Converge Technology Solutions Shares Rise 6.4% on Improved 3Q Guidance

By Adriano Marchese

Converge Technology Solutions shares rose Friday morning after the company said it expects to report higher earnings in its third quarter compared with a year ago.
At 9:38 a.m. ET, shares were trading 6.4% higher at 2.48 Canadian dollars ($1.81).

Late Thursday, the Canadian IT and cloud solutions provider said it expects gross profit to be between C$168 million and C$174 million, up from C$139.7 million a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization also is expected to be higher. The company has set a range between C$39 million and C$41 million, up from C$31 million last year.
It also said cash generated from operating activities has improved significantly in the period which has driven positive free cash flow and a reduction in net debt.
Write to Adriano Marchese at [email protected]