Category: Uncategorized

First Quarter Financial Highlights^1,2,3:

• GTV increased 115% year-over-year to $4.1 billion, which includes $2.3 billion from IAA.
• Total revenue increased 108% year-over-year to $1.1 billion, which includes $588.6 million from IAA.
  • Service revenue increased 147% year-over-year to $849.1 million, which includes $516.9 million from IAA.
  • Inventory sales revenue increased 28% year-over-year to $215.6 million, which includes $71.7 million from IAA.
• Net income (loss) available to common stockholders increased 384% year-over-year to $97.1 million.
• Diluted earnings (loss) per share available to common stockholders increased 289% to $0.53 per share.
• Diluted adjusted earnings per share available to common stockholders increased 58% year-over-year to $0.90 per share.
• Adjusted EBITDA increased 150% year-over-year to $331.0 million.

https://www.newswire.ca/news-releases/rb-global-reports-first-quarter-2024-results-800022493.html

Telus Corp. raised its quarterly dividend as it reported its first-quarter profit fell compared with a year ago.

The telecommunications company says it will now make a quarterly payment to shareholders of 38.91 cents per share, up from its previous rate of 37.61 cents per share.

The increased payment to shareholders came as Telus reported net income attributable to common shares of $127 million or nine cents per share.

The result was down from a profit of $217 million or 15 cents per share in the same quarter last year.

Operating revenues and other income for the quarter totalled $4.93 billion, down from $4.96 billion in the first quarter of 2023.

On an adjusted basis, Telus says it earned 26 cents per share in its latest quarter, down from an adjusted profit of 27 cents per share in the same quarter last year.

This report by The Canadian Press was first published May 9, 2024.

Canadian Tire Corp. Ltd. reported its first-quarter profit rose compared with a year ago as its revenue fell about five per cent.

The retailer says its net income attributable to shareholders totalled $76.8 million or $1.38 per diluted share for the quarter ended March 30.

The result was up from a profit of $7.8 million or 13 cents per diluted share in the same quarter last year when it was hit by costs related to a distribution centre fire.

Canadian Tire says its normalized profit amounted to $1.38 per diluted share in its latest quarter, up from a normalized profit of $1.00 per diluted share in the same quarter last year.

Revenue for the quarter totalled $3.52 billion, down from $3.71 billion in the same period last year.

Consolidated comparable sales fell 1.6 per cent.

This report by The Canadian Press was first published May 9, 2024.

Linamar Corp.LNR-T +1.42%increase says earnings were up in its first quarter from last year as revenue rose on market share growth and acquisitions.

The auto parts manufacturer says it had net income of $178.5 million for the quarter ended March 31, up from $117 million in the same quarter last year.

Sales totalled $2.72 billion, up from $2.29 billion last year.

Linamar says sales in its industrial segment were up 24.5 per cent thanks to both market share growth for combine equipment and its acquisition of Bourgault, a farm equipment manufacturer.

It says sales in its mobility quarter were up 16.7 per cent, boosted both by acquisitions in Linamar Structures and its launching of programs and increased volumes.

Linamar says normalized earnings were $159.6 million, up from $121.7 million last year.

Stantec Inc. (STN) on Wednesday reported first-quarter net income of $58.9 million.

The Edmonton, Alberta-based company said it had profit of 52 cents per share. Earnings, adjusted for non-recurring costs, came to 67 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The engineering firm posted revenue of $1.28 billion in the period. Its adjusted revenue was $1.02 billion, which also beat Street forecasts. Five analysts surveyed by Zacks expected $996.8 million.

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Nutrien Ltd. says it earned US$165 million in its first quarter, down 71 per cent from US$576 million a year earlier.

The Saskatoon-based company says its sales totalled US$5.4 billion, down 12 per cent from US$6.1 billion during the same quarter last year.

Diluted net earnings per share were 32 cents US, down from US$1.14 last year.

Nutrien says its lower earnings were primarily due to lower net fertilizer selling prices.

However, it says that was partially offset by increased retail earnings, higher fertilizer sales volumes and lower natural gas costs.

President and CEO Ken Seitz says the company is maintaining its guidance for the full financial year and it expects growth in retail earnings and fertilizer sales volumes.

This report by The Canadian Press was first published May 8, 2024.

Manulife Financial Corp. says first quarter earnings were down from last year because of the effects of a major reinsurance deal.

The insurance giant says its net income attributed to shareholders for the quarter ending March 31 was $866 million, down from $1.4 billion in the same quarter last year.

It says the results include the $800 million impact from a $13-billion reinsurance deal with Global Atlantic that it says included the largest long-term reinsurance deal in history.

Manulife says the net earnings hit of the deal was broadly offset by a boost to other comprehensive income to make it neutral to book value.

It says core earnings were $1.75 billion, up from $1.53 billion last year.

Manulife says the reinsurance deal was done to reduce risk and redirect capital to growth areas.

This report by The Canadian Press was first published May 8, 2024.

WSP Global Inc. says it earned $126.8 million in the first quarter, up from $112.5 million a year earlier.

The Montreal-based engineering company says revenues for the quarter were $3.6 billion, up from $3.5 billion during the same quarter last year.

Basic net earnings per share were $1.02, up from 90 cents last year, while adjusted net earnings per share came to $1.55, up from $1.37 last year.

WSP says its backlog as of March 30 stood at $14.2 billion.

The company says the first-quarter results were in line with management’s expectations, with healthy organic growth in net revenues.

President and CEO Alexandre L’Heureux says the company continues to build upon the significant momentum it generated in 2023.

This report by The Canadian Press was first published May 8, 2024.