Q2 2024 ECN Capital Corp Earnings Call Transcript
Key Points
- ECN Capital Corp (ECNCF) reported $0.03 earnings per share, confirming guidance of $0.10 to $0.16.
- The company achieved $20.2 million in operating income from Triad, ahead of plan.
- The partnership with Carlyle was extended and expanded, and Monroe Capital joined with a $300 million forward rental funding program.
- RV/marine originations grew by 14% year over year, with $311 million in originations.
- Triad's adjusted operating income increased by 108% year over year to $20.2 million, with origination revenue margin climbing to 7.5%.
- The decision to delay the land home relaunch and later signing of a rental flow agreement impacted first-half originations.
- Origination guidance was lowered from $1.7 billion to $1.5 billion due to delays in land home and community products.
- The company faced challenges in transitioning away from credit unions to institutional funding.
- There were no fair value provisions in the current quarter, indicating potential volatility in future quarters.
- The company is still working on diversifying funding sources for RV/marine, indicating ongoing challenges in securing stable funding.
Welcome to the ECN Capital second-quarter 2024 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. (Operator Instructions)
I would now like to turn the meeting over to Katherine Moradiellos, VP of Finance and Investor Relations. Please go ahead, Katherine.
Thank you, Brenda. Good afternoon, everyone, and thank you all for joining this call. Joining us today on the call are Steven Hudson, Chief Executive Officer; Jackie Weber, Chief Financial Officer; Chris Johnson, Senior Vice President and Head of Capital Markets; Lance Hull, President of Triade Financial; Matt Heidelberg, Chief Operating Officer of Triad Financial; Mike Opdahl, President of Source One, and Hans Kraaz, Founder and CEO of IFG.
A news release summarizing these results was issued this afternoon and the financial statements and MD&A for the three month period ended June 30, 2024, have been filed with SEDAR. These
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