Magellan earns $1.97-million in Q2The corporation reported revenue in the second quarter of 2023 of $219.7-million, a $27.0-million increase from second quarter of 2022 revenue of $192.7-million. Gross profit and net income for the second quarter of 2023 were $23.0-million and $2.0-million, respectively, in comparison with gross profit of $12.5-million and net income of $500,000 for the second quarter of 2022.
May 25, 2023, Magellan renewed its normal course issuer bid (2023 NCIB) under which allows the corporation to purchase for cancellation up to 2,868,106 of its common shares during the 12-month period commencing May 27, 2023, and ending May 26, 2024, through facilities of the Toronto Stock Exchange or other alternative Canadian trading systems.
On May 30, 2023, Magellan announced the signing of a contract extension with The Boeing Company (Boeing), providing for the continued manufacture of large and complex nacelle exhaust systems for the Boeing 767 program. The fabricated metallic assemblies will be produced and delivered from Magellan's facility in Middletown, Ohio. The continuation of this agreement with Boeing will ensure the continued supply by Magellan of acoustic plug and nozzle exhaust assemblies for the Boeing 767 program. Magellan utilizes internally manufactured metallic honeycomb in the production process. The metallic honeycomb is manufactured utilizing materials suitable for higher temperatures and offers advantages in weight savings and acoustic attenuation.
On June 23, 2023, the corporation extended its $75-million bank credit facility for an additional two-year period expiring on June 30, 2025