Canadian Tire Corp. Ltd.CTC-A-T -1.86%decreaseCTC-T -0.04%decrease has agreed to sell its global outdoor and activewear brand Helly Hansen in a nearly $1.3-billion deal, as the company seeks to reinvest in the Canadian retail business at a time of “market uncertainty.”

The Toronto-based retailer announced on Wednesday that it reached a deal to sell Helly Hansen to Kontoor Brands Inc., the U.S.-based owner of the Lee and Wrangler denim brands. The deal comes six years after Canadian Tire acquired the Norway-based clothing line from Ontario Teachers’ Pension Plan for $985-million.

The company plans to use the proceeds of the sale to pay down debt, to buy back shares and to invest in its retail stores. The funds also give Canadian Tire “additional flexibility for general corporate purposes, including to address market uncertainty,” according to a press release issued on Wednesday.

Canadian Tire’s chief executive officer was vocal about that uncertainty last week, saying that U.S. President Donald Trump’s threats to impose widespread tariffs on Canadian imports have “substantially erased” any nascent signs of improving consumer sentiment in this country.

In 2022, the company announced the launch of a $3.4-billion, four-year plan it called “Better Connected,” designed to increase sales across its banners. But economic headwinds caused Canadian Tire to slow that spending plan. Canadian Tire has said it will provide an update on its corporate strategy on March 6.

Under Canadian Tire’s leadership, Helly Hansen has significantly increased sales and profits, the company reported. At the time of the acquisition in 2018, the brand generated $500-million in annual revenue and $50-million in earnings before interest, tax, depreciation and amortization (EBITDA), according to the company. Last year, Helly Hansen reported $894-million in worldwide revenue and $102-million in EBITDA.

“As our strategy becomes more singularly focused on great Canadian retail, it is time to pass this iconic brand into global hands,” Canadian Tire president and CEO Greg Hicks said in a statement.

The retailer will continue to stock Helly Hansen products, which are already sold in Canadian Tire, Marks and Sport Chek stores, under a new multiyear supply agreement with Kontoor.

Helly Hansen was founded by a Norwegian sea captain and his wife in 1877. Helly Juell Hansen and Maren Margarethe created water-resistant clothing for sailors by soaking linen in linseed oil. Over the years, the company expanded into raincoats, fleeces and base layers, parkas and footwear. The bulk of the business is in outerwear and activewear, including apparel for winter sports and hiking; while roughly 25 per cent of the business is in work wear such as coveralls and high-visibility jackets.

While Helly Hansen has grown under Canadian Tire’s ownership, its profit margins have lagged some of its global peers. Kontoor executives said on Wednesday that they see an opportunity to double Helly Hansen’s operating margin, including by taking advantage of the company’s existing global sourcing, logistics and distribution capabilities.

“It is an incredibly talented organization at all levels, but it has also been operating as a standalone business without global scale,” Kontoor president, CEO and chairman Scott Baxter told analysts on a conference call Wednesday morning to discuss the deal.

“While Helly has been executing at a high level on its own, we are highly confident it will see significant benefits under our ownership as a more synergistic global brand operator.”

The deal is expected to close by the end of June.

Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) (CTC or the Company) today announced results for its fourth quarter and full year ended December 28, 2024.

• Strong December sales drove a return to comparable sales growth in Q4.
• Triangle spend per member was up in Q4, as members earned and redeemed at higher levels than last year.
• Q4 Diluted Earnings Per Share (EPS) was $7.37; Q4 Normalized Diluted EPS was up 20.4% to $4.07.
• Full-year Diluted EPS was $15.92; Full-Year Normalized Diluted EPS¹ was up 21.7% to $12.62.

Canadian Tire Corporation Reports Strong Full-Year and Fourth Quarter 2024 Results

Cameco Corp. (CCJ) on Thursday reported fourth-quarter net income of $96.5 million.

The Saskatoon, Saskatchewan-based company said it had profit of 22 cents per share. Earnings, adjusted for non-recurring costs, came to 26 cents per share.

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The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The uranium producer posted revenue of $845.5 million in the period.

For the year, the company reported profit of $125.5 million, or 28 cents per share. Revenue was reported as $2.29 billion.

Cameco shares have fallen slightly more than 9% since the beginning of the year. The stock has climbed 12% in the last 12 months.

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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 CCJ at https://www.zacks.com/ap/CCJ

Teck Resources Ltd. reported a $748-million loss from continuing operations attributable to shareholders in its latest quarter as it took a one-time asset impairment charge related to its Trail operations.

The Vancouver-based mining company says its loss amounted to $1.45 per diluted share for its third quarter compared with a loss of $48 million or nine cents per share a year earlier.

Revenue for the quarter totalled $2.86 billion, up from $1.99 billion in the same quarter last year.

In its outlook, Teck says it now expects its 2024 copper production to amount to 420,000 to 455,000 tonnes, down from earlier guidance for 435,000 to 500,000 tonnes. The company also lowered its 2024 guidance for molybdenum and refined zinc production and reduced its expectations for zinc net cash unit costs.

On an adjusted basis, Teck says it earned 60 cents per diluted share for its latest quarter, up from an adjusted profit of 16 cents per diluted share a year earlier.

The average analyst estimate had been for a profit of 37 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 24, 2024.

Companies in this story: (TSX:TECK.B)

TFI International Inc. says it earned US$88.1 million dollars in its fourth quarter, down from US$131.4 million a year earlier. The company says revenues were US$2.1 billion, up from US$2.0 billion during the fourth quarter of 2023.  Earnings per diluted share were US$1.03, down from US$1.53.  TFI says the higher revenue came primarily from acquisitions, and was offset by reduced volumes driven by weaker end-market demand.  It says total revenue for the truckload segment increased 64 per cent due primarily to its acquisition of Daseke.  Earnings for the full financial year declined to US$422.5 million, while revenues rose to US$8.4 billion. 

This report by The Canadian Press was first published Feb. 19, 2025. Companies in this story: (TSX:TFII)

 Nutrien Ltd. (NTR) on Wednesday reported fourth-quarter net income of $113 million.

On a per-share basis, the Saskatoon, Saskatchewan-based company said it had net income of 23 cents. Earnings, adjusted for one-time gains and costs, were 31 cents per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The producer of potash and other fertilizers posted revenue of $5.08 billion in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $5.15 billion.

For the year, the company reported profit of $674 million, or $1.36 per share. Revenue was reported as $25.97 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 NTR at https://www.zacks.com/ap/NTR

Manulife Financial Corp. says its earnings dipped slightly in the fourth quarter but rose overall in 2024.  The company’s net income attributable to shareholders was $1.6 billion in the fourth quarter, down three per cent from $1.7 billion a year earlier.  Core earnings were $1.9 billion, up six per cent from $1.8 billion. Earnings per share were 88 cents, up from 86 cents during the same quarter last year.  Manulife announced a 10 per cent increase in its common share dividend as it released its results for the quarter and the year.  Net income for the full year came in at $5.4 billion, up five per cent from $5.1 billion in 2023. 

This report by The Canadian Press was first published Feb. 19, 2025. Companies in this story: (TSX:MFC)

President Donald Trump said he may broaden the scope of U.S. tariffs on imports to include automobiles, pharmaceuticals and semiconductors.

In remarks to reporters Tuesday, Trump said the duties would be around 25% and “go very substantially higher over a course of a year.” The president did not indicate whether the new tariffs would apply to all vehicles coming into the U.S. or be targeted toward certain countries but said they could start as early as April 2.

However, the threat represents a broadening in the administration’s aggressive trade policy that already has included 25% tariffs on steel and aluminum imports set to take effect in March.

The nations with the biggest auto exports to the U.S. are Mexico, Japan and Canada.

Trump said the tariffs already are having the desired effect, with companies domiciled overseas wanting to come back to the U.S.

“I’ve been contacted by some of the biggest companies in the world, and because of what we’re doing economically and through tariffs and incentives, they want to come back into the United States,” he said.

“When they come back into the United States and they have their plant or factory here, there is no tariff,” Trump added. “So we want to give them a little bit of a chance.”

On pharmaceuticals, the nations feeling the biggest impact likely would be Japan and India. The economic impact would be unclear, though the tariffs might aggravate costs and cause shortages initially.

“The tariffs could drive up drug prices for US patients, exacerbate drug supply shortages, and push manufacturers to seek alternative markets,” said Ophelia Chan, senior business fundamentals analyst at GlobalData. Chan also noted that companies in the industry “may respond by relocating manufacturing and trials to the US or other tariff-free countries, though the full effects are still uncertain.”

On semiconductors, Trump did not indicate when they would happen. Those levies would impact Taiwan Semiconductor, which provides chips to companies including Nvidia and Apple

S&P 500 closes at another record Wednesday as investors look past Trump tariff fears: Live updates

The S&P 500 climbed to a fresh record on Wednesday, as stocks remain resilient despite President Donald Trump’s threat of more tariffs and a continuously cautious Federal Reserve.

The S&P 500 rose 0.24%, settling at 6,144.15 and earning its second record close in a row. The index also touched a fresh all-time high during the session. The Nasdaq Composite added 0.07% to close at 20,056.25, while Dow Jones Industrial Average advanced 71.25 points, or 0.16%, to end at 44,627.59.

Shares of Microsoft gained 1.3% and led the broader technology sector higher after the company unveiled its first ever quantum computing chip. Tesla climbed almost 2%. Analog Devices surged nearly 10% after posting better-than-expected quarterly results on the top and bottom lines.

Trump on Tuesday floated the notion of imposing a 25% tariff on imported autos, chips and pharmaceuticals. Trump did not specify whether or not the potential duties would be targeted or broad, but did say they could be implemented as soon as April 2.

“I think there’s a lot of noise tied to DOGE, Elon Musk and tariffs in the short-term, which is what you’re seeing today. And I think a lot of this stuff will linger,” said Jim Elios, founder and chief investment officer at Elios Financial Group. “It’s the Trump effect with headlines that are weighing on markets and causing some pain. In the long term, I’m still really bullish about how this can become a pro-business environment.”

Additionally, investors weighed the minutes from the latest Federal Reserve meeting, which showed that central bank officials want to see more progress on inflation before cutting interest rates further, and also are concerned about the impact of Trump’s tariffs.