Author: Consultant

BCE Inc. says its net earnings tumbled almost 40 per cent in its most recent quarter as it began laying off 1,300 workers.

The Montreal-based telecommunications company’s net earnings for the second quarter amounted to $397 million or 37 cents per common share compared with $654 million or 66 cents per common share a year ago.

Analysts on average had expected an adjusted profit of 77 cents per share for the period ended June 30, according to estimates compiled by financial markets data firm Refinitiv.

Adjusted net earnings totalled $722 million compared with $791 million a year prior.

Operating revenue ticked up to $6.06 billion from $5.86 billion a year earlier.

Bell attributed its increased costs to severance expenses, a higher interest rate environment and an obligation it had to repurchase at fair value the minority interest in one of its joint venture equity investments.

 Air cargo company Cargojet Inc. reported a first-quarter profit of $30.5 million as its revenue edged lower to start the year.

Cargojet chief executive Ajay Virmani says the company is not immune to softening industry trends as well as the macro factors of slower economic growth, higher interest rates and persistent inflation.

The company says its profit amounted to $1.67 per diluted share for the quarter ended March 31 compared with a loss of $56.4 million or $3.26 per diluted share a year earlier.

Revenue totalled $231.9 million, down from $233.6 million in the first three months of 2022.

On an adjusted basis, Cargojet says it earned 97 cents per share in its latest quarter, down from an adjusted profit of $1.56 per share a year earlier.

Analysts on average had expected an adjusted profit of $1.03 per share and $236.4 million in revenue, according to estimates compiled by financial markets data firm Refinitiv.

SASKATOON, Saskatchewan (AP) — Cameco Corp. (CCJ) on Wednesday reported second-quarter net income of $10.4 million.

The Saskatoon, Saskatchewan-based company said it had profit of 2 cents per share. Losses, adjusted for non-recurring gains, came to 1 cent per share.

The uranium producer posted revenue of $358.9 million in the period.

Cameco shares have risen 52% since the beginning of the year. The stock has increased 39% in the last 12 months.

IGM HIGHLIGHTS

• Net earnings of $138.2 million or 58 cents per share compared to $207.1 million or 87 cents per share in 2022. Adjusted net earnings, excluding other items,¹ were $205.5 million or 86 cents per share for the second quarter of 2023 compared to $207.1 million or 87 cents per share in 2022.
• Assets under management and advisement of $261.1 billion, up slightly from the prior quarter and up 7.9% from the second quarter of 2022. 
• IGM Financial’s assets under management and advisement including Strategic Investments were $402.8 billion as at June 30, 2023, compared with $376.5 billion at March 31, 2023 and $305.0 billion at June 30, 2022. This is a new measure and reflects the importance of these high growth investments and their contribution to IGM’s value.
• Net outflows were $821 million compared to net outflows of $527 million in 2022. 

https://www.newswire.ca/news-releases/igm-financial-reports-second-quarter-earnings-815235186.html

Thomson Reuters Corp. says it earned a second-quarter profit of US$894 million as its revenue rose two per cent compared with a year ago.

The company, which keeps its books in U.S. dollars, says the profit amounted to US$1.90 per diluted share for the quarter ended June 30, reversing a loss of US$115 million, or 24 cents US per diluted share a year earlier.

Revenue totalled nearly US$1.65 billion, up from US$1.61 billion in the same three-month period of 2022, as the company sold 15.5 million shares of the London Stock Exchange Group for US$1.6 billion in the second quarter.

On an adjusted basis, Thomson Reuters says it earned 84 cents per share, up from an adjusted profit of 60 cents per share a year earlier.

Analysts on average had expected an adjusted profit of 78 cents per share, according to estimates compiled by financial markets data firm Refinitiv.

The company maintained its outlook for 2023 from the first quarter, which includes expected total revenue growth between 3.0 and 3.5 per cent.

 Tourmaline Oil Corp. (TSX:TOU.TO) (“Tourmaline” or the “Company“) is pleased to release financial and operating results for the second quarter of 2023 and declare a special dividend.

Read more at newswire.ca

SASKATOON — Nutrien Ltd. reported second-quarter net earnings of US$448 million, down from US$3.6 billion a year earlier.

The Saskatoon-based company says sales were US$11.7 billion, down from US$14.5 billion during the same quarter last year.

Diluted net earnings per share were 89 cents US, down from US$6.51.

Nutrien says the lower earnings are mainly due to lower selling prices, weaker offshore potash sales volumes, and lower retail gross margin for crop nutrients and crop protection products.

It says net earnings were also hit by non-cash impairments of $465 million and $233 million.

The company revised its full-year guidance lower to reflect various pressures including lower global potash prices.

This report by The Canadian Press was first published August 2, 2023.

Wed Aug 2, 4:18PM CDT

TORONTO — Intact Financial Corp. says its net income for the second quarter was $260 million, down 79 per cent from $1.2 billion last year.

The insurance company says earnings per share were $1.30, down from $6.93.

Net operating income per share was down 30 per cent to $2.30.

Intact says the decline in net operating income was largely due to an increase in catastrophe losses, which were $421.

The company says these losses were partially offset by higher investment income.

It says it maintained a strong balance sheet despite multiple severe weather events during the second quarter.

This report by The Canadian Press was first published August 2, 2023.

AP – Wed Aug 2, 8:17AM CDT

ST. JOHN`S, Newfoundland (AP) — ST. JOHN`S, Newfoundland (AP) — Fortis Inc. (FTS) on Wednesday reported second-quarter profit of $218.9 million.

The St. john`S, Newfoundland-based company said it had net income of 45 cents per share. Earnings, adjusted for non-recurring costs, came to 46 cents per share.

The results matched Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 46 cents per share.

The electric and gas utility posted revenue of $1.93 billion in the period.