Rogers Communications Inc. reported a third-quarter profit of $526 million compared with a loss a year ago.
The company says the profit amounted to 98 cents per diluted share for the quarter ended Sept. 30.
The result compared with a loss of $99 million or 20 cents per diluted share in the same quarter last year.
Revenue for the quarter totalled $5.13 billion, up from $5.09 billion a year earlier.
On an adjusted basis, Rogers says it earned $1.42 per diluted share in its latest quarter, up from an adjusted profit of $1.27 per diluted share a year ago.
Analysts on average had expected a profit of $1.36 per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 24, 2024.
Teck Resources Ltd. reported a $748-million loss from continuing operations attributable to shareholders in its latest quarter as it took a one-time asset impairment charge related to its Trail operations.
The Vancouver-based mining company says its loss amounted to $1.45 per diluted share for its third quarter compared with a loss of $48 million or nine cents per share a year earlier.
Revenue for the quarter totalled $2.86 billion, up from $1.99 billion in the same quarter last year.
In its outlook, Teck says it now expects its 2024 copper production to amount to 420,000 to 455,000 tonnes, down from earlier guidance for 435,000 to 500,000 tonnes. The company also lowered its 2024 guidance for molybdenum and refined zinc production and reduced its expectations for zinc net cash unit costs.
On an adjusted basis, Teck says it earned 60 cents per diluted share for its latest quarter, up from an adjusted profit of 16 cents per diluted share a year earlier.
The average analyst estimate had been for a profit of 37 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 24, 2024.
FirstService Corp. (FSV) on Thursday reported third-quarter earnings of $60.5 million.
The Toronto-based company said it had profit of $1.34 per share. Earnings, adjusted for one-time gains and costs, came to $1.63 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.43 per share.
The property services provider posted revenue of $1.4 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.32 billion.
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Statistics Canada says retail sales rose 0.4 per cent to $66.6-billion in August, helped by higher new car sales.
The agency says sales were up in four of nine subsectors as sales at motor vehicle and parts dealers rose 3.5 per cent, boosted by a 4.3 per cent increase at new car dealers and a 2.1 per cent gain at used car dealers.
Core retail sales – which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers – fell 0.4 per cent in August.
Sales at food and beverage retailers dropped 1.5 per cent, while furniture, home furnishings, electronics and appliances retailers fell 1.4 per cent.
In volume terms, retail sales increased 0.7 per cent in August.
Looking ahead, Statistics Canada says its advance estimate of retail sales for September points to a gain of 0.4 per cent for the month, though it cautioned the figure would be revised.
elestica Inc. (TSX: CLS) (NYSE: CLS), a leader in design, manufacturing, hardware platform and supply chain solutions for the world’s most innovative companies, today announced financial results for the quarter ended September 30, 2024 (Q3 2024)†.
“We are pleased to have delivered very strong financial performance in Q3 2024, with revenue up 22% year-to-year and non-IFRS adjusted EPS* up 60% year-to-year. With our guidance for Q4 2024, we expect a strong close to another successful year in 2024,” said Rob Mionis, President and CEO, Celestica.
“Looking to next year, we continue to see solid demand signals from many of our large customers, which are providing us with visibility for continued growth. Our 2025 outlook calls for higher year-over-year revenues and non-IFRS operating margin*, which if achieved would represent 15% annual growth in our non-IFRS adjusted EPS*.”
Q3 2024 Highlights
Key measures:
Revenue: $2.50 billion, increased 22% compared to $2.04 billion for the third quarter of 2023 (Q3 2023).
Non-IFRS operating margin*: 6.7%, compared to 5.7% for Q3 2023.
CCS segment revenue increased 42% compared to Q3 2023; CCS segment margin was 7.6% compared to 6.2% for Q3 2023.
ATS segment revenue decreased 5% compared to Q3 2023; ATS segment margin was 4.8% compared to 4.9% for Q3 2023.
Adjusted earnings per share (EPS) (non-IFRS)*: $1.04, compared to $0.65 for Q3 2023.
Adjusted return on invested capital (adjusted ROIC) (non-IFRS)*: 28.6%, compared to 21.5% for Q3 2023.
Adjusted free cash flow (non-IFRS)*: $74.5 million, compared to $34.1 million for Q3 2023.
Most directly comparable IFRS financial measures to non-IFRS measures above:
Earnings from operations as a percentage of revenue: 5.5% compared to 5.7% for Q3 2023.
EPS: $0.77 compared to $0.67 for Q3 2023.
Return on invested capital (IFRS ROIC): 23.3% compared to 21.8% for Q3 2023.
Cash provided by operations: $144.8 million compared to $88.4 million for Q3 2023.
Repurchased 2.2 million common shares for cancellation for $100.0 million.
Waste Connections Inc. (WCN) on Wednesday reported third-quarter profit of $308 million.
The Ontario, Ontario-based company said it had profit of $1.19 per share. Earnings, adjusted for one-time gains and costs, came to $1.35 per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
The solid waste services provider posted revenue of $2.34 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $2.29 billion.
Waste Connections expects full-year revenue of $8.9 billion.
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Canadian Pacific Kansas City Limited (CP) on Wednesday reported third-quarter net income of $613.6 million.
On a per-share basis, the Calgary Alberta, Alberta-based company said it had profit of 66 cents. Earnings, adjusted for non-recurring costs, were 73 cents per share.
The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The railroad posted revenue of $2.6 billion in the period, which also missed Street forecasts. Nine analysts surveyed by Zacks expected $2.67 billion.
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West Fraser Timber Co. says it earned US$105 million in the second quarter, up from a loss of US$131 million a year earlier.
The Vancouver-based company says it saw sales of US$1.7 billion, up from US$1.6 billion during the same quarter last year.
Diluted earnings per share were US$1.20, compared with a loss of US$1.57 last year.
President and CEO Sean McLaren says the company continued to experience demand softness in its North American lumber business.
However, he says the quarter also benefited from relative strength in new home construction demand carrying over from the first quarter.
McLaren says the company continues to realize the benefits of the recent closures of some higher-cost lumber mills, and plans to continue focusing on optimizing its asset portfolio to lower costs.
This report by The Canadian Press was first published July 24, 2024.
A new study led by the U.S. Geological Survey (USGS) found a large amount of lithium reserves in southwestern Arkansas that could help meet rising demand for lithium in electric vehicle car batteries.
USGS worked with the Arkansas Department of Energy and the Environment’s Office of the State Geologist to examine a geological unit known as the Smackover Formation to determine the amount of lithium in brines that are co-produced during oil and gas exploration.
The study estimated that there are between 5 million and 19 million tons of lithium reserves present in the formation. While that estimate was of the amount of lithium in place and didn’t assess how much of that is technically recoverable, if the reserves can be recovered commercially, the low-end estimate of 5 million tons would be enough to meet the world’s projected 2030 demand for lithium batteries in electric vehicles nine times over.
Lithium is a critical mineral that has seen global demand surge in recent years, a trend that’s expected to continue as the transition from fossil fuels to electric and hybrid vehicles accelerates in the years ahead given its use in rechargeable EV batteries. The mineral is also used in the production of glass and aluminum products, and it can be found in portable electronic devices, electric tools and has energy grid storage applications.
“Our research was able to estimate total lithium present in the southwestern portion of the Smackover in Arkansas for the first time. We estimate there is enough dissolved lithium present in that region to replace U.S. imports of lithium and more,” said Katherine Knierim, a hydrologist and the study’s principal researcher.
“It is important to caution that these estimates are an in-place assessment. We have not estimated what is technically recoverable based on newer methods to extract lithium from brines,” Knierim added.
USGS used machine learning, a type of artificial intelligence (AI), to analyze samples from the Smackover Formation that it compared against USGS databases of samples of brines and water from hydrocarbon production.
The machine learning model then used that data to predict lithium concentrations across the region and generate maps, even of areas from which lithium samples haven’t been collected.
“Lithium is a critical mineral for the energy transition, and the potential for increased U.S. production to replace imports has implications for employment, manufacturing and supply-chain resilience. This study illustrates the value of science in addressing economically important issues,” said USGS Director David Applegate.
The U.S. currently imports more than 25% of its lithium. A USGS report noted that from 2019 to 2022, U.S. lithium imports came primarily from Argentina (51%) and Chile (43%), with notably smaller amounts imported from China (3%) and Russia (2%).
Australia’s lithium mines were the world’s most productive, followed by Chile and China, per the USGS report. The world’s largest lithium reserves were Chile with 9.3 million tons, Australia with 6.2 million tons, Argentina with 3.6 million tons and China with 3 million tons, according to the January 2024 report. For comparison, U.S. reserves were 1.1 million tons of lithium.
Measured and indicated lithium resources in the report were 14 million tons for the U.S., less than Bolivia’s 23 million tons and Argentina’s 22 million tons, though that figure exceeded Chile’s 11 million tons, Australia’s 8.7 million tons and China’s 6.8 million tons.
The USGS report noted that around the world, lithium’s main end use is for batteries (87%), followed by ceramics and glass (4%), lubricating greases (2%), air treatment (1%), continuous casting mold flux powders (1%), medical (1%) and other uses (4%).
