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Gildan Activewear Inc. raised its dividend as it reported a fourth-quarter profit of US$132.3 million. The clothing maker says it will pay a quarterly dividend of 22.6 cents US per share, up from 20.5 cents US. The increased payment came as Gildan, which keeps its books in U.S. dollars, said it earned 86 cents US per diluted share for the quarter ended Dec. 29 compared with a profit of US$153.3 million or 89 cents US per diluted share a year earlier. Net sales for the quarter totalled US$821.5 million, up from US$782.7 million. On an adjusted basis, Gildan says it earned 83 cents US per diluted share in its latest quarter, up from an adjusted profit of 75 cents US per diluted share a year earlier. In its outlook, the company says it expects revenue growth for 2025 to be up mid-single digit, while adjusted diluted earnings per share are expected to be in a range of US$3.38 to US$3.58, an increase of between 13 and 19 per cent. This report by The Canadian Press was first published Feb. 19, 2025. Companies in this story: (TSX:GIL)

Tue, February 18, 2025

WESTCHESTER, Ill., February 18, 2025–(BUSINESS WIRE)–RB Global, Inc. (NYSE & TSX: RBA, the “Company”, “RB Global”, “we”, “us”, “their”, or “our”) reported the following results for the three months and year ended December 31, 2024.

“I am proud of everything the RB Global team accomplished in 2024,” said Jim Kessler, CEO of RB Global. “We made significant progress on our strategic priorities, and we have a firm foundation by which we expect continued long-term growth and value creation.”

Commenting on the results, Eric J. Guerin, Chief Financial Officer, said, “I am pleased with the financial discipline we’ve instilled as a team. This past year we have enhanced our operational efficiency, made strategic investments in long-term growth opportunities, and significantly reduced our leverage.”

Fourth Quarter Financial Highlights^1,2,3:

• Total gross transaction value (“GTV”) increased 2% year over year to $4.1 billion.
• Total revenue increased 10% year over year to $1.1 billion.
  • Service revenue increased 8% year over year to $875.5 million.
  • Inventory sales revenue increased 15% year over year to $266.1 million.
• Net income increased 41% year over year to $118.4 million.
• Net income available to common stockholders increased 44% year over year to $107.8 million.
• Diluted earnings per share available to common stockholders increased 41% to $0.58 per share.
• Diluted adjusted earnings per share available to common stockholders increased 16% year over year to $0.95 per share.
• Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased 13% year over year to $346.0 million.

2025 Financial Outlook
The table below outlines the Company’s outlook for select full-year 2025 financial data:

	Year ended December 31, 2025
(in U.S. dollars in millions, except percentages)	Low-End	High-End
GTV growth	0%	3%
Adjusted EBITDA	$1,320	$1,380
Full year tax rate (GAAP and Adjusted)	25%	28%
Capital Expenditures4	$350	$400

Gold prices edged higher on Tuesday as the focus shifted to the U.S.-Russia bilateral talks on Ukraine.

Spot gold rose half a percent to $2,912.55 per ounce in European trade while U.S. gold futures were up 0.9 percent at $2,925.71.

U.S. and Russian officials have started the highest-level talks in Riyadh about the war in Ukraine.

European officials are not part of these discussions, with Volodymyr Zelenskyy warning his country will not recognize peace deals made without Ukrainian participation.

The private talks between Trump and Putin have raised fears that the EU’s role in Ukraine’s future could be sidelined.

Meanwhile, a senior Russian official said that Ukrainian drones had attacked a pipeline in Russia which pumps about 1 percent of global crude supply.

CPC, whose largest shareholder is Russia with 24 percent, said today that the Kropotkinskaya pumping station of the crude oil transportation facility was subject to a drone attack.

The U.S. economic calendar remains light this week, with Wednesday’s FOMC minutes likely to garner some attention.

Federal Reserve Governor Christopher Waller noted late Monday that recent economic data support keeping interest rates on hold, but officials can get back to cutting rates at some point this year, if inflation behaves as it did in 2024.

Separately, Michelle Bowman, Governor of the Federal Reserve, said that she wants to see more progress on inflation before deciding on another rate cut.

Oil prices climbed on Tuesday after a senior Russian official said that Ukrainian drones had attacked a pipeline in Russia which pumps about 1 percent of global crude supply.

Also, Kazakhstan will take further measures to meet its OPEC+ commitments, including cutting production at other oilfields, to offset the January excess, according to the Energy Ministry’s press service.

Benchmark Brent crude futures were up 0.7 percent at $75.74 in European trade while WTI crude futures jumped 1.5 percent to $71.80.

CPC, whose largest shareholder is Russia with 24 percent, said today that the Kropotkinskaya pumping station of the crude oil transportation facility was subject to a drone attack.

“The terrorist strike was delivered using seven unmanned aerial vehicles loaded in addition to explosives with shrapnel. The attack was timed, aiming to not only disrupt service of the facility but also cause casualties among the station’s operations personnel,” CPC said in a statement.

Traders were also reacting to reports suggesting that the OPEC+ alliance is considering delaying restoring output, with a decision likely to be finalized in coming weeks

Canada’s annual inflation rate ticked higher in January but remained below the Bank of Canada’s target, as the rise in energy prices offset the lingering effects of the federal tax holiday on the price of food and other goods.

The Consumer Price Index rose 1.9 per cent in January, year-over-year, up from 1.8 per cent in December, Statistics Canada reported Tuesday. That was the first increase in three months and matched analyst expectations. Inflation increased 0.1 per cent on a monthly basis.

Financial markets trimmed their bets on another interest rate cut from the Bank of Canada following the inflation reading. Interest rate swap markets now put the odds of another quarter-point cut at the central bank’s next meeting on March 12 at about 40 per cent, according to LSEG data, down several notches from before the Statscan report.

The central bank’s two preferred core inflation measures, which strip out volatile price movements, rose to an average 2.7 per cent, up from 2.55 per cent in December. That suggests price pressures are building underneath the headline CPI number, which has been weighed down by the two-month GST break that started in mid-December and ended on Feb 15.

The Bank of Canada has cut interest rates six consecutive times, bringing its benchmark policy rate to 3 per cent in January. But there is considerable uncertainty about the path forward for monetary policy.

With inflation below the central bank’s 2-per-cent target and the policy rate near the bank’s estimate of “neutral,” officials have said that further rate cuts aren’t a sure thing. At the same time, if a full-blown trade war breaks out with the United States, the central bank may have to cut aggressively to support the Canadian economy through a recession.

“The GST holiday meant that headline inflation remained below the 2 per cent target in January, but there is clear evidence that underlying inflation pressures are building,” Stephen Brown, deputy chief North America economist at Capital Economics, wrote in a note to clients. “That suggests the Bank of Canada is getting close to the end of its loosening cycle, although the outlook for monetary policy ultimately hinges on whether President [Donald] Trump soon imposes stiff tariffs on imports from Canada.”

The two-month tax holiday, which the Liberals announced late last year in a bid to improve their political fortunes, continued to influence food price inflation. Food prices decreased 0.6 per cent, year-over-year, the first annual decrease since May 2017. That was driven by a 5.1-per-cent decline in restaurant prices, triple the previous record decline.

Canadians also paid 3.6 per cent less for alcoholic beverages and 6.8 per cent less for toys, games and hobby supplies, compared to a year earlier, as a result of the tax break.

This was offset by a jump in gasoline pieces. Prices at the pump were up 8.6 per cent in January, year-over-year, following a 3.5-per-cent increase in December. In Manitoba, gasoline prices jumped 26 per cent as the provincial sales tax was reintroduced after a year-long suspension in 2024.

Natural gas prices rose 4.8 per cent on an annual basis, following a 5.5 per cent decline in December.

Shelter remains the biggest driver of overall inflation, although the increase in homeownership costs and rental costs are slowing down. Mortgage interest costs were up 10.2 per cent year-over-year in January, compared to 11.7 per cent in December, while rent was up 6.3 per cent year-over-year, compared to 7.1 per cent the month before.

“No big surprises in today’s report, which is generally a good thing on the inflation front, and we’ll call this one a draw on the interest rate outlook front,” Bank of Montreal chief economist Douglas Porter wrote in a note to clients.

“However, as the GST holiday lifts from the data in the next two months, the headline tally will likely quickly rise to roughly match current core trends of closer to 2.5 per cent … We continue to lean to the view that the BoC will take a pause at their next decision (March 12), although developments on the tariff front may yet have a big say in that call – the possible 25 per cent U.S. tariff on Canada and Mexico still looms for March 4,” he wrote.

Auto parts maker Magna International Inc. is warning tariffs would have a negative impact on the auto industry, but says it’s ready to deal with what comes.

“I believe this is going to be disruptive,” said company chief executive Swamy Kotagiri Friday on an earnings call with analysts.

“We’re not looking forward to that but that muscle is there and we have to work through this.”

The auto sector is facing immense uncertainty as U.S. President Donald Trump threatens to impose blanket tariffs of 25 per cent on imports from Canada and Mexico into the country early next month. Auto parts would be particularly vulnerable because they can cross North American borders multiple times before ending up in a finished vehicle.

“It really is an industry issue that you have to solve holistically and not in isolation,” said Kotagiri.

“For a supplier to absorb this magnitude that they’re talking about is really unrealistic and unattainable.”

Magna has about 142 manufacturing facilities across Canada, the U.S. and Mexico and employs more than 73,000 workers across North America.

Kotagiri said the company has been having “significant” discussions with its customers and policymakers since December.

But he warned, “this is not a switch that can be turned on and off in the short term,” and could have long-term effects.

His comments came as Magna reported its latest quarterly results for the last three months of 2024.

The Aurora, Ont.-based manufacturer raised its dividend as it posted a fourth-quarter profit attributable to the company of US$203 million.

The company, which keeps its books in U.S. dollars, said it will now pay a quarterly dividend of 48.5 cents US per share, up from 47.5 cents US.

The increased payment came as Magna says its profit amounted to 71 cents US per diluted share for the quarter ended Dec. 31, down from US$271 million or 94 cents US per diluted share in the last three months of 2023.

On an adjusted basis, Magna said it earned US$1.69 per diluted share in its latest quarter, up from an adjusted profit of US$1.33 per diluted share a year earlier.

Sales for the fourth quarter increased two per cent to US$10.63 billion year-over-year.

Magna lowered its 2026 revenue outlook to between $40.5 billion and $42.6 billion from its previous forecast, which ranged between $48.8 billion to $51.2 billion. It also predicts a weaker first quarter of this year.

“Our outlook reflects the two per cent decline in weighted global vehicle production in 2025 and no growth over the 2024 to 2026 period,” said Patrick McCann, Magna’s chief financial officer.

An overall weaker macroeconomic picture drove the forecast lower, McCann said, while the company noted the outlook doesn’t take into account the effects of potential tariffs.

“The industry has been experiencing a high degree of volatility related to a number of factors including electric vehicle penetration rates, government policies, market share shifts, and the overall macro environment,” he told investors on the conference call.

“These have made forecasting more difficult than it has been in the past.”

Magna shares were trading 4.7 per cent lower at $53.62 on Friday afternoo

Monday February 17

Canadian and U.S. markets closed

Japan real GDP and industrial production

Euro zone trade surplus

(8:15 a.m. ET) Canadian housing starts for January.

(8:30 a.m. ET) Canada’s international securities transactions for December.

Earnings include: BHP Group Ltd..

—

Tuesday February 18

(8:30 a.m. ET) Canada’s CPI for January. The Street is expecting a rise of 0.1 per cent from December and up 1.9 per cent year-over-year.

(9 a.m. ET) Canada’s existing home sales and average prices for January. Estimates are year-over-year increases of 6.5 per cent and 5.0 per cent, respectively.

(9 a.m. ET) Canada’s MLS Home Price Index for January. Estimate is a rise of 0.7 per cent from the same period a year ago.

(10 a.m. ET) U.S. NAHB Housing Market Index for February.

Earnings include: Arista Networks; Cargojet Inc.; Dream Industrial REIT; Gibson Energy Inc.; Medtronic PLC; Occidental Petroleum Corp.; RioCan REIT; Sandstorm Gold Ltd.; SSR Mining Inc.

—

Wednesday February 19

Japan trade deficit and core machine orders

(8:30 a.m. ET) Canada’s household and mortgage credit for December.

(8:30 a.m. ET) U.S. housing starts for January. Consensus is an annualized rate rise of 7.0 per cent.

(8:30 a.m. ET) U.S. building permits for January. Consensus is a decline of 2.3 per cent on an annualized rate basis.

(2 p.m. ET) Fed minutes from Jan. 28-29 meeting are released.

Earnings include: Alamos Gold Inc.; Analog Devices Inc.; Bausch + Lomb Corp.; B2Gold Corp.; Capstone Mining Corp.; CCL Industries Inc.; Crombie REIT; Gildan Activewear Inc.; Hudbay Minerals Inc.; Ivanhoe Mines Ltd.; Manulife Financial Corp.; New Gold Inc.; Nutrien Ltd.; Osisko Mining Inc.; TFI International Inc.; Torex Gold Resources Inc.; Whitecap Resources Inc.

—

Thursday February 20

Euro zone consumer confidence

(8:30 a.m. ET) Canada’s industrial product and raw materials price indexes for January. Estimates are month-over-month increases of 1.0 per cent and 3.0 per cent, respectively.

(8:30 a.m. ET) Canada’s new housing price index for January. Estimate is a rise of 0.2 per cent from January and up 0.2 per cent year-over-year.

(8:30 a.m. ET) U.S. initial jobless claims for week of Feb. 15. Estimate is 216,000, up 3,000 from the previous week.

(8:30 a.m. ET) U.S. Philadelphia Fed Index for February.

(10 a.m. ET) U.S. leading indicator for January.

Earnings include: Altus Group Ltd.; Boardwalk REIT; Cameco Corp.; Eldorado Gold Corp.; Hydro One Ltd.; Iamgold Corp.; Loblaw Companies Ltd.; Lundin Gold Inc.; Newmont Goldcorp Corp.; Quebecor Inc.; Teck Resources Ltd.; TransAlta Corp.; Walmart Inc.

—

Friday February 21

Japan CPI and manufacturing and services PMI

Euro zone PMI

(8:30 a.m. ET) Canadian retail sales for December. The Street is projecting a rise of 1.6 per cent from November.

(9:45 a.m. ET) U.S. S&P Global PMI for February.

(10 a.m. ET) U.S. existing home sales for January. Consensus is an annualized rate decline of 2.1 per cent.

(10 a.m. ET) U.S. University of Michigan Consumer Sentiment in February.

(12:30 p.m. ET) Bank of Canada governor Tiff Macklem speaks in Mississauga.

Earnings include: CI Financial Corp.; Emera Inc.; NexGen Energy Ltd.; Onex Corp.

Released its 2024 annual financial results. Highlights: Annual net earnings of $1.6 billion, or $3.24 per common share for 2024. Annual adjusted net earnings per common share of $3.28, up from $3.09 for 2023, representing 6% growth. Fortis Inc. shares T.FTS are trading unchanged at $62.89.

Magna International Inc. (MGA) on Friday reported fourth-quarter profit of $203 million.

The Aurora, Ontario-based company said it had profit of 71 cents per share. Earnings, adjusted for non-recurring costs and amortization costs, were $1.69 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.46 per share.

The automotive supply company posted revenue of $10.63 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $10.3 billion.

For the year, the company reported profit of $1.01 billion, or $3.52 per share. Revenue was reported as $42.84 billion.

Magna expects full-year revenue in the range of $38.6 billion to $40.2 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 MGA at https://www.zacks.com/ap/MGA