Category: Uncategorized

Strong financial performance

• Sales up 8.3% to $2.64 billion in Q3 2024;
• Normalized Operating Earnings¹ up 14.1% in Q3 2024; and
• Normalized Diluted Earnings per Share¹ up 6.3% in Q3 2024.

Excellent Free Cash Flow

• $269.6 million of Free Cash Flow¹ generated in Q3 2024, up $393.5 million from prior year on stronger earnings and careful cash management.

Sales Growth in Both Segments on Strong Market Share Growth

• Sales up 24.3% for Industrial for the quarter, due to:
• Significant global market share growth in combine drapers despite market declines; and
• Sales related to our most recent acquisition of Bourgault Industries Ltd.
• Sales up 2.1% for Mobility in the quarter despite market declines, driven by:
• Linamar Structures acquisitions completed in 2023;
• Launching programs; and
• Content per vehicle¹ (“CPV”) up 17% in North America reflective of continued market share growth.

Linamar Delivers Exceptional Free Cash Flow, Launches NCIB, Continues Top and Bottom Line Growth

 Maple Leaf Foods Inc. reported a third-quarter profit of $17.7 million compared with a loss of $4.3 million in the same quarter last year.

The company says the profit amounted to 14 cents per share for the quarter ended Sept. 30 compared with a loss of four cents per share a year earlier.

Sales for the quarter totalled $1.26 billion, up from $1.24 billion a year ago.

On an adjusted basis, Maple Leaf says it earned 18 cents per share in its latest quarter compared with an adjusted profit of 13 cents per share in the same quarter last year.

Maple Leaf, which is working to spin off its pork business into a new, publicly traded company to be called Canada Packers Inc., also says it has identified a way to implement the plan through a tax-free “butterfly reorganization.”

The company says it continues to expect to complete the transaction next year, however the spinoff under the new structure is subject to an advance tax ruling from the Canada Revenue Agency and will take longer than first anticipated.

This report by The Canadian Press was first published Nov. 13, 2024.

Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq:NVEI) (TSX:NVEI.TO), the Canadian fintech company, today reported its financial results for the three and nine months ended September 30, 2024.

Read more at newswire.ca

 Power Corporation of Canada says its net earnings for the third quarter were $371 million.

That’s down from $975 million during the third quarter of 2023.

The Montreal-based management and holding company says net earnings per share were 58 cents, down from $1.47 during the same quarter last year.

Adjusted net earnings from continuing operations were $542 million, compared with $1.01 billion a year earlier.

Power Corp., which holds a 68.2 per cent interest in Great-West Lifeco, says that company’s net earnings from continuing operations were $859 million, down from $936 million during the same quarter last year.

Power Corp. holds a 62.5 per cent stake in IGM Financial Inc. and says that company’s net earnings for the quarter were $239.2 million, up from $209.8 million.

This report by The Canadian Press was first published Nov. 12, 2024.

Suncor Energy Inc. says it earned $2.02 billion in its third quarter, up from $1.54 billion a year earlier.

The Calgary-based oil giant says its earnings work out to $1.59 per common share, up from $1.19 during the same quarter last year.

Adjusted operating earnings were $1.88 billion, or $1.48 per common share, down from $1.98 billion or $1.52.

The company says the decrease in adjusted operating earnings was primarily due to lower realized crude oil prices and refined product realizations.

Suncor says its upstream production for the quarter totalled approximately 828,600 barrels of oil equivalent per day, up from approximately 690,500 barrels per day in the prior year’s quarter.

The company says its refinery crude throughput increased to 488,000 barrels per day and its refinery utilization was 105 per cent, compared with 463,200 barrels per day and 99 per cent in the prior year’s quarter.

This report by The Canadian Press was first published Nov. 12, 2024.

 Shopify Inc. (SHOP) on Tuesday reported third-quarter earnings of $828 million.

The Ottawa, Ontario-based company said it had net income of 64 cents per share. Earnings, adjusted for one-time gains and costs, were 36 cents per share.

The results exceeded Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.

The cloud-based commerce company posted revenue of $2.16 billion in the period, also exceeding Street forecasts. Sixteen analysts surveyed by Zacks expected $2.11 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 SHOP at https://www.zacks.com/ap/SHOP

Gold prices fell for a second straight session on Monday as the dollar held firm near last week’s four-month peak versus major peers on investor optimism around Donald Trump’s presidential victory.

Spot gold dipped half a percent to $2,671.44 per ounce, while U.S. gold futures were down 0.6 percent at $2,677.50.

Trump’s re-election boosted the dollar and Treasury yields, making non-yielding assets like gold less appealing to investors.

Analysts predict Trump’s re-election may favor corporates through deregulation, mergers and acquisitions and proposed tax cuts, but policies such as increased tariffs could result in an uptick in inflation and complicate the Federal Reserve’s interest-rate plans.

Federal Reserve Bank of Minneapolis President Neel Kashkari indicated at the weekend that tariffs would hurt long-term inflation if global trade partners were to strike back.

According to CME Fedwatch, traders currently bet on a 65.9 percent chance for a 25-basis point rate cut in December, and a 34.1 percent chance that rates will remain unchanged.

In economic releases, U.S. reports on consumer and producer prices, retail sales and industrial production due later in the week may provide further insights into the health of the world’s largest economy as the Presidency and Senate falls into Republican hands, presenting a clear path for Trump to enact any major policy changes.

The Bank of Japan board members said they need to be cautious on the timing of future rate hike, a summary of opinions showed on Monday.

“As the Bank has been expecting to raise the policy interest rate at a moderate pace, it has time to monitor the future course of the U.S. economy, including that after the presidential election,” one member was quoted as saying at the October monetary policy meeting.

Another member said it is necessary to take time and exercise caution when raising the policy interest rate.

One board member said the BoJ should communicate effectively its core message that “if the outlook for economic activity and prices will be realized, the BoJ will continue to raise the policy interest rate accordingly.”

At the October meeting, the board had maintained the key rate at around 0.25 percent, which was the highest since late 2008.

The bank had ended its negative interest rate policy in March and last lifted the benchmark rate in July to the current level.

The Chinese economy still faces the risk of slipping into a deflationary trap, Capital Economics’ economist Gabriel Ng said.

Data released by the National Bureau of Statistics on Saturday showed that consumer price inflation softened to 0.3 percent in October from 0.4 percent in September. Moreover, this was the weakest in four months. Meanwhile, core inflation that excludes prices of food and energy rose to 0.2 percent from 0.1 percent in the previous month.

Data showed that producer prices continued to decline in October. Prices were down 2.9 percent annually after falling 2.8 percent in the previous month.

Inflation data suggests that recent stimulus efforts are having some effect, the economist said. In the near-term, the fiscal boost from local governments deploying existing funds should lift inflation further, he noted.

However, the economist observed that fiscal support is still over-reliant on investment rather than consumption, suggesting that supply-demand imbalances and overcapacity will remain a persistent structural issue.

Moreover, the government has not revealed any concrete plans for a major fiscal expansion next year without which the economy risks slipping deeper into deflation, he said.