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After aggressively slashing interest rates by half a percentage point in September, the Federal Reserve on Thursday announced its widely expected decision to lower rates by another quarter point.

The Fed said it has decided to lower the target range for the federal funds rate by 25 basis points to 4.50 to 4.75 percent.

The central bank said its decision to continue lowering rates comes as labor market conditions have generally eased, while inflation continues to make progress towards its 2 percent objective.

However, the Fed said the risks to achieving its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run are roughly in balance.

“The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate,” the Fed said.

In considering future adjustments to rates, the central bank said it will continue to carefully assess incoming data, the evolving outlook, and the balance of risks.

Fed Chair Jerome Powell stressed during his post-meeting press conference that rates are not on “any preset course” and said the central bank will make future decisions “meeting by meeting.”

Powell also said the Fed is “well positioned” to deal with the risks to both sides of its dual mandate, noting rates can be cut more slowly or more quickly depending on the economic developments.

Meanwhile, the Fed chief said Donald Trump’s victory in the presidential election will have no effect on policy decisions in the near term but acknowledged the administration’s policies could have economic effects over time that would need to be taken into account.

The Fed’s next monetary policy meeting is scheduled for December 17-18, with CME Group’s FedWatch Tool currently indicating a 70.0 percent chance of another quarter point rate cut but a 29.0 percent chance rates will be left unchanged.

 Algonquin Power & Utilities Corp. (AQN) on Thursday reported a loss of $1.31 billion in its third quarter.

On a per-share basis, the Oakville, Ontario-based company said it had a loss of $1.71. Earnings, adjusted to account for discontinued operations and non-recurring costs, were 8 cents per share.

The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The utility operator posted revenue of $573.2 million in the period.

The company’s shares closed at $4.80. A year ago, they were trading at $5.68.

Hydro One Limited (TSX:H.TO), announced that its Board of Directors has declared a quarterly cash dividend to common shareholders of $0.3142 per share to be paid on December 31, 2024 to shareholders of record on December 11, 2024.

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BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

This report by The Canadian Press was first published Nov. 7, 2024.

TC Energy Corporation (TRP) on Thursday reported third-quarter net income of $1.09 billion.

The Calgary, Alberta-based company said it had profit of $1.03 per share. Earnings, adjusted for non-recurring gains, came to 76 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The energy infrastructure company posted revenue of $2.99 billion in the period.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TRP at https://www.zacks.com/ap/TRP

Cameco Corp. increased its annual dividend as it reported a third-quarter profit attributable to equity holders of $7 million, down from $148 million a year ago.

The uranium miner says it will now pay an annual dividend of 16 cents per share, up from 12 cents per share.

Cameco chief executive Tim Gitzel also said the company has recommended to its board that it continue to grow the dividend to at least 24 cents per share over the fiscal periods 2024 through 2026, subject to annual consideration.

The increased payment to shareholders came as Cameo said its third-quarter profit amounted to two cents per diluted share compared with a profit of 34 cents per diluted share a year ago.

Revenue for the quarter totalled $721 million, up from $575 million in the same quarter last year.

On an adjusted basis, Cameco says it lost a penny per diluted share in its latest quarter compared with an adjusted profit of 32 cents per share a year earlier.

This report by The Canadian Press was first published Nov. 7, 2024.

Canadian Tire Corp. Ltd. raised its dividend as it reported a profit in its latest quarter compared with a loss a year ago when it took a large one-time charge.

The retailer says it will now pay a quarterly dividend of $1.775 per share, up from $1.75 per share.

The increased payment to shareholders came as Canadian Tire reported net income attributable to shareholders of $200.6 million, or $3.59 per diluted share. The result compared with a loss attributable to shareholders of $66.4 million or $1.19 per diluted share in the same quarter last year when it recorded a charge related to its deal to buy back the 20 per cent stake in Canadian Tire Financial Services that was owned by Scotiabank.

On a normalized basis, Canadian Tire says it earned $3.59 per diluted share in its latest quarter compared with a normalized profit of $2.96 per diluted share a year earlier.

Revenue for the quarter totalled $4.19 billion, down from $4.25 billion in the same quarter last year.

Consolidated comparable sales were down 1.5 per cent compared with a year earlier. Comparable sales at its Canadian Tire stores fell 2.2 per cent, while SportChek comparable sales rose 2.9 per cent. Mark’s comparable sales dropped 2.3 per cent.

This report by The Canadian Press was first published Nov. 7, 2024.

TORONTO, Nov. 5, 2024 /CNW/ – (TSX: IFC)  

Highlights

• Organic operating DPW^1,2 growth of 6%, excluding acquisitions and exits, led by continued momentum in Personal lines
• Combined ratio¹ of 103.9% included 22 points of catastrophe losses, offsetting otherwise strong underlying performances across all geographies
• Net operating income per share¹ was $1.01 (and EPS of $1.06), despite $5.03 of catastrophe losses, with double-digit growth in investment and distribution income
• Operating ROE¹ remained strong at 15.8% over the last 12 months, up 4 points year-over-year, with BVPS¹ of $90.60, up 3% sequentially, despite the unusually challenging operating environment 
• Strong and resilient balance sheet with $2.6 billion of total capital margin¹ and an adjusted debt-to-total capital ratio¹ of 20.3%

Charles Brindamour, Chief Executive Officer, said: 

“The devastating effects from severe weather events in the quarter have impacted the lives of tens of thousands of customers. Our employees were on the ground within the first hours of these events providing immediate assistance to affected communities. We are leveraging our competitive advantages, which include On Side Restoration and Intact Service Centres, to minimize losses for our customers. In this context, our operations have shown great financial resiliency, reflected by our strong capital position and mid-teens operating ROE over the last 12 months. It’s in these challenging moments that we demonstrate our purpose – to help people, businesses and society prosper in good times and be resilient in bad.”

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Intact Financial Corporation reports Q3-2024 results

 Premium Brands Holdings Corporation (TSX:PBH.TO), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the third quarter of 2024.

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