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Canadian benchmark stock index ended with a modest gain on Friday, lifted by strong gains in technology and consumer discretionary sectors. Upbeat earnings updates from big name U.S. companies Intel and Amazon contributed significantly to the firm undertone on Bay Street.

Investors also digested the latest batch of Canadian and U.S. economic data, and looked ahead to next week’s U.S. presidential election and the Federal Reserve’s monetary policy announcement.

The benchmark S&P/TSX Composite Index climbed to 24,365.11 by late morning, but pared a substantial portion of its gains as the day progressed and eventually closed up 98.29 points or 0.41% at 24,255.16. The index recorded a weekly loss of 0.85%.

The Consumer Discretionary Capped Index gained almost 2%. The Information Technology Capped Index climbed 1.25% and the Healthcare Capped Index closed up 1.66%.

Aecon Group Inc (ARE.TO) shares soared nearly 19%. Air Canada (AC.TO) zoomed about 14%. Air Canada reported net income of C$2.035 billion or C$5.38 per share for the third quarter, lower than C$1.250 or C$3.08 per share in the same quarter a year ago.

Fairfax Financial Holdings (FFH.TO) jumped more than 9%, Kinaxis Inc (KXS.TO) gained about 7.4% and Dayforce (DAY.TO) gained 7.3%. Docebo Inc (DCBO.TO) and Magna International (MG.TO) both ended higher by about 6.5%. Magna International announced that its board has approved a proposal to buy back up to around 28.5 million shares, or approximately 10% of the public float.

Stella-Jones (SJ.TO), Celestica Inc (CLS.TO), Descartes Systems Group (DSG.TO), Morguard Corporation (MRU.TO), Terravest Industries (TVK.TO) and West Fraser Timber (WFG.TO) climbed 2 to 3.4%.

Constellation Software (CSU.TO), FirstService Corporation (FSV.TO), Thomson Reuters (TRI.TO) and Intact Financial Corporation (IFC.TO) also ended notably higher.

Ensign Energy Services (ESI.TO) gained nearly 4% after reporting net income of C$5.3 million or C$0.03 per common share for the third-quarter of this financial year, compared to a net loss of C$5.2 million or C$0.03 per common share, a year ago.

Eldorado Gold Corporation (ELD.TO) ended down 5.8% despite reporting turnaround results. The company reported net earnings of $101.1 million or $0.49 per share for the third-quarter, compared to last year’s loss of $6.6 million or $0.03 per share.

Imperial Oil (IMO.TO) closed lower by 5.1%. Open Text Corporation (OTEX.TO), Emera Incorporated (EMA.TO), Capital Power Corporation (CPX.TO), goeasy (GSY.TO), Molson Coors Canada Inc (TPX.B.TO), Cogeco Communications (CCA.TO) and Wheaton Precious Metals (WPM.TO) also ended notably lower.

In economic news, a report from S&P Global said that its Canada Manufacturing PMI rose to 51.1 in October from 50.4 in the previous month, marking the second consecutive expansion in the nation’s factory activity after 17 consecutive monthly contractions.

Magna International Inc. cut its guidance for its full year as it reported net income attributable to the company of US$484 million for its third quarter, up from US$394 million a year earlier.

The Ontario-based auto parts company, which keeps its books in U.S. dollars, says the profit amounted to US$1.68 per diluted share for the three months ended Sept. 30, compared with US$1.37 per diluted share a year earlier.

Sales for the quarter totalled US$10.28 billion, down from US$10.69 billion in the same quarter last year.

On an adjusted basis, Magna says it earned US$1.28 per diluted share, down from an adjusted profit of US$1.46 per diluted share a year earlier.

In its outlook, Magna says it now expects total sales for 2024 between US$42.2 billion and US$43.2 billion, compared with earlier expectations for between US$42.5 billion and US$44.1 billion.

The company, which reduced its expectations for light vehicle production around the world, also says it now expects adjusted net income attributable to Magna of US$1.45 billion to US$1.55 billion for 2024, down from earlier guidance for between US$1.5 billion and US$1.7 billion.

This report by The Canadian Press was first published Nov. 1, 2024.

Imperial Oil Ltd. reported a third-quarter profit of $1.24 billion, down from $1.60 billion in the same quarter last year.

The company says the profit amounted to $2.33 per diluted share for the quarter ended Sept. 30, down from $2.76 per diluted share a year earlier.

The result came as Imperial’s total revenue and other income amounted to $13.26 billion for the quarter, down from $13.92 billion in the same quarter last year.

Imperial says upstream production in the quarter averaged 447,000 gross oil-equivalent barrels per day, the highest third-quarter production in over 30 years.

The result was up from 423,000 gross oil-equivalent barrels per day a year earlier.

Downstream throughput in the quarter averaged 389,000 barrels per day, with overall refinery capacity utilization of 90 per cent, compared with 416,000 barrels per day and 96 per cent utilization a year ago.

This report by The Canadian Press was first published Nov. 1, 2024.

Enbridge Inc. reported a third-quarter profit attributable to common shareholders of $1.29 billion, up from $532 million a year earlier.

The company says the profit amounted to 59 cents per share for the quarter ended Sept. 30, up from 26 cents per share in the same quarter last year.

The results in the most recent quarter included a non-cash, net unrealized derivative fair value gain of $112 million, compared with a net unrealized loss of $782 million a year ago when it also took a $124-million provision adjustment related to a litigation matter.

On an adjusted basis, Enbridge says it earned 55 cents per share in its latest quarter, down from an adjusted profit of 62 cents per share a year earlier.

The average analyst estimate had been for a profit of 56 cents per share, according to LSEG Data & Analytics.

Enbridge chief executive Greg Ebel says the company saw strong utilization of its assets which drove another solid quarter of financial results.

This report by The Canadian Press was first published Nov. 1, 2024.

The Company Expects 2024 Normalized EBITDA to be in the Upper End of Guidance Range, Based on Strong Utilities and Midstream Performance

CALGARY, AB, Oct. 31, 2024 /CNW/ – AltaGas Ltd. (“AltaGas” or the “Company”) (TSX:ALA.TO) reported third quarter 2024 financial results and provided an update on its operations and other corporate developments.

Read more at newswire.ca

The Canadian Press – Canadian Press – Thu Oct 31, 7:31AM CDT

CALGARY — Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

AP – Thu Oct 31, 7:26AM CDT Contributor Content

CALGARY ALBERTA CANADA, Alberta (AP) — CALGARY ALBERTA CANADA, Alberta (AP) — Canadian Natural Resources Ltd. (CNQ) on Thursday reported third-quarter profit of $1.66 billion.

The Calgary Alberta Canada, Alberta-based company said it had net income of 77 cents per share. Earnings, adjusted for non-recurring gains, came to 71 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

The oil and natural gas company posted revenue of $7.62 billion in the period. Its adjusted revenue was $6.52 billion, also topping Street forecasts. Three analysts surveyed by Zacks expected $6.4 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 CNQ at https://www.zacks.com/ap/CNQ

Spin Master Corp. says it earned US$140.1 million in its third quarter, down 15 per cent from a year earlier.

The toy company known for Paw Patrol and other popular brands says revenue totalled US$885.7 million, up from US$710.2 million during the same quarter last year.

Diluted earnings per share were US$1.32, down from $1.45 during the third quarter of 2023.

President and CEO Max Rangel says though the softer economic environment is still a challenge for Spin Master, the toy segment helped drive growth in the third quarter.

Toy revenue was up almost 35 per cent, while the company saw declines in revenue from entertainment and digital games.

Revenue growth year over year was helped by revenue from Melissa & Doug, a toy brand that Spin Master acquired early in 2024.

This report by The Canadian Press was first published Oct. 30, 2024.

Third quarter 2024 highlights:

• Solid quarterly gold production and cost performance – Payable gold production¹ was 863,445 ounces at production costs per ounce of $908, total cash costs per ounce² of $921 and all-in sustaining costs (“AISC”) per ounce² of $1,286
• Continued to deliver reliable operating and cost performance – Gold production and costs in the third quarter of 2024 were in line with plan, driven by strong production in Nunavut and at Macassa and Fosterville. The Company’s continued focus on operational efficiencies and cost optimization drove record quarterly throughput and mining rates at multiple sites
• Well positioned to achieve 2024 gold production, cost and capital expenditures guidance – The Company is tracking well to meet its gold production guidance for the full year 2024. Total cash costs per ounce, AISC per ounce and capital expenditures guidance for 2024 remain unchanged
• Record quarterly adjusted net income³ – The Company reported quarterly net income of $567.1 million or $1.13 per share and adjusted net income of $572.6 million or $1.14 per share
• Record quarterly cash provided by operating activities and free cash flow – The Company generated record cash provided by operating activities of $1,084.5 million or $2.16 per share ($1,027.5 million or $2.05 per share before changes in non-cash working capital balances⁴) and free cash flow⁴ of $620.4 million or $1.24 per share ($563.4 million or $1.12 per share before changes in non-cash working capital balances⁴)
• Strengthening financial position with further reduction of debt – The Company increased its cash position by $55.2 million to $977.2 million as at September 30, 2024. The Company continued to reduce net debt⁵ in the third quarter of 2024, repaying the $100.0 million 5.02% Series B Senior Notes at maturity and repaying $275.0 million of the $600.0 million unsecured term loan facility drawn in 2023. Total debt outstanding was $1,467.2 million as at September 30, 2024. Year-to-date, net debt has been reduced by $1,014.4 million, from $1,504.4 million at the beginning of the year to $490.0 million as at September 30, 2024
• Continued focus on shareholder returns – In the third quarter of 2024, the Company’s Board of Directors declared a quarterly dividend of $0.40 per share. Additionally, the Company repurchased 362,343 common shares at an average share price of $82.86 for an aggregate of $30.0 million through its normal course issuer bid (“NCIB”)

AGNICO EAGLE REPORTS THIRD QUARTER 2024 RESULTS – RECORD FREE CASH FLOW FOR THE FOURTH CONSECUTIVE QUARTER; BALANCE SHEET STRENGTHENED BY FURTHER DEBT REDUCTION; WELL POSITIONED TO ACHIEVE GOLD PRODUCTION AND COST GUIDANCE; ONGOING EXPLORATION SUCCESS AT EXISTING OPERATIONS AND PIPELINE PROJECTS