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West Fraser Timber Co. Ltd. says it earned US$159 million in the third quarter, compared with US$216 million a year earlier.

The Vancouver-based company says sales were US$1.7 billion, down from US$2.1 billion during the third quarter last year.

Earnings per diluted share were US$1.81, down from US$2.50 last year.

President and CEO Ray Ferris says the third quarter saw a continuation of challenging demand, especially in lumber.

As a result, Ferris says the company executed curtailments at several locations.

He says the company continues to focus on what it can control, such as improving flexibility and lowering costs.

This report by The Canadian Press was first published Oct. 25, 2023.

Companies in this story: (TSX:WFG)

Agnico Eagle Mines Ltd. (AEM) on Wednesday reported third-quarter earnings of $178.6 million.

On a per-share basis, the Toronto-based company said it had profit of 36 cents. Earnings, adjusted for non-recurring costs, were 44 cents per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.

The gold mining company posted revenue of $1.64 billion in the period.

Agnico shares have decreased 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $48.81, a rise of 13% in the last 12 months.

Canadian Pacific Kansas City (TSX:CP.TO) (NYSE:CP) (CPKC) today announced its third-quarter results, including revenues of $3.3 billion, diluted earnings per share (“EPS”) of $0.84 and core adjusted combined diluted EPS^{1, 2} of $0.92.

Read more at newswire.ca

Teck Resources Ltd. raised the cost estimates for its QB2 copper project in Chile as it reported its latest quarterly results and lowered its production guidance for copper, molybdenum and steelmaking coal for the year.

The mining company says it now expects the QB2 project to cost between US$8.6 billion and $8.8 billion, up from earlier guidance for between US$8.0 billion and US$8.2 billion.

The update came as Teck says it earned a profit attributable to shareholders of C$276 million or 52 cents per diluted share for the quarter end Sept. 30 compared with a loss of C$195 million or 37 cents per share a year earlier.

Revenue totalled C$3.60 billion, down from C$4.26 billion in the same quarter last year.

On an adjusted basis, Teck says it earned 76 cents per diluted share, down from an adjusted profit of C$1.74 per diluted share a year earlier.

In its guidance, Teck lowered its annual copper production forecast to 320,000 to 365,000 tonnes from 330,000 to 375,000 tonnes for this year and cut its annual molybdenum production guidance to 3.0 million to 3.8 million pounds from 4.5 million to 6.8 million pounds. It also said it expects steelmaking coal production this year to be between 23.0 million and 23.5 million tonnes, down from earlier expectations for 24.0 million to 26.0 million tonnes.

This report by The Canadian Press was first published Oct. 24, 2023.

First Quantum Minerals Ltd. reported US$325 million in net earnings attributable to shareholders for the third quarter, up from US$113 million a year earlier.

Sales revenues totalled US$2.0 billion, up from US$1.7 billion.

Diluted earnings per share for the Toronto-based company were 47 cents US, up from 37 cents US a year earlier.

CEO Tristan Pascall says production continued to improve during the third quarter at each of the company’s three main copper operations.

Earlier in the year, First Quantum’s production took a hit amid a dispute with the Panama government over its Cobre Panamá copper mine.

On Monday, the company announced that the bill enacting its mining concession contract for the mine became law, after reaching a deal with the government in March.

This report by The Canadian Press was first published Oct. 24, 2023.

Canadian National Railway Co. is reporting a nearly one-quarter drop in profits for the three months ended Sept. 30.

Canada’s largest railway says falling consumer demand and fallout from the B.C. port workers’ strike dented its cargo volumes and revenue last quarter, alongside lower fuel surcharges.

The Montreal-based company says net income in its third quarter fell 24 per cent to $1.11 billion from $1.46 billion in the same period a year earlier.

CN says revenues decreased 12 per cent to $3.99 billion from $4.51 billion the year before.

On an adjusted basis, diluted earnings were down 21 per cent at $1.69 per share from $2.13 per share last year, slightly below analyst expectations of $1.72 per share, according to financial data firm Refinitiv.

CN says it continues to expect flat to slightly negative adjusted earnings this year, adding that it forecasts growth of between 10 per cent and 15 per cent between 2024 and 2026.

This report by The Canadian Press was first published Oct. 24, 202

Rep. Mike Johnson was elected by the House to become the next speaker as Republicans rallied behind their fourth nominee to replace former Speaker Kevin McCarthy.

Johnson could afford only a handful of defections from his fellow Republicans in the chamber-wide vote, but unlike prior candidates, there were no defections to his candidacy from his party.

He won 220 votes, needing around 217 to become speaker.

Democrats meanwhile continued to vote for Minority Leader Hakeem Jeffries. He picked up 209 votes from his fellow Democrats.

Johnson scored his party’s nomination late Tuesday, with several members absent and three voting present. In just the hours from Tuesday, though, Johnson has shored up support from the three Republicans who voted present in Tuesday’s late nomination vote.

Johnson also got support from former President Trump, who gave his support for the GOP nominee, urging Republicans to “get it done, fast” ahead of a potential House speaker vote.

House of Representatives elects Johnson as speaker | Live Updates from Fox News Digital

Hurricane Otis unleashed a “nightmare scenario” on Acapulco in southern Mexico Wednesday morning after the storm rapidly intensified into a Category 5 just before landfall and gave officials and residents little time to prepare.

Otis strengthened from a tropical storm to an extremely dangerous Category 5 hurricane in just 12 hours before it slammed ashore near Acapulco as the strongest storm on record to hit this area and the Pacific coast of Mexico.

The sudden burst of power gave people little time to prepare and get to safety as Otis bore down on Acapulco, a popular tourist destination that’s also a permanent home to roughly 800,000 people.

Hurricane Otis strikes Acapulco: A ‘nightmare scenario’ Category 5 strike | CNN