Shares of Carmanah Technologies (TSX:CMH) are up today after the company released preliminary results that saw its topline climb substantially.
Ahead of its November 13 third quarter earnings report, Carmanah said its revenue would come in at about (U.S.) $19.5-million, up approximately 60% from the $12.2-million topline the company posted in last year’s Q3.
“The third quarter included revenues of about $5.8-million from the Sabik group of companies, which met our expectations,” said CEO John Simmons. “Organic growth across the balance of our business exceeded 10 per cent on a year-over-year basis. All divisions did well with the exception of our illumination division, where results were below expectation. Our illumination division has a significant sales pipeline, and they are working hard to improve revenues in the final quarter of 2015.”
This past summer, the Victoria-based Carmanah acquired the Sabik Group of Companies for €21.5 million. A long-time player in the marine aids to navigation market, the Finland-based Sabik also offered sophisticated lighting and monitoring solutions for the offshore wind industry.
Founded in 1996, Carmanah manufactures LED lights and solar power systems for rugged environments such as those encountered in marine and aviation environments.
At press time, shares of Carmanah Technologies were up 9.4% to $5.80.