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Air Canada reported a fourth-quarter profit of $184 million, up from $168 million a year earlier, as its operating revenue rose 11 per cent.

The airline says the profit amounted to 41 cents per diluted share for the quarter ended Dec. 31, compared with 41 cents per diluted share in the last three months of 2022.

Operating revenue totalled $5.18 billion, up from $4.68 billion in the fourth quarter of 2022.

The airline says the increase came as its operated capacity increased nine per cent compared with a year earlier.

Operating expenses increased eight per cent due to higher costs reflecting the increased capacity and traffic, partially offset by lower jet fuel prices.

On an adjusted basis, Air Canada says it lost 12 cents per diluted share in its latest quarter, compared with an adjusted loss of 61 cents per diluted share a year earlier.

This report by The Canadian Press was first published Feb. 16, 2024.

IGM HIGHLIGHTS

• Fourth quarter net earnings of $419.6 million or 176 cents per share compared to $224.7 million or 94 cents per share in 2022. Adjusted net earnings, excluding a gain on the sale of IPC of $220.7 million,¹ were $198.9 million or 84 cents per share for the fourth quarter of 2023 compared to $224.7 million or 94 cents per share in 2022.
• Annual net earnings of $1,148.9 million or $4.82 per share compared to $867.2 million or $3.63 per share in 2022. Annual adjusted net earnings, excluding other items,¹ were $820.7 million or $3.44 per share compared to $867.2 million or $3.63 per share in 2022.
• Assets under management and advisement of $240.2 billion, up 5.6% from the prior quarter and up 7.1% from the fourth quarter of 2022.² 
• IGM’s assets under management and advisement including strategic investments were $389.4 billion as at December 31, 2023, compared with $372.9 billion at September 30, 2023 and $288.3 billion at December 31, 2022.²
• Net outflows were $1.2 billion compared to net outflows of $520 million in 2022.²   

https://www.newswire.ca/news-releases/igm-financial-reports-fourth-quarter-and-2023-earnings-800517692.html

Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM.TO) (“Agnico Eagle” or the “Company”) today reported financial and operating results for the fourth quarter and full year of 2023, as well as future operating guidance.

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Cenovus Energy Inc. reported a fourth-quarter of $743 million, down from $784 million a year earlier, as its revenue also edged lower.

The company says the profit amounted to 39 cents per diluted share for the quarter ended Dec. 31.

The result compared with a profit of 39 cents per diluted share a year earlier when it had more shares outstanding.

Revenue for the quarter totalled $13.13 billion, down from $14.06 billion in the fourth quarter of 2022.

Cenovus reported total upstream production of 808,600 barrels of oil equivalent per day, up from 806,900 a year earlier.

Downstream throughput was 579,100 barrels per day, up from 473,300 a year earlier.

This report by The Canadian Press was first published Feb. 15, 2024.

Canadian Tire Corp. Ltd. reported its fourth-quarter profit and revenue fell compared with a year ago as it said it navigated a challenging economic environment.

The retailer says it earned a profit attributable to shareholders of $172.5 million, or $3.09 per diluted share, for the 13-week period ended Dec. 30.

The result compared with a profit of $531.9 million, or $9.09 per diluted share, in the same quarter a year earlier.

Canadian Tire says its normalized diluted earnings per share for the quarter came to $3.38 compared with $9.34 a year earlier.

Revenue totalled $4.44 billion, down from $5.34 billion in its fourth quarter of 2022.

The company says consolidated comparable sales were down 6.8 per cent as it saw a softening of consumer demand, compounded by weaker sales due to unseasonable weather across the country in December.

This report by The Canadian Press was first published Feb. 15, 2024.

Canada’s Barrick Gold (ABX) has announced a new $1 billion U.S. stock buyback program after the company reported mixed financial results.

The Toronto-based company reported earnings per share of $0.27 U.S. for the fourth and final quarter of 2023. That beat analyst forecasts of $0.21 U.S.

Revenue for the period came in at $3.06 billion U.S., missing expectations of $3.14 billion U.S.

Total gold production last year rose 1.4% to 1.05 million ounces while the average realized price per ounce increased 3% to $1,986 U.S. in Q4 2023.

The company’s copper production was basically unchanged last year at 113 million pounds.

In terms of forward guidance, Barrick Gold said that it anticipates higher gold production this year as prices for the precious metal near all-time highs.

Management said that they expect gold production to range between 3.9 million ounces and 4.3 million ounces this year, compared with 4.05 million ounces in 2023.

Average spot gold prices rose more than 13% in the final quarter of 2023.

Gold is currently trading right around $2,000 U.S. per ounce, which is not far from its all-time high of $2,135.39 U.S. per ounce.

Shopify Inc. reported a fourth-quarter profit of US$657 million compared with a loss of US$623 million a year earlier as its revenue rose 24 per cent.

The e-commerce technology firm, which keeps its books in U.S. dollars, says the profit amounted to 51 cents US per diluted share for the quarter ended Dec. 31, up from a loss of 49 cents US per diluted share in the last three months of 2022.

On adjusted basis, Shopify says it earned 34 cents US per diluted share, up from adjusted profit of seven cents US per share.

Revenue totalled US$2.14 billion, up from US$1.74 billion a year earlier.

The increase in revenue came as Shopify’s merchant solutions revenue rose to US$1.62 billion compared with US$1.34 billion a year earlier, boosted by an increase in driven primarily increased sales by its merchants. Subscription solutions revenue was US$525 million, up from US$400 million.

In its outlook for the first quarter of 2024, Shopify says it expects overall revenue to grow at a low-twenties percentage rate on a year-over-year basis.

This report by The Canadian Press was first published Feb. 13, 2024.

Restaurant Brands International Inc. reported its fourth-quarter net income more than doubled compared with a year ago.

The parent company of Tim Hortons, Burger King and other brands, which keeps its books in U.S. dollars, says its net income totalled US$726 million or $1.60 per diluted share.

The result was up from US$336 million or 74 cents US per diluted share for the last three months of 2022.

The company says the increase was driven by a larger income tax benefit and increased income from operations, partially offset by higher interest costs.

On an adjusted basis, Restaurant Brands says it earned 75 cents US per diluted share in its most recent quarter, up from 72 cents US per diluted share a year earlier.

Revenue totalled US$1.82 billion, up from US$1.69 billion in the same quarter a year earlier.

This report by The Canadian Press was first published Feb. 13, 2024.

Toromont Industries Ltd. (TSX:TIH.TO) today reported its financial results for the three months and year ended December 31, 2023.

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