Exchange Income Corporation continued to produce strong growth in all metrics in the third quarter largely thanks to the contributions of its WesTower Communications unit, a company that builds and services wireless phone towers throughout North America.
The Winnipeg-based diversified management company announced an increase in its monthly dividend to 14 cents from 13.5 cents. It is the eighth time since 2004 that the company has increased dividend distributions.
Net earnings for the quarter ending Sept. 30, 2012 were $9.9 million up 37 per cent compared to the same period last year on revenue of $220.8 million, up 51 per cent. EBITDA was up 37 per cent to $30.3 million.
WesTower continued the ramp up of its three-year contract with AT&T Mobility, and contributed revenue and EBITDA of $124.1 million and $11.3 million, respectively.
Exchange Income Corp.’s shares were up 27 cents this morning to $26.95 just shy of its 52-week high of $27.00.