RE:Results look good to meI went through the RSI results and I agree they look pretty good. Adjusted EPS of 15c is above the Street at 14c (Scotia at 13c). Sugar volumes in the Q were up 3% YoY and adjusted sugar gross margin per tonne was up 4% YoY. Adjusted EBITDA looks to be around $30M, not sure where consensus was but I see Scotia was at $24M so looks like a solid beat!
For outlook, RSI expects sugar volumes to be up 10,000 tonnes YoY. Looking at the Scotia and TD notes, I believe the Street was closer to +5,000 tonnes. RSI did say it was a bit behind ("slight" delay) in realizing maple syrup synergies this year, but expect to realize the full amt and additional gains in F2019. I think the good results and outlook in sugar should outweigh this.