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TC Energy Corp. reported a loss in its latest quarter compared with a profit a year ago as it took an impairment charge related to its Coastal GasLink pipeline project.

The result came as the company says it has achieved mechanical completion of Coastal GasLink ahead of its year-end target and plans to complete commissioning activities to be ready to deliver gas to the LNG Canada facility by the end of the year.

The pipeline company reported a net loss attributable to common shares of $197 million or 19 cents per share for the quarter ended Sept. 30 compared with net income of $841 million or 84 cents per share in third quarter 2022.

The latest results included a $1.18-billion after-tax impairment charge related to its equity investment in the Coastal GasLink Pipeline Limited Partnership.

TC Energy says its comparable earnings for the quarter amounted to $1 per share, down from $1.07 per share in the same quarter last year.

Revenue for the quarter totalled $3.94 billion, up from $3.80 billion a year earlier.

This report by The Canadian Press was first published Nov. 8, 2023.

 Canadian Tire Corp. Ltd. raised its quarterly dividend as it reported a loss in its latest quarter, weighed down by a one-time charge related to its deal to buy back the 20 per cent stake in Canadian Tire Financial Services that is owned by Scotiabank.

The retailer says it will now pay a quarterly dividend of $1.75 per share, an increase of 2.5 cents per share.

The increased payment to shareholders came as Canadian Tire reported a net loss attributable to shareholders of $66.4 million, or $1.19 per diluted share, for the quarter ended Sept. 30 compared with a profit of $184.9 million, or $3.14 per diluted share a year earlier.

The results included a $328-million charge related to the Scotiabank transaction, offset in part by a $131-million insurance recovery related to a fire at a distribution centre in March.

On a normalized basis, Canadian Tire says it earned $2.96 per diluted share in its latest quarter, compared with $3.34 per diluted share a year earlier.

Revenue was $4.25 billion, up from $4.23 billion in the same quarter last year, while consolidated comparable sales fell 1.6 per cent.

This report by The Canadian Press was first published Nov. 9, 2023.

MEG Energy Corp is an energy company focused on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. MEG transports and sells thermal oil (known as Access Western Blend or AWB) to customers throughout North America and internationally.

MEG Energy Corp. says it earned $249 million in the third quarter, up from $156 million a year earlier.

The Calgary-based energy company says earnings per diluted share were 86 cents, up from 51 cents during the same quarter last year.

Revenues were $1.4 billion, down from $1.6 billion a year earlier.

CEO Derek Evans says increased bitumen production and strong bitumen realizations resulted in over $400 million in free cash flow, allowing the company to advance its debt reduction.

The company says it paid down US$68 million in debt, or approximately $92 million in Canadian dollars, during the third quarter.

Bitumen production rose to 103,726 barrels to day, up from 101,983 a year earlier.

This report by The Canadian Press was first published Nov. 6, 2023.

FINANCIAL HIGHLIGHTS

• Ivanhoe Mines recorded a profit of $108 million for Q3 2023, which includes a $12 million non-cash gain on the $575 million convertible bond fair valuation, compared with a profit of $87 million for Q2 2023. The profit in the quarter includes Ivanhoe Mines’ share of profit and finance income from the Kamoa-Kakula joint venture of $121 million for Q3 2023.
• Kamoa-Kakula sold 96,509 tonnes of payable copper during Q3 2023, recognizing revenue of $695 million, an operating profit of $373 million and quarterly EBITDA of $423 million.
• Copper in concentrate held in inventory at Kamoa-Kakula at quarter end increased to more than 3,000 tonnes. In addition, approximately 48,000 dry metric tonnes of concentrate were sent for tolling at the local smelter in Q3, with copper in work in progress at the end of the quarter exceeding 7,000 tonnes. Excess inventory is expected to be sold in the fourth quarter.
• Kamoa-Kakula’s cost of sales per pound (lb.) of payable copper sold was $1.34/lb. for Q3 2023 compared with $1.24 and $1.05 in Q2 2023 and Q3 2022, respectively. Cash costs (C1) per pound of payable copper produced during the quarter totaled $1.46/lb., compared to $1.41/lb. and $1.43/lb. in Q2 2023 and Q3 2022, respectively.
• Ivanhoe Mines Adjusted EBITDA was $152 million for Q3 2023, compared with $85 million for the same period in 2022, and $172 million for Q2 2023, which includes an attributable share of EBITDA from Kamoa-Kakula.
• Since entering Phase 1 commercial production on July 1, 2021, the Kamoa-Kakula joint venture has generated $2.14 billion of net cash from operating activities, which has funded both the Phase 2 and Phase 3 expansions to date.
• Ivanhoe Mines has a strong balance sheet with cash and cash equivalents of $303 million on hand as at September 30, 2023. The company expects Kamoa-Kakula’s Phase 1 and Phase 2 cash flow, together with additional local financing facilities that are advancing well, to be sufficient to fund the Phase 3 expansion capital cost requirements at current copper prices.
• Kamoa-Kakula’s full-year cash cost (C1) guidance is unchanged at $1.40 – $1.50 per pound and full-year production guidance is also maintained at 390,000 to 430,000 tonnes of copper in concentrate.

https://www.barchart.com/story/news/21745739/ivanhoe-mines-issues-third-quarter-2023-financial-results-and-review-of-construction-and-exploration-activities

TransAlta Corp. TA-T +4.51%increase reported its third-quarter profit rose compared with a year ago as its power production and revenue also came in higher.

TransAlta chief executive John Kousinioris says the third-quarter results demonstrate the value of the company’s strategically diversified fleet, which benefited from its asset optimization and hedging activities.

The power utility says its profit attributable to common shareholders totalled $372-million or $1.41 per diluted share for the quarter ended Sept. 30, up from $61-million or 23 cents per share a year earlier.

Revenue for the quarter totalled $1.02-billion, up from $929-million in the same quarter last year.

Production amounted to 5,678 gigawatt hours for the quarter, up from 5,432 gigawatt hours in the third quarter of 2022.

Last week, TransAlta announced a deal to buy Heartland Generation Ltd. and its power generation business in Alberta and B.C., in a deal valued at $658-million, including assumed debt.

Brookfield Asset Management Ltd. BAM-T -1.36%decrease brought in US$26-billion of fresh capital in the third quarter, flexing its fundraising might even as rivals have struggled to attract new money in fraught markets.

This latest influx of new money into its funds brought Brookfield’s fundraising total to US$61-million for the year. The driving force was private credit partnership with Oaktree Capital Group LLC, which raised US$11-billion in the quarter. Investors are flocking to private credit funds as rising interest rates have boosted returns and U.S. banks have reined in lending.

Brookfield has been making more deals than many of its peers in recent months, and has US$102-billion available to deploy into new investments. In a letter to shareholders, Brookfield chief executive officer Bruce Flatt and asset management president Connor Teskey said markets are getting more confident about how to assess risks and price deals accordingly, and predicted that the pace of dealmaking will pick up over the coming year.

“With record levels of dry powder currently on the sidelines, we expect a very busy period of transaction activity through to the end of 2024,” Mr. Flatt and Mr. Teskey wrote.

During the quarter, Brookfield closed its largest private equity fund to date, raising US$12-billion for its sixth opportunistic fund. It also had strong fundraising in infrastructure, raising US$3-billion for its fifth flagship infrastructure fund, bringing the total fund size to US$27-billion and showing the demand from investors for exposure to infrastructure assets and the protection from rising inflation they typically offer.

Earnings from fees increased 8 per cent to US$565-million in the quarter, in line with an 8-per-cent increase in fee-bearing capital over the same span, to US$440-million.

That helped boost distributable earnings – a metric Brookfield uses to show profits that could be paid out to shareholders – to US$568-million, up from US$524-million in the third quarter last year.

Third-quarter profit for Brookfield Asset Management was US$494-million, or 30 US cents per share, compared with US$395-million, or 24 US cents per share, in the same quarter last year.

Earnings attributable to the publicly-traded, 25-per-cent stake in the asset manager – parent company Brookfield Corp. owns the remaining 75 per cent of Brookfield Asset Management – was US$122-million.

Brookfield announced a quarterly dividend of 32 US cents per share, unchanged from the second quarter.

https://www.barchart.com/story/news/21696803/enbridge-records-q3-profit-as-it-awaits-approvals-for-us-gas-utility-acquisitions#:~:text=Enbridge%20Inc.%20says,Nov.%203%2C%202023.

Restaurant Brands International Inc. recorded a US$364 million profit in its most recent quarter as it continued to warn of increases in commodity, labour, and energy costs.

The Toronto-based owner of Tim Hortons, Burger King, Popeyes Louisiana Kitchen and Firehouse Subs says its third quarter net income compared with a profit of US$530 million a year earlier.

It says the decrease seen over the period ended Sept. 30 was primarily driven by income tax expenses and an increase in share-based compensation, non-cash incentive compensation expense and interest expenses.

The fast-food parent company, which reports in U.S. dollars, is also posting a revenue boost to US$1.83 billion from US$1.72 billion a year earlier.

The rise in revenue came even as RBI says it has seen the war in Ukraine and COVID-19 trigger increases in inflation, foreign exchange volatility and rising interest rates which may be exacerbated by the conflict in the Middle East.

It warns the geopolitical tensions could have an adverse impact on its business, if the company and its franchisees are not able to adjust prices sufficiently without negatively impacting consumer demand.

This report by The Canadian Press was first published Nov. 3, 2023.

Magna International Inc. is reporting a jump in profits and revenues for its third quarter, beating analyst expectations.

The auto parts manufacturer, which keeps its books in U.S. dollars, says net income leaped 36 per cent to US$394 million in the quarter ended Sept. 30 from US$289 million in the same period last year.

Magna says sales rose 15 per cent to US$10.69 billion last quarter from US$9.27 billion the year before.

On an adjusted basis, diluted earnings jumped to US$1.46 per share from US$1.10 per share.

The one-third increase far exceeded analyst expectations of US$1.32 per share, according to financial markets data firm Refinitiv.

The Aurora, Ont.-based company says its profit growth stems from the launch of new programs over the past year, higher light vehicle production across the globe and price increases to cover rising production costs.

This report by The Canadian Press was first published Nov. 3, 2023.