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Loblaw opens 31 new Maxi and NoFrills stores in 2023, bringing lower prices and more value to hundreds of thousands more Canadians. Fourth quarter revenue grew 3.7% and net earnings increased 2.3%.

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 Fertilizer giant Nutrien Inc. says it earned US$176 million, or 35 cents per diluted share in the fourth quarter of 2023 — down from US$1.12 billion in the same period of 2022.

The Saskatoon-based company, which reports in U.S. dollars, says its fourth-quarter results include a $76-million non-cash impairment charge related to a new natural gas contract and higher natural gas costs at its nitrogen plant in Trinidad.

On an adjusted basis, Nutrien says it earned $1.1 billion in the quarter, or 37 cents per share.

For the full year 2023, Nutrien reported net earnings of $1.3 billion and adjusted earnings of $6.1 billion, down from the record levels achieved in 2022, when global fertilizer prices skyrocketed in the wake of Russia’s invasion of Ukraine.

The company says its lower 2023 earnings reflect lower selling prices across all of its business segments.

But Nutrien says it benefited from improved fertilizer affordability in the fourth quarter, which boosted potash demand in North America and overseas and helped the company achieve record fourth-quarter potash sales volumes.

This report by The Canadian Press was first published Feb. 21, 2024.

Canadian steel producer Stelco Holdings (STLC) has reported disappointing fourth-quarter earnings that showed its net income fell 96% year-over-year to $23 million.

The Hamilton, Ontario-based company’s Q4 net income was down 85% from the previous third quarter.

Stelco’s revenue during Q4 came in at $674 million, down 20% from the previous quarter and 43% lower than a year ago.

Stelco said its earnings per share (EPS) during the latest quarter amounted to $14.64, down 23% from $19.08 a year earlier.

And the company’s profit margin of 29% was down from 39% in the fourth and final quarter of 2021.

Stelco blamed the poor results on multiple headwinds that include lower sales prices, shorter lead times, and higher input costs.

Stelco’s stock has risen 48% over the last year to trade at $52.86 per share.

Fourth Quarter Highlights

• Adjusted funds from operations of $4.0 billion, including a one-time tax benefit of $880 million.
• Returned $1.1 billion to shareholders; $704 million in dividends and $375 million in share repurchases.
• Total upstream production of 808,100 barrels of oil equivalent (boe/d); second highest quarter in company history.
• Best-ever Oil Sands production of 757,400 barrels per day (bbls/d) with upgrader utilization over 100% outside maintenance period.
• Strong downstream performance with refining throughput of 455,900 bbls/d and utilization at 98%.
• Quarterly dividend per share increased by approximately 5% to $0.545 per share.

“Our fourth quarter performance can be characterized as finishing the year strong, delivering on commitments, and building momentum coming into 2024,” said Rich Kruger, Suncor’s President and Chief Executive Officer. “Most importantly, the quarter was the safest quarter of the year in what resulted in our safest year ever. In addition, upstream reliability across our operations was at or near record highs, achieving the second highest quarterly total production in the company’s history and the highest quarterly Oil Sands production. Downstream performance was equally strong with refining utilization in the quarter at 98%. Looking ahead, we will continue our intense focus on safety, operational excellence, reliability and profitably to further improve performance and add value for our shareholders.”

Annual 2023 Highlights

• Best overall employee and contractor safety performance in the company’s history.
• Adjusted funds from operations of $13.3 billion; second highest in the company’s history.
• Returned $5.0 billion to shareholders; $2.8 billion in dividends and $2.2 billion in share repurchases.
• Total upstream production of 745,700 boe/d; second highest in the company’s history.
• Record Oil Sands performance of 689,600 bbls/d, including best-ever at Syncrude and Firebag.
• Best-ever combined upgrader utilization of 92%, 3% better than previous high.
• Solid downstream performance with refinery utilization of 90%, including 99% in the second half.
• Acquired remaining 45.89% interest in Fort Hills for $2.2 billion, completed asset sales with proceeds of $1.8 billion.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198800

Gildan Activewear Inc. raised its quarterly dividend 10 per cent as it reported a fourth-quarter profit of US$153.3 million, up from US$83.9 million a year earlier.

The clothing maker says it will pay a quarterly dividend of 20.5 cents US per share, up from 18.6 cents US per share.

Gildan, which keeps its books in U.S. dollars, says its fourth-quarter profit amounted to 89 cents US per diluted share for the quarter ended Dec. 31, up from 47 cents US per diluted share a year earlier.

Net sales totalled US$782.7 million, up from US$720.0 million.

On an adjusted basis, Gildan says it earned 75 cents US per diluted share, up from an adjusted profit of 65 cents US per diluted share a year earlier.

The results came as group of shareholders seeks to reinstate founder Glenn Chamandy as Gildan’s chief executive. Chamandy was terminated on Dec. 10 after four decades at the company and replaced by Vince Tyra.

This report by The Canadian Press was first published Feb. 21, 2024.

First Quantum Minerals Ltd. says it lost US$1.45 billion in the last quarter of 2023, and warned its ability to continue operating could be in doubt if it is unable to shore up its balance sheet in light of the shutdown of its Cobre Panamá mine.

The Toronto-headquartered mining company suspended production at the open-pit copper mine in Panama at the end of November after Panama’s Supreme Court ruled that a 20-year concession agreement covering the copper mine was unconstitutional. The mine had been the focus of ongoing blockades and widespread protest by environmentalists and nationalists.

The company has since estimated it will cost between US$15 million and US$20 million per month to safely maintain the site while it is shut down.

On Tuesday, First Quantum said the situation in Panama has impacted the company’s earnings potential to the point that its ability to continue could be threatened within the next 12 months.

But chief executive Tristan Pascall said the company is confident in a number of initiatives it has undertaken to bolster its finances and protect against this risk, including signing of a US$500-million copper prepay arrangement. The company is also aiming to sell off minor assets and shares in major ones, and is working with lenders to amend and extend its loan facilities.

First Quantum said its fourth-quarter total copper production was 160,200 tonnes, a 28-per-cent decrease from the third quarter of 2023. Most of this decrease was due to the situation at Cobre Panamá, which produced 62,616 tonnes of copper in the fourth quarter, a decrease of 50,118 tonnes from the third quarter of the year.

This report by The Canadian Press was first published Feb. 20, 2024.

This earnings news release for Great-West Lifeco Inc. should be read in conjunction with the Company’s Management Discussion & Analysis (MD&A) and Consolidated Financial Statements for the periods ended December 31, 2023, prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board unless otherwise noted. These reports are available on greatwestlifeco.com under Financial Reports. Additional information relating to Great-West Lifeco is available on sedarplus.com. Readers are referred to the cautionary notes regarding Forward-Looking Information and Non-GAAP Financial Measures and Ratios at the end of this release. All figures are expressed in millions of Canadian dollars, unless otherwise noted.

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Canada’s inflation rate fell to a surprising degree in January and returned to the Bank of Canada’s target range, highlighted by a moderation at the supermarket.

The Consumer Price Index rose 2.9 per cent in January on an annual basis, down from 3.4 per cent in December, Statistics Canada said Tuesday in a report. Analysts were expecting a slight easing to 3.3 per cent.

• The so-called “Magnificent 7” U.S. tech behemoths encompass Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla.
• In a research note Tuesday, Deutsche Bank analysts highlighted that the Magnificent 7′s combined market cap alone would make it the second-largest country stock exchange in the world.
• However, this level of concentration has led some analysts to voice concerns over related risks in the U.S. and global stock markets.

https://www.cnbc.com/2024/02/19/magnificent-7-profits-now-exceed-almost-every-country-in-the-world-should-we-be-worried.html