Boucherville, Quebec — Uni-Select Inc. announced its third-quarter financial results on Friday, reporting significantly improved results from the previous quarter.
The company generated positive free cash flows of $33.4 million while reporting total net debt reimbursement of $46.8 million from “effective cash management compensating the effects of the COVID-19 pandemic,” according to an online release.
Further, Uni-Select said its sales have improved sequentially in each segment month-after-month from April to September, improving from negative consolidated organic growth of 31.9 percent reported for the second quarter of 2020, to negative 12.6 percent for the current quarter.
“Our third-quarter results improved significantly from the second quarter mirroring the bounce back in the market. As expected, the auto parts businesses rebounded more rapidly than the paint business, with the Canadian Automotive Group generating positive organic growth in the quarter,” said Brent Windom, president and CEO of Uni-Select.
Windom said Uni-Select was able to accomplish this solid performance due to the successful execution of measures the company put in place for business continuity, in response to COVID-19, coupled with stringent cost control initiatives and the acceleration of our Continuous Improvement Plan.
“At the end of the quarter, we had realized $30.0 million annualized cost savings since the launch of the plan in June 2020, essentially completing it on target and ahead of schedule. These actions, combined with our tight working capital management, translated into strong cash flow generation which was used primarily to reduce debt,” Windom concluded.
To learn more about Uni-Select, visit uniselect.com.
