CANADIAN UTILITIES REPORTS SECOND QUARTER 2022 EARNINGS
CALGARY, AB, July 28, 2022 /CNW/ – Canadian Utilities Limited (TSX:CU.TO) (TSX:CU-X.TO)
Canadian Utilities Limited (Canadian Utilities or the Company) today announced second quarter 2022 adjusted earnings of $136 million ($0.51 per share), $21 million ($0.08 per share) higher compared to $115 million ($0.43 per share) in the second quarter of 2021.
ATCO REPORTS SECOND QUARTER 2022 EARNINGS
CALGARY, AB, July 28, 2022 /CNW/ – ATCO Ltd. (TSX:ACO-X.TO) (TSX:ACO-Y.TO)
ATCO Ltd. (ATCO or the Company) today announced second quarter 2022 adjusted earnings of $92 million ($0.81 per share), $12 million ($0.11 per share) higher compared to $80 million ($0.70 per share) in the second quarter of 2021.
ALTAGAS ANNOUNCES SECOND QUARTER 2022 RESULTS
Newswire.ca – Thu Jul 28, 5:00AM CDT
AltaGas Delivers Solid Second Quarter Results; Strategic Initiatives and Continued Execution of its Long-term Plan Drive Shareholder Value Creation
CALGARY, AB, July 28, 2022 /CNW/ – AltaGas Ltd. (“AltaGas” or the “Company”) (TSX:ALA.TO) today reported second quarter 2022 financial results and provided an update on the Company’s operations
TC Energy Second-Quarter Profit Down As It Reaches Milestone With Coastal GasLink LP
TC Energy Corp. posted a lower quarterly profit as its Coastal GasLink project reaches a “significant milestone.”
The Calgary-based energy producer says its net income attributable to shareholders was $889 million or 90 cents per diluted share in the second quarter, down from $975 million or $1 per share a year earlier.
The pipeline operator’s comparable earnings were $979 million or $1 per common share, down from $1.04 billion or $1.06 per share in the same period of 2021.
Revenue for the three months ended June 30 increased to $3.64 billion from $3.18 billion during the same quarter last year.
TC Energy’s president and CEO François Poirier says the pipeline company has reached a significant milestone with Coastal GasLink LP, signing revised agreements with LNG Canada that will allow the safe and timely execution of its largest LNG-linked project.
He says the 670-kilometre project is about 70 per cent complete, with mechanical in-service expected by the end of 2023.
“Together with LNG Canada, this project will provide the first direct path for Canadian natural gas to reach global LNG markets,” Poirier says.
“By leveraging our competitive strengths, we continue to develop solutions to move, generate and store the energy North America relies on in a secure and increasingly sustainable way.”
This report by The Canadian Press was first published July 28, 2022.
Intact Financial Corporation Reports Q2-2022 Results
TORONTO, July 28, 2022 /CNW/ – (TSX:IFC.TO)
Highlights
Charles Brindamour, Chief Executive Officer, said:
“We delivered strong results in Q2-2022 with contribution from all segments. In the one year since the close of the RSA acquisition, we have achieved $175M in run-rate synergies and greatly strengthened our Canadian and specialty lines platforms. We remain optimistic about the growth opportunities across our business and particularly in specialty lines. We expect that our disciplined underwriting and deep claims expertise will continue to be assets in navigating inflation pressures, climate change and evolving driving patterns.”Read more at newswire.ca
Cenovus Posts Massive Upswing In Profit As Second-Quarter Net Earnings Reach $2.4B
Cenovus Energy Inc. recorded a massive upswing in profit in its latest quarter amid increased commodity prices and higher margins.
The Calgary-based oil producer had net earnings of $2.4 billion in the second quarter, or $1.23 per basic share, compared with $224 million or 11 cents per share a year earlier.
Revenue for the three months ended June 30 was $19.2 billion, up from $10.58 billion in the second quarter of 2021.
Total production reached 761,500 barrels of oil equivalent per day, down from 765,900 boe/d in the prior year period.
Alex Pourbaix, Cenovus president and CEO, says the company executed on its commitment of returning 50 per cent of excess free funds flow to shareholders in the quarter.
He says the oil producer also maintained strong operational and financial performance during a period of significant planned turnarounds and maintenance.
“We’re well positioned for even better performance in the second half of the year as our assets return to operating at normal rates across the portfolio,” Pourbaix said in a statement Thursday.
This report by The Canadian Press was first published July 28, 2022.
CP Rail bullish on 2022 ahead of sturdy grain crop, and despite sky-high fuel costs
Canadian Pacific Railway Ltd. CP-T +1.03%increase struck a confident stance for the coming year after seeing some earnings dip in its latest quarter thanks to a dismal grain crop in 2021 and soaring fuel costs since February.
Repeating a line from the previous earnings call, chief financial officer Nadeem Velani stressed 2022 will be a “tale of two halves.”
“The upcoming grain harvest is looking better every day,” chief executive officer Keith Creel told investors on a conference call Thursday, after the railway operator rode container shipment windfalls to a higher quarterly revenue.
In the three months ended June 30, core adjusted earnings per share decreased 8 per cent year over year, despite a 7-per-cent revenue boost.
Net income at the Calgary-based railway operator dropped 39 per cent year over year, but largely because of anomalously high profits a year ago caused by a one-time merger termination fee of $845-million it received from Canadian National Railway Co.
Mr. Velani cited rising fuel prices and “the continued headwind from grain” as hurdles, partly offset by a 25-per-cent increase in container shipping revenues and an earnings bump from several commodities.
Spiking demand for potash, metals and automotive products amid still-snarled supply chains pushed up those revenue streams between 22 per cent and 28 per cent year over year – even as potash volumes nudged up less than 3 per cent and auto carloads stayed flat.
Outpacing them all, however, were fuel expenses, which jumped 70 per cent or $152-million, weighing on the railway’s bottom line.
In his buoyant view of the coming five months, Mr. Creel pointed to forecasts for a Canadian grain crop of 70 million tonnes, roughly in line with historical averages.
The 141-year-old CP Rail also expects double-digit growth in revenue ton miles – a key metric measuring how much revenue a company makes per volume of freight hauled – for the back half of the year, he said.
Russia’s invasion of Ukraine has driven up energy prices across the globe, cutting into the transport industry profit margins. But its impact on fertilizer supply has been to the company’s benefit, chief marketing officer John Brooks said.
“With the ongoing disruptions in potash supply from Belarus and Russia, we expect Canadian potash to remain a growth driver at CP,” he said.
Regulatory scrutiny of the railway’s proposed acquisition of the Kansas City Southern railway continues, with the U.S. Surface Transportation Board (STB) announcing dates for public hearings in late September. A decision from the regulator is expected early next year.
The US$31-billion deal would pave the way for North America’s only railway stretching through Canada, the U.S. and Mexico.
“We’re in a good spot. We continue to gain ground and look forward to realizing the vision of that transformational merger as we march toward the first part of 2023,” Mr. Creel said.
Earlier this month, several large railways, community groups and shippers filed submissions with the U.S. regulator expressing concerns over the merger and calling for concessions – a lingering worry for investors.
But National Bank analyst Cameron Doerksen said the “effectively argued positions” laid out in CP Rail’s 4,000-plus-page response give him “greater confidence that the STB will not impose material conditions” before green lighting the acquisition.
On Thursday, the company reported net income of $765-million in its second quarter, down from $1.25-billion in the same period last year.
On an adjusted basis, CP’s diluted earnings per share fell to 90 cents from $1.03 per share in 2021. Core adjusted earnings per share declined to 95 cents from $1.03.
Revenue was $2.20-billion versus $2.05-billion in the same quarter last year. Core adjusted income also rose, to $882-million from $689-million.
On Wednesday night, the company announced its quarterly dividend would be 19 cents per share for the quarter, payable on Oct. 31.
GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal
https://www.cnbc.com/2022/07/28/gdp-q2-.html
Dow jumps 450 points, Nasdaq jumps 4% as Powell says Fed could slow pace of rate hikes
Stocks rallied Wednesday after the Federal Reserve announced its much anticipated 0.75 percentage point rate increase to fight inflation, but hinted that it could slow the pace of its hiking campaign at some point.
The Dow Jones Industrial Average jumped 459 points, or 1.5% The S&P 500 gained 2.5%, and the Nasdaq Composite increased 4%. Tech shares led gains after better-than-feared results from Alphabet and Microsoft.
Stocks hit their highs of the session in the afternoon as Fed Chairman Jerome Powell left the door open about the size of the central bank’s rate move at its next meeting in September and noted it would eventually slow the magnitude of rate hikes. Powell said in a press conference that the Fed could hike by 0.75 percentage point again in September, but that it would be dependent on the data.
“As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,” he said.
Investors were also encouraged after Powell noted that he doesn’t believe the economy is currently in a recession. The second-quarter GDP reading is due on Thursday.
“The rate increases are having their intended effect, we are just not sure what the price is going to be,” said Jamie Cox, Managing Partner, Harris Financial Group. “The main effect is that markets are confident that the Fed won’t allow inflation to become anchored among consumers and businesses, and that’s maybe the first time this year that this has happened.”
Investors have continued to worry that the central bank’s ongoing efforts to lower inflation will push the economy into a recession, or that we may already be in one. Those fears eased Wednesday after Powell said he does not think the U.S. is currently in a recession, adding that “there are too many areas of the economy that are performing too well.”
Many regard two consecutive quarters of negative GDP readings as a recession, but the National Bureau of Economic Research, the official arbiter of recessions, uses multiple other factors to determine one. The GDP reading Thursday is expected to show barely an expansion after first quarter GDP declined by 1.6%.
Stocks started the day on a high note after getting a boost from tech earnings. Tech stocks added to those gains as the overall market rallied.
Alphabet shares rose 8% after the tech giant’s quarterly report showed strong revenue from Google’s search business. Microsoft gained about 6.5% after reporting a 40% jump in revenue growth for Azure and cloud services. The gains came even after both companies posted earnings and revenue that fell below analyst estimates.
“Earnings growth estimates continue to slip, even for the technology sector, which typically holds up relatively well during economic slowdowns,” Sam Stovall, chief investment strategist at CFRA Research, told CNBC. “Pressure from a pullback in consumer spending likely contributed to EPS/sales shortfalls, as all measures of consumer confidence have deteriorated sharply from peaks around mid-2021.”
Meta Platforms shares rose 5%, ahead of its earnings scheduled for after the bell. Amazon advanced more than 3% after getting hit by the retail carnage Tuesday. Apple added more than 1.5%.
Enphase Energy also popped on the back of its latest results, trading about 15% higher. Chipotle also added 13% following its mixed second-quarter earnings release.
More than 150 S&P 500 companies have reported calendar second-quarter earnings thus far. Of those names, roughly 70% have beaten analyst expectations, FactSet data shows.