The Western Investment Company of Canada (WI) Q2 2024 earnings summary

Executive summary

• Reported financial and operating results for Q2 and six months ended June 30, 2024, with seasonal businesses impacted by a cooler spring but showing signs of recovery in July and August.

• Announced delay of Annual General and Special Meeting to amend terms of a previously announced transaction with Tevir Capital Corp.

Financial highlights

• Income from equity investments for Q2 2024 was $442,152, down 41% year-over-year; for six months, $1,098,421, down 84%.

• Finance income increased 29% in Q2 and 25% for the six months compared to 2023.

• Normalized income for Q2 was $666,981, down 28% year-over-year; for six months, $623,146, down 33%.

Outlook and guidance

• Fortress Insurance expects continued growth in gross written premiums as it expands into Ontario and adds new products.

• GlassMasters anticipates ongoing revenue growth, with July revenues up 30% year-over-year.

• Foothills Creamery expects improved sales in Q3 due to favorable summer weather.