Author: Consultant

Spin Master Corp. says it earned US$140.1 million in its third quarter, down 15 per cent from a year earlier.

The toy company known for Paw Patrol and other popular brands says revenue totalled US$885.7 million, up from US$710.2 million during the same quarter last year.

Diluted earnings per share were US$1.32, down from $1.45 during the third quarter of 2023.

President and CEO Max Rangel says though the softer economic environment is still a challenge for Spin Master, the toy segment helped drive growth in the third quarter.

Toy revenue was up almost 35 per cent, while the company saw declines in revenue from entertainment and digital games.

Revenue growth year over year was helped by revenue from Melissa & Doug, a toy brand that Spin Master acquired early in 2024.

This report by The Canadian Press was first published Oct. 30, 2024.

Third quarter 2024 highlights:

• Solid quarterly gold production and cost performance – Payable gold production¹ was 863,445 ounces at production costs per ounce of $908, total cash costs per ounce² of $921 and all-in sustaining costs (“AISC”) per ounce² of $1,286
• Continued to deliver reliable operating and cost performance – Gold production and costs in the third quarter of 2024 were in line with plan, driven by strong production in Nunavut and at Macassa and Fosterville. The Company’s continued focus on operational efficiencies and cost optimization drove record quarterly throughput and mining rates at multiple sites
• Well positioned to achieve 2024 gold production, cost and capital expenditures guidance – The Company is tracking well to meet its gold production guidance for the full year 2024. Total cash costs per ounce, AISC per ounce and capital expenditures guidance for 2024 remain unchanged
• Record quarterly adjusted net income³ – The Company reported quarterly net income of $567.1 million or $1.13 per share and adjusted net income of $572.6 million or $1.14 per share
• Record quarterly cash provided by operating activities and free cash flow – The Company generated record cash provided by operating activities of $1,084.5 million or $2.16 per share ($1,027.5 million or $2.05 per share before changes in non-cash working capital balances⁴) and free cash flow⁴ of $620.4 million or $1.24 per share ($563.4 million or $1.12 per share before changes in non-cash working capital balances⁴)
• Strengthening financial position with further reduction of debt – The Company increased its cash position by $55.2 million to $977.2 million as at September 30, 2024. The Company continued to reduce net debt⁵ in the third quarter of 2024, repaying the $100.0 million 5.02% Series B Senior Notes at maturity and repaying $275.0 million of the $600.0 million unsecured term loan facility drawn in 2023. Total debt outstanding was $1,467.2 million as at September 30, 2024. Year-to-date, net debt has been reduced by $1,014.4 million, from $1,504.4 million at the beginning of the year to $490.0 million as at September 30, 2024
• Continued focus on shareholder returns – In the third quarter of 2024, the Company’s Board of Directors declared a quarterly dividend of $0.40 per share. Additionally, the Company repurchased 362,343 common shares at an average share price of $82.86 for an aggregate of $30.0 million through its normal course issuer bid (“NCIB”)

AGNICO EAGLE REPORTS THIRD QUARTER 2024 RESULTS – RECORD FREE CASH FLOW FOR THE FOURTH CONSECUTIVE QUARTER; BALANCE SHEET STRENGTHENED BY FURTHER DEBT REDUCTION; WELL POSITIONED TO ACHIEVE GOLD PRODUCTION AND COST GUIDANCE; ONGOING EXPLORATION SUCCESS AT EXISTING OPERATIONS AND PIPELINE PROJECTS

• The Conference Board’s consumer confidence index for October rose more than 11% to a reading of 138, its biggest single-month acceleration since March 2021.
• Job openings slid to 7.44 million in September, down more than 400,000 from the previous month’s downwardly revised level and the lowest since January 2021.

Consumers grew more optimistic about the U.S. economy heading into the contentious presidential election even as job openings hit multi-year lows, according to separate reports released Tuesday.

The Conference Board’s consumer confidence index for October rose more than 11% to a reading of 138, its biggest one-month acceleration since March 2021. Along with that, the board’s expectations index of future conditions jumped nearly 8%, to a reading of 89.1 that is well clear of the sub-80 level that indicates a recession.

Economists surveyed by Dow Jones had been looking for a headline number of 99.5.

“Consumers’ assessments of current business conditions turned positive,” said Dana Peterson, the board’s chief economist. “Views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labor market data.”

That sentiment was seemingly at odds with a Bureau of Labor Statistics report showing that job openings slid to 7.44 million in September, off more than 400,000 from the previous month’s downwardly revised level and the lowest since January 2021. That number was also below a Wall Street forecast of 8.0 million.

The drop in openings took the ratio of job vacancies to available workers below 1.1 to 1. In mid-2022, the number was greater than 2 to 1.

Though the openings level moved lower, hires rose 123,000 on the month. Separations were little changed while quits fell by 107,000.

• Oil prices lost ground on Monday after Iranian energy facilities were not damaged during an Israeli attack over the weekend.
• Israel on Saturday attacked Iran’s military installations in three provinces in response to Tehran launching ballistic missiles at Israel on Oct. 1.
• Oil markets’ key consideration had been a direct engagement between both parties, with concerns of an attack on Iranian oil facilities rising in recent weeks.

https://www.cnbc.com/2024/10/28/oil-slides-over-4percent-as-israels-attack-on-iran-unlikely-to-disrupt-supplies.html

Monday October 28

China industrial profits

Germany retail sales

(10:30 a.m. ET) U.S. Dallas Fed Manufacturing Activity for October.

(1:30 p.m. ET) Bank of Canada governor Tiff Macklem participates in a fireside chat at The Logic Summit in Toronto.

Earnings include: Canfor Pulp Products Inc.; Ford Motor Co.; PrairieSky Royalty Ltd.; Waste Management Inc.

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Tuesday October 29

Japan jobless rate

Germany consumer confidence

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(8:30 a.m. ET) U.S. goods trade deficit for September.

(8:30 a.m. ET) U.S. wholesale and retail inventoris for September.

(9 a.m. ET) U.S. S&P CoreLogic Case-Shiller Home Price Index for August. Estimate is a 0.2-per-cent rise from July and up 5.0 per cent year-over-year.

(9 a.m. ET) U.S. FHFA House Price Index for August. Estimate is a month-over-month increase of 0.2 per cent and 3.9-per-cent gain year-over-year.

(10 a.m. ET) U.S. Conference Board Consumer Confidence Index for October.

(10 a.m. ET) U.S. Job Openings and Labor Turnover Survey for September.

(3:30 p.m. ET) Bank of Canada governor Tiff Macklem and senior deputy Carolyn Rogers appear before the House Standing Committee on Finance

Earnings include: Advanced Micro Devices Inc.; Alphabet Inc.; Chipotle Mexican Grill Inc.; Chubb Ltd.; Electronic Arts Inc.; First Capital Realty Inc.; First National Financial Corp.; First Solar Inc.; Gibson Energy Inc.; McDonald’s Corp.; New Gold Inc.; Paypal Holdings Inc.; Pfizer Inc.; Visa Inc.

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Wednesday October 30

Japan consumer confidence and Bank of Japan monetary policy meeting (though Thursday)

Germany unemployment, GDP and CPI

Euro zone economic and consumer confidence and GDP

(8:15 a.m. ET) U.S. ADP National Employment Report fir October.

(8:30 a.m. ET) U.S. real GDP for Q3. The Street is projecting an annualized rate rise of 3.0 per cent.

(10 a.m. ET) U.S. pending home sales for September. Estimate is a decline of 0.2 per cent from August.

(4:15 p.m. ET) Bank of Canada governor Tiff Macklem and senior deputy Carolyn Rogers appear before the Standing Senate Committee on Banking, Commerce and the Economy.

Also: Ontario’s fall economic statement

Earnings include: AbbVie Inc.; Agnico Eagle Mines Ltd.; Allied Properties REIT; Athabasca Oil Corp.; Bausch + Lomb Corp.; Capital Power Corp.; Caterpillar Inc.; Dayforce Inc.; Eli Lilly and Co.; Ivanhoe Mines Ltd.; Kinaxis Inc.; Meta Platforms Inc.; Microsoft Corp.; NexGen Energy Ltd.; Parkland Fuel Corp.; Secure Energy Services Inc.; Spin Master Corp.; Starbucks Corp.; Suncor Energy Inc.; TMX Group Ltd.; Toromont Industries Ltd.; Tourmaline Oil Corp.; UBS Group AG

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Thursday October 31

China PMI

Japan retail sales and industrial production

Euro zone CPI and jobless rate

(8:30 a.m. ET) Canada’s monthly real GDP for August. The Street expects a flat reading month-over-month.

(8:30 a.m. ET) Canada’s payroll survey: Job vacancy rate for August.

(8:30 a.m. ET) U.S. personal spending and income for September. Consensus is month-over-month increases of 0.4 per cent for both.

(8:30 a.m. ET) U.S. core PCE price index for September. Consensus is a rise of 0.3 per cent from August and up 2.6 per cent year-over-year.

(8:30 a.m. ET) U.S. initial jobless claims for week of Oct. 26. Estimate is 235,000, up 8,000 from the previous week.

(8:30 a.m. ET) U.S. employment cost index for Q3. The Street expects a gain of 0.9 per cent from Q2 and up 4.0 per cent year-over-year.

Earnings include: AltaGas Ltd.; Amazon; Apple Inc.; Baytex Energy Corp.; Canadian Natural Resources Ltd.; Capstone Mining Corp.; Cenovus Energy Inc.; Centerra Gold Inc.; Cogeco Communications Inc.; Eldorado Gold Corp.; Fairfax Financial Ltd.; Gildan Activewear Inc.; Intel Corp.; Mastercard Inc.; Merck & Co. Inc.; Open Text Corp.; Paramount Resources Ltd.; Primaris REIT; Shopify Inc.; Stellantis NV; Tamarack Valley Energy Ltd.; Trisura Gold Ltd.; Uber Technologies Inc.; Vermilion Energy Inc.

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Friday November 1

Japan manufacturing PMI

(8:30 a.m. ET) U.S. nonfarm payrolls for October. The Street is expecting a gain of 120,000 jobs (versus 254,000 in September) with the unemployment rate remaining 4.1 per cent.

(9:30 a.m. ET) Canada’s S&P manufacturing PMI for October.

(9:45 a.m. ET) U.S. S&P manufacturing PMI for October.

(10 a.m. ET) U.S. construction spending for September. The Street is forecasting a flat reading month-over-month.

Also: Canadian and U.S. auto sales for October.

Earnings include: Air Canada; ARC Resources Ltd.; Brookfield Renewable Corp.; Chevron Corp.; Enbridge Inc.; Exxon Mobil Corp.; Imperial Oil Ltd.; Magna International Inc.; Sleep Country Canada Holdings Inc.; Telus Corp.; Westshore Terminals Investment Corp.

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

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.