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Extendicare Q2 Earnings Call Highlights
['Logan Wallace']
Ticker Report
Segment NOI increased C$5.7 million, or 23.9%, and the quarterly NOI margin rose 110 basis points to 12.7%.
For the trailing 12 months ended June, normalized long-term-care NOI margin was about 11.8%, which management said is consistent with its recent expectations.
Still, NOI increased C$0.2 million to C$9.9 million, supported by 8.3% organic growth in SGP clients and higher management fees from the newly opened Extendicare Beauclaire home.
Second-quarter net earnings were C$30.9 million, down C$1.1 million from a year earlier, reflecting financing, debt-prepayment, transaction and integration costs.
Looking ahead, Extendicare plans to complete the Closing the Gap integration this year, continue integrating CBI and advance its redevelopment agenda.