Tag: STOCKS

Revenue totalled US$4.15 billion, up from US$3.37 billion. On an adjusted basis, Barrick says it earned 58 cents per share in its latest quarter compared with an adjusted profit of 30 cents per share a year ago.

Gold production in the quarter totalled 829,000 ounces, down from 943,000 ounces a year ago, while the company’s realized gold price rose to US$3,457 per ounce, up from US$2,494 per ounce a year ago. Copper production amounted to 55,000 tonnes, up from 48,000 tonnes a year ago, while Barrick’s realized copper price for the quarter was US$4.39 per pound, up from US$4.27 per pound in the same quarter last year.

Barrick increased its quarterly base dividend to 12.5 cents US per share from 10 cents US and declared an additional performance dividend for the quarter of five cents US per share for a total payment of 17.5 cents US per share.

In September, Barrick appointed Mark Hill to become interim president and CEO following the sudden departure of Mark Bristow from the top job. The company says it is working with an executive search firm to find a permanent president and CEO.

MEG Energy reports $159M in Q3 profit, down from last year

Oilsands producer MEG Energy Corp. says its profits fell during the third quarter. Net earnings for the period ended Sept. 30 amounted to $159 million, down from $167 million during the same period a year earlier. Diluted earnings per share were flat year-over-year at 62 cents. 

Revenue came in at $1.18 billion during the quarter, down from $1.27 billion during the same period last year. Production for the quarter reached a record of 108,166 barrels per day compared with 103,298 during the prior-year quarter. 

Last week, shareholders in MEG Energy voted in favour of an $8.6-billion takeover by Cenovus Energy Inc. (TSX:CVE) in a deal that is expected to close this month after a final court approval and other customary conditions.

Grocery and drugstore retailer Loblaw reports Q3 profit and revenue up from year ago

Grocery and drugstore retailer Loblaw Cos. Ltd. reported its third-quarter profit and revenue rose compared with a year ago. The company behind Loblaws and Shoppers Drug Mart says it earned a profit attributable to common shareholders of $794 million or 66 cents per diluted share for the quarter ended Oct. 4. The result compared with a profit of $777 million or 63 cents per diluted share in the same quarter last year.

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Revenue for the 16-week period totalled $19.40 billion, up from $18.54 billion a year earlier. 

The company’s hard discount and Real Canadian Superstore banners outperformed its conventional stores as consumers continue to hunt for value, Loblaw said in a release. Food retail same-store sales were up two per cent, while drug retail same-store sales rose four per cent with pharmacy and health-care same-store sales growth of 5.9 per cent and a gain of 1.9 per cent for front store same-store sales.

RBC analyst Irene Nattel said in a note to clients it was “another solid quarter” for the company, however, same-store food sales and revenue was “a string bean shy of forecast.”

On an adjusted basis, Loblaw says its earned 69 cents per diluted share in its latest quarter, up from an adjusted profit of 62 cents per diluted share a year ago.

Manulife reports $1.8 billion in Q3 earnings, down slightly year-over-year

Manulife Financial Corp. reported $1.8 billion in net income attributed to shareholders during the third quarter, down slightly from $1.84 billion during the same period a year earlier. The insurer says adjusted earnings, or what it calls core earnings, came in at $2 billion compared with $1.83 billion during the prior year quarter.  

Manulife CEO Phil Witherington says the company’s core earnings in Asia and Canada reached record levels. Core earnings for Manulife’s Asia segment came in at US$550 million, while core earnings for its Canada segment came in at $428 million. 

Manulife’s earnings came as the company launched a new platform with the stated goal of helping people live longer and more financially secure lives, called the Longevity Institute. The company says it is committing $350 million to the platform through 2030.

The Montreal-based airline says operating revenues during the quarter came in at $5.77 billion, falling around 5% from $6.1 billion during the third quarter last year.   

Results for the three-month period ended Sept. 30 include the three-day work stoppage by more than 10,000 flight attendants in August that shut down operations and caused more than 3,000 flight cancellations.

Air Canada CEO Michael Rousseau says the latest results met the company’s revised estimate that was lowered to adjust for the labour disruption that occurred during the peak of the summer season. In September, Air Canada lowered its full-year guidance while estimating the cost of the strike at $375 million.

Fortis reports $409-million third-quarter profit, raises dividend

Fortis Inc. raised its dividend as it reported a third-quarter profit of $409 million. The power utility says it will now pay a quarterly dividend of 64 cents per share, up from 61.5 cents per share. 

The increased payment to shareholders came as Fortis says its third-quarter profit amounted to 81 cents per share, down from $420 million or 85 cents per share in the same quarter last year. On an adjusted basis, the company says it earned 87 cents per share in its latest quarter, up from 85 cents per share a year ago.

Revenue for the quarter totalled $2.94 billion, up from $2.77 billion in the same quarter last year.

In its outlook, Fortis announced a new five-year capital plan for 2026-2030 that totals $28.8 billion, an increase of $2.8 billion compared with its previous five-year plan.

Thomson Reuters reports third-quarter profit and revenue up from year ago

Thomson Reuters Corp. reported a profit of US$423 million in its latest quarter, up from US$301 million in the same period a year earlier, as its revenue rose 3%. The company, which keeps its books in U.S. dollars, says the profit amounted to 94 cents US per diluted share for the quarter ended Sept. 30, up from 67 cents US per diluted share in the same quarter last year.

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Revenue totalled US$1.78 billion, up from US$1.72 billion a year ago. On an adjusted basis, Thomson Reuters says it earned 85 cents US per share, up from an adjusted profit of 80 cents US per share in the same quarter last year.

In September, the company acquired Additive AI Inc., a U.S.-based specialist in AI-powered tax document processing for tax and accounting professionals. The company also sold its remaining minority interest in the Elite business, a provider of financial practice management solutions to law firms.

Suncor reports decline in third-quarter profits, record production

Oilsands giant Suncor Energy Inc. has reported a decline in third-quarter profits amid weak oil prices, while production and refinery throughput hit new records. Net earnings were $1.62 billion during the three months ended Sept. 30, down from $2.02 billion a year earlier. The profit amounted to $1.34 per share compared to $1.59 per share. 

Operating revenues net of royalties were $6.17 billion, down from $6.32 billion during the same 2024 quarter. 

Total upstream production in the quarter was 870,000 barrels of oil equivalent per day, up from 828,600 boe/d. Suncor’s refineries processed 491,700 barrels per day, an increase from 487,600 barrels in the year-ago quarter. 

“Our people continue to deliver shareholder value with a culture that every barrel and every dollar matters,” CEO Rich Kruger said in a news release Tuesday. “Underpinned by our integrated business model, we are elevating overall performance and generating higher, more reliable and more ratable free cash flow with less volatility and dependence on the external business environment.”

Also Tuesday, Suncor announced it will raise its quarterly dividend by 5% to 60 cents per share.

Uranium miner Cameco raises annual dividend, reports small Q3 loss

Cameco raised its dividend and reported a small net loss in its most recent quarter. The uranium miner says it will pay an annual dividend of 24 cents per share, up from 16 cents. The increased payment to shareholders came as Cameco posted a net loss of $158,000 or zero cents per diluted share for the quarter ended Sept. 30 compared with a profit of $7.4 million or two cents per diluted share a year earlier.

The company, which keeps its books in U.S. dollars, says its net income attributable to common shareholders amounted to US$315 million or 96 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$252 million or 79 cents US in the same quarter last year.

Revenue for the quarter totalled US$2.45 billion, up from US$2.29 billion a year ago.

On an adjusted basis, RBI says it earned US$1.03 per diluted share in its latest quarter, up from 93 cents US per diluted share in the same quarter last year.

In addition to Tim Hortons, RBI is the company behind the Burger King, Popeyes, and Firehouse Subs brands.

Parkland reports Q3 profit up from year ago as it prepares to close Sunoco deal

Parkland Corp. reported a third-quarter profit of $129 million, up from $91 million a year ago, as it prepared to complete its deal to be acquired by U.S. company Sunoco. The Calgary-based company says its profit amounted to 73 cents per diluted share for the quarter ended Sept. 30, up from 52 cents per diluted share a year earlier.

On an adjusted basis, Parkland says it earned $1.02 per diluted share in its latest quarter compared with an adjusted profit of 60 cents per diluted share in the same quarter last year.

Sales and operating revenue totalled $7.35 billion, up from $7.13 billion a year earlier.

Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. It also runs a refinery in Burnaby, B.C., which supplies nearly one-third of the region’s domestically supplied gasoline and jet fuel.

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The company says it expects to close its deal with Sunoco on Friday, subject to the satisfaction or waiver of customary closing conditions.

Wealthsimple announces its raising up to $750M in new capital to accelerate growth

Wealthsimple Inc. says it is raising up to $750 million in capital in an effort to accelerate its growth. The equity raise will bring its valuation to $10 billion upon completion.     

The equity round includes a $550 million primary offering and secondary offering of up to $200 million and is co-led by U.S.-based Dragoneer Investment Group and Singaporean sovereign wealth fund GIC. 

Wealthsimple says the round will also include the Canada Pension Plan Investment Board, a new investor, along with existing investors Power Corporation of Canada, IGM Financial Inc. and others. Wealthsimple CEO Michael Katchen says in a press release that it was intentional in choosing partners committed to its long-term future. 

Last week, Wealthsimple announced its assets under administration reached $100 billion, roughly doubling from a year ago.

Cameco shares soar after company and Brookfield sign nuclear reactor deal with U.S.

Shares of Cameco Corp. (TSX:CCO) rose more than 20 per cent after the company and Brookfield Asset Management Ltd. (TSX:BAM) announced a partnership agreement with the U.S. government to help build nuclear reactors in the United States.

Under the deal, the U.S. government will arrange financing and facilitate the permitting and approvals for at least US$80 billion worth of new Westinghouse nuclear reactors in the U.S. Brookfield and Cameco acquired Westinghouse in November 2023.

“We expect that the new build commitments from the U.S. will bolster broader confidence in the durable growth profile for nuclear power, and support increased demand for Westinghouse’s and Cameco’s products, services and technologies,” Cameco chief executive Tim Gitzel said in a statement. “This new partnership highlights the role that Westinghouse’s reactor technologies, based on fully designed, licensed and operating reactors, are expected to play in the planned expansion of nuclear capacity and diversification of global nuclear supply chains.”