ECN Capital Corp. reported its financial results for the three-month period ended March 31. The company reported adjusted net income applicable to common shareholders from continuing operations of $14.5 million in the first quarter versus $18.5 million for the previous three-month period ended December 31, 2019 and $12.6 million for the first quarter last year.

“ECN had strong Q1 earnings,” said Steven Hudson, CEO of ECN Capital Corp. “We never expected to have the sort of stress test we are all getting from COVID-19, but we are very pleased with the resiliency of each of our businesses. While we are withdrawing our formal 2020 guidance due to the broad range of possible outcomes, I continue to expect earnings growth in 2020 and still believe the low end of our previous guidance range is possible.”

Financial details:

• Originations for the three-month period ended March 31 were $509 million versus $542 million in the previous three-month period and $419 million for the first quarter last year.
• Total Earning Assets Managed and Advised as at March 31, 2020 were $33.6 billion, consistent with $33.6 billion as at December 31, 2019.
• Adjusted EBITDA for the three-month period ended March 31, 2020 was $27.7 million versus $33.1 million for the previous three-month period and $27.6 million for the same period last year.
• Operating Expenses for the three-month period ended March 31, 2020 were $33.2 million versus $32.9 million reported for the previous three-month period and $29.0 million for the same period last year.
• Net Income (loss) for the three-month period ended March 31, 2020 was $2.7 million versus ($8.9 million) for the previous three-month period and ($25.3 million) for the same period last year.

See the full release here.