Q1 2025 ECN Capital Corp Earnings Call Transcript
Key Points
- ECN Capital Corp (ECNCF) reported first quarter earnings of $0.03 per share, reaching the high end of their guidance.
- Triad Financial Services saw a 44% year-over-year increase in adjusted operating income, reaching $13.1 million.
- High-margin channel originations increased by 44% year-over-year, with April showing a 68% increase.
- The company secured new forward flow purchase agreements with JPMorgan and New York Life, enhancing funding capacity.
- Retail originations in Q1 were the largest in company history, with significant growth continuing into April and May.
- Triad's servicing yield declined from 95 basis points in Q4 to 84 basis points in Q1 due to seasonal loan sales reduction.
- The RV and Marine segment faced headwinds and a temporary slowdown expected to continue into the third quarter.
- Despite strong originations, Source One is experiencing challenges due to macroeconomic pressures affecting dealership sales.
- Corporate simplification resulted in a one-time charge of $6.7 million, impacting financial results.
- The company is facing a temporary slowdown in the RV and Marine market, with a forecasted recovery not expected until Q4.
Thank you for standing by. This is the conference operator. Welcome to the ECN Capital First Quarter 2025 Results Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions)
I would now like to turn the meeting over to Katherine Moradiellos, Vice President of Finance and Investor Relations.
Please go ahead, Katherine.
Thank you, Jen. Good afternoon, everyone, and thank you all for joining this call. Joining us today on the call are Steven Hudson, Chief Executive Officer of ECN; Jackie Weber, Chief Financial Officer of ECN; Lance Hull, President of Triad Financial; Matt Heidelberg, Chief Operating Officer of Triad Financial; James Barry, Chief Financial Officer of Triad; Hans Kraaz, Founder & CEO of IFG; Mike Opdahl, President of Source One. A news release summarizing these results was issued this afternoon, and the financial statements and MD&A for the 3-month period ended March 31, 2025, have been filed
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