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Pembina Pipeline’s Profits Rise On Higher Crude, Natural Gas Prices

 Pembina Pipeline Corp. says it earned $418 million in the second quarter, reflecting higher natural gas liquids (NGL) and crude oil prices and margins, as well as rising volumes on its key pipeline systems.

The Calgary-based energy infrastructure company says its profit works out to 69 cents per diluted common share, up from $254 million or 39 cents per diluted common share in the second quarter of 2021.

Pembina Pipeline reported second-quarter revenue of $3.1 billion, up from $1.9 billion in the prior year’s quarter.

The company also adjusted its earnings guidance for the full year 2022 to between $3.575 billion and $3.675 billion, compared to a previously forecast range of $3.45 billion to $3.6 billion.

Pembina says its second quarter was positively impacted by higher volumes and higher tolls on certain pipeline systems.

But its overall pipeline volumes of 2.5 billion barrels of oil equivalent per day reflected a six per cent decrease year-over-year. The company says this was largely due to the bankruptcy filing of the Houston-based Ruby pipeline, in which Pembina owns a 50 per cent stake along with Kinder Morgan Inc.

This report by The Canadian Press was first published Aug. 4, 2022.

Brookfield Renewable Announces Strong Second Quarter Results

Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) (“Brookfield Renewable Partners”, “BEP“) today reported financial results for the three and six months ended June 30, 2022.

“The business performed well this quarter, as we delivered strong financial results, commissioned 1,000 megawatts of development, and deployed and committed $3 billion into growth initiatives,” said Connor Teskey, CEO of Brookfield Renewable. “Given the depth of our operating capabilities, globally diverse asset base, and strong access to capital, we are well positioned in all market environments to be a partner of choice in helping governments and businesses achieve their goals of low-cost energy, net-zero, and energy security.”

https://www.globenewswire.com/news-release/2022/08/05/2493093/0/en/Brookfield-Renewable-Announces-Strong-Second-Quarter-Results.html

Saputo Reports Net Earnings Of $139 Million

MONTREAL — Dairy giant Saputo Inc. says it had net earnings of $139 million for the quarter ended June 30, up from $53 million for the same quarter last year.

Chief executive Lino Saputo says the company has navigated inflationary pressures by raising prices, booting productivity and undertaking cost containment initiatives.

Saputo says in a statement that the company could see improved margins as input costs stabilize and efficiencies and “price realization” continue.

Revenue for the company’s first quarter of fiscal 2023 amounted to $4.3 billion, up from $3.5 billion in the same quarter last year.

Adjusted net income came in at $161 million, or 39 cents per share, up from $122 million, or 30 cents per share.

The company says it expects continued inflation pressures ahead on both product inputs and on logistic costs but that it will minimize the effects by raising prices as necessary.

This report by The Canadian Press was first published August 4, 2022.

Restaurant Brands Reports Sales Grew 14 Per Cent In The Second Quarter

The Canadian Press – Canadian Press – Thu Aug 4, 6:44AM CDT

TORONTO — Tim Hortons’ parent company Restaurant Brands International Inc. saw sales grow 14 per cent in the second quarter, although they were down compared to the same time in 2021.

The company, which keeps its books in U.S. dollars, says global system-wide sales were up nearly US$1 billion year-over-year to over US$10 billion, with digital sales growing by double-digits over the same period.

RBI CEO José Cil says the company was able to drive sales at Tim Hortons Canada above pre-pandemic levels for the first time since the onset of the pandemic.

RBI, which also includes Burger King, Popeyes Louisiana Kitchen and Firehouse Subs, says its net income attributable to common shareholders totalled US$236 million or 76 cents per diluted share for the quarter ended June 30, down from US$259 million or 84 cents per diluted share a year earlier.

Revenue for the quarter totalled US$1.64 billion, up from US$1.44 billion in the same period last year.

On an adjusted basis, RBI says it earned 82 cents per diluted share in its latest quarter, up from an adjusted profit of 77 cents per diluted share a year earlier.

This report by The Canadian Press was first published Aug. 4, 2022.

Keyera Corp. Announces 2022 Second Quarter Results, Raises 2022 Marketing Guidance

• Adjusted earnings before interest, taxes, depreciation, and amortization (“adjusted EBITDA” ¹) was $316 million, compared with $224 million for the second quarter of 2021. The year-over-year increase was largely driven by strong Marketing segment performance.
• The company realized cash flow from operating activities (“CFO”) of $199 million, compared with $112 million for the same period in 2021.
• Distributable cash flow¹ (“DCF”) was $209 million ($0.94 per share), compared with $148 million ($0.67 per share) for the second quarter of 2021.
• Net earnings were $173 million ($0.78 per share), compared to $79 million ($0.36 per share) for the same period in 2021.
• The company continues to preserve balance sheet strength, ending the quarter with a net debt to adjusted EBITDA ratio² of 2.3 times, which is below the company’s target range of 2.5 to 3.0 times.

https://www.newswire.ca/news-releases/keyera-corp-announces-2022-second-quarter-results-raises-2022-marketing-guidance-813576174.html

Canadian Natural Reports $3.5B Profit In Second Quarter Amid Oil Price Spike

CALGARY — Canadian Natural Resources Ltd. reported a second-quarter profit that was more than double what it made in the same period last year.

The company said it earned $3.5 billion or $3 per diluted share for the quarter ended June 30, up from $1.6 billion or $1.30 per diluted share in the same quarter last year.

Crude prices spiked during the quarter, driven largely by Russia’s invasion of Ukraine, with North American benchmark WTI up 15 per cent from the first quarter and up 64 per cent from last year’s second quarter.

Canadian Natural’s daily production, before royalties, averaged 1,211,147 barrels of oil equivalent per day in the quarter, up from 1,141,739 in the same quarter last year.

Adjusted net earnings from operations amounted to $3.26 per diluted share, up from $2.56 per diluted share in the second quarter of 2021.

This report by The Canadian Press was first published Aug. 4, 2022.

BCE Inc. Saw Profit Slip In The Second Quarter As Revenue Grew

The Canadian Press – Canadian Press – Thu Aug 4, 7:24AM CDT

MONTREAL — BCE Inc. is reporting profit slipped in the second quarter as revenue grew.

The company’s second quarter results released Thursday show its profit attributable to common shareholders totalled $596 million or 66 cents per share for the quarter ended June 30, down from $685 million or 76 cents per share a year earlier.

Operating revenue totalled $5.86 billion, up from $5.70 billion in the same period last year.

On an adjusted basis, the telecom giant said it earned 87 cents per share in its latest quarter, up from an adjusted profit of 83 cents per share a year earlier.

Wireless revenue rose to $2.24 billion compared with $2.13 billion a year ago, while wireline revenue dropped to $2.99 billion from $3 billion. Bell Media revenue totalled $821 million, up from $755 million in the same quarter last year.

BCE CEO Mirko Bibic says the company continues to see momentum in its wireless business, with 110,761 mobile phone net subscriber activations in the second quarter. Retail internet net activations were also up 27.9 per cent.

This report by The Canadian Press was first published Aug.4, 2022.

At midday: Toronto stocks jump on Bombardier boost

Canada’s main stock index rose on Thursday, driven by a clutch of positive earnings reports from companies including business jet maker Bombardier and Tim Hortons-owner Restaurant Brands International.

In morning trade, the Toronto Stock Exchange’s S&P/TSX composite index was up 32.07 points, or 0.16%, at 19,578.01.

Bombardier Inc jumped 11.6% after it reported a smaller quarterly loss, helped by steady demand and lower interest expenses.

The industrials sector rose 1.2%.

Restaurant Brands International climbed 6.6% as the company beat second-quarter sales and profit estimates, boosted by strong demand at its Burger King and Tim Hortons restaurants.

“The message so far has been that the sky’s not falling,” said Angelo Kourkafas, investment strategist at Edward Jones Investments. “Even though the results are not great, they are good enough. They’ve been good enough so far with consumer demand generally proving to be fairly resilient.”

Sun Life Financial, Canada’s second-largest life insurer, gained 3.2% on a better-than-expected core profit for the second quarter and sale of its UK unit.

News and information company Thomson Reuters Corp advanced 2.4% after it reported a higher operating profit and raised its full-year revenue forecast.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.6% tracking a 0.9% rise in gold futures. The gains in bullion were driven by a pullback in U.S. Treasury yields and the dollar.

Capping the gains on the index, the energy sector dropped 1.9% as U.S. crude prices were down 1.1% a barrel, while Brent crude lost 1.3%.

On Wall Street, stocks edged lower in choppy trading as losses in Apple Inc and energy companies dampened the bullish resolve of the major indexes that had rallied in the previous session to its best in a week.

Apple weighed the most on the S&P 500 and the Nasdaq, shedding 0.4%, a day after surging 3.8%, while the energy sector fell 1.6%, tracking lower oil prices on fears of a slowdown in demand.

“It is really just a reflection of the strong gains that we had yesterday and so the market is digesting that,” said Robert Pavlik, senior portfolio manager at Dakota Wealth Management.

After a dull start to August, the markets had roared back to life on Wednesday on a boost from a slew of strong results from companies including PayPal Inc and CVS Health.

The benchmark index has gained nearly 13.8% from its mid-June lows, but is still in a bear market and down 13% for the year.

The second-quarter earnings season has helped markets bounce back from concerns around the fallout of the Ukraine war, soaring inflation, flare-up in China COVID-19 cases and an aggressive rise in borrowing costs.

While an unexpected rebound in July services activity allayed recessions fears, market participants are now keeping a close eye on data related to the labor market.

The July employment report, due on Friday, is expected to show nonfarm payrolls likely increased by 250,000 jobs in last month after rising by 372,000 in June. The data is crucial as the U.S. Federal Reserve attempts to cool labor demand to tame inflation.

“Investors are aware that we are in a soft landing for the economy… what will shake up the market is if we end up seeing substantial cuts in growth expectations, meaning if we end up with a lot of companies that are actually just getting rid of employees that could be a problem,” Sam Stovall, Chief Investment Strategist at CFRA said.

A media report overnight said Walmart Inc was cutting hundreds of corporate roles in a restructuring effort.

At 10:20 a.m. ET, the Dow Jones Industrial Average was down 97.65 points, or 0.30%, at 32,714.85, the S&P 500 was down 8.51 points, or 0.20%, at 4,146.66, and the Nasdaq Composite was down 8.23 points, or 0.06%, at 12,659.93.

Tesla Inc rose 0.7% ahead of an investor vote on a variety of matters including a three-for-one stock split that would make the company’s shares more accessible.

Health insurer Cigna Corp gained 3.7% after raising its annual profit forecast.

Drugmaker Eli Lilly and Co slipped 2.9% as its cut annual profit view for the second time.

Declining issues outnumbered advancers for a 1.02-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.24-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week highs and 29 new lows, while the Nasdaq recorded 28 new highs and 14 new lows.

• Initial claims for unemployment insurance totaled 260,000 last week, in line with estimates.
• The U.S. trade deficit in goods and services decreased to $79.6 billion in June, slightly lower than the estimate for $80 billion.

https://www.cnbc.com/2022/08/04/us-weekly-jobless-claims-.html