Highlights

• Revenues increased by $616.3 million, or 30.7%, from $2,007.2 million to $2,623.5 million, mainly as a result of the transformational acquisition of Coveris Americas completed on May 1, 2018. This increase was partially mitigated by the sale of our local and regional newspaper media assets in Québec and the sale of the printing operations of our Fremont, California, plant. Adjusted revenues, which exclude the accelerated recognition of deferred revenues of $102.1 million, increased by $514.2 million, or 25.6%, from $2,007.2 million to $2,521.4 million.
• Operating earnings increased by $65.6 million, or 21.7%, from $302.0 million to $367.6 million. Adjusted operating earnings, which exclude the accelerated recognition of deferred revenues, accelerated depreciation, restructuring and other costs (gains), impairment of assets, amortization of intangible assets and the reversal of the fair value adjustment of inventory sold arising from business combinations, increased by $46.1 million, or 14.8%, from $310.7 million to $356.8 million.
• Net earnings increased by $1.9 million, or 0.9%, from $211.5 million to $213.4 million. Adjusted net earnings, which exclude the accelerated recognition of deferred revenues, accelerated depreciation, restructuring and other costs (gains), impairment of assets, amortization of intangible assets and the reversal of the fair value adjustment of inventory sold arising from business combinations, net of related income taxes, increased by $25.7 million, or 12.0%, from $213.7 million to $239.4 million.
• Completed the acquisition of Coveris Americas, positioning TC Transcontinental as a North American leader in flexible packaging.
• Concluded an agreement with The Hearst Corporation whereby the Corporation transferred to Hearst, on April 2, 2018, the printing of the San Francisco Chronicle.
• Finalized the sale process of local and regional newspapers in Québec as well as their related web properties.