’s some small stocks making big moves on Friday, March 9, 2018 (as of 11:30 am EST):

CanWel Building Materials Group Ltd. (TSX:CWX), a construction stock, moved 8% higher to $6.92 on Friday after announcing that its fiscal 2017 revenues increased 16% to $1.14 billion, while net earnings for the period surged 45% to $31.6 million, excluding non-recurring costs.

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As well, shares of UrtheCast Corp. (TSX:UR) plunged 42% to $0.57 as the geospatial and geoanalytics technology company said it is currently in financing negotiations after revealing that its cash balance has decreased from approximately $25 million, as at the end of the third quarter of 2017, to about $12 million as at February 28, 2018.

Savaria Corporation (TSX:SIS), meanwhile, reported a 51% increase in its fiscal 2017 revenue to $180.5 million, along with a 57% increase in net earnings for the year. The Company also raised its dividend 38.5%, which will now be paid monthly. Savaria stock moved up 5% to $18.41 following the announcement.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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