Telus Corp. reported fourth-quarter net income attributable to common shares of $288 million, up from $248 million a year earlier.
The company says the profit amounted to 20 cents per share for the quarter ended Dec. 31, up from 17 cents per share in the last three months of 2022.
Operating revenue and other income totalled $5.20 billion, up from $5.06 billion in the same quarter a year earlier.
On an adjusted basis, Telus says it earned 24 cents per share for its fourth quarter, the same as its fourth quarter of 2022.
In the fourth quarter, Telus says it saw 404,000 net customer additions, including 126,000 mobile phones and 203,000 connected devices as well as 36,000 internet, 23,000 TV and 23,000 security customer connections.
Telus says residential voice connections were down by 7,000 in the quarter.
This report by The Canadian Press was first published Feb. 9, 2024.
Magna International Inc. raised its dividend as it reported its fourth-quarter profit and sales rose compared with a year ago.
The auto parts maker, which keeps its books in U.S. dollars, says it will pay a quarterly dividend of 47.5 cents US per share, up from 46 cents US per share.
The increased payment to shareholders came as the company reported net income attributable to Magna of US$271 million or 94 cents US per diluted share for the quarter ended Dec. 31, up from US$95 million or 33 cents US per diluted share a year earlier.
Sales for the quarter totalled US$10.45 billion, up from US$9.57 billion in the last three months of 2022.
On an adjusted basis, Magna says it earned US$1.33 per diluted share in its fourth quarter, up from an adjusted profit of 94 cents US per diluted share a year earlier.
In its outlook for 2024, the company says it expects total sales for the year between US$43.8 billion to US$45.4 billion and adjusted net income attributable to the company between US$1.6 billion and US$1.8 billion.
This report by The Canadian Press was first published Feb. 9, 2024.
Fortis Inc. (FTS) on Friday reported fourth-quarter net income of $279.9 million.
On a per-share basis, the St. john`S, Newfoundland-based company said it had profit of 58 cents. Earnings, adjusted for non-recurring gains, were 53 cents per share.
The results matched Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 53 cents per share.
The electric and gas utility posted revenue of $2.12 billion in the period.
For the year, the company reported profit of $1.12 billion, or $2.29 per share. Revenue was reported as $8.53 billion.
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Enbridge Inc. reported a profit of $1.73 billion in its fourth quarter compared with loss a year earlier when it took a large non-cash goodwill impairment charge.
The company says the profit amounted to 81 cents per share for the quarter ended Dec. 31.
The result compared with a loss of $1.07 billion or 53 cents per share in the last three months of 2022 when the company took at $2.5-billion charge relate to its gas transmission business.
On an adjusted basis, Enbridge says it earned 64 cents per share in its latest quarter compared with an adjusted profit of 63 cents per share a year earlier.
The company said last month it was cutting its workforce by 650 positions due to what it called “increasingly challenging business conditions.” Enbridge CEO Greg Ebel said while geopolitical instability, persistent inflation
Precision Drilling Corp. says it earned $146.7 million in its latest quarter, up from a profit of $3.5 million a year earlier, as its revenue edged lower.
The company says the profit amounted to $9.81 per diluted share for the quarter ended Dec. 31, up from 27 cents per diluted share in the last three months of 2022.
Revenue for the company’s fourth quarter totalled $506.9 million, down from $510.5 million a year earlier.
Precision Drilling says its adjusted earnings before interest, taxes, depreciation and amortization was $151.2 million in its latest quarter, up from $91.1 million a year earlier.
The company’s drilling rig utilization days in Canada for the quarter were down 2.5 per cent compared with a year ago, while its U.S. operations saw a 24.5 per cent drop. International drilling rig utilization days were up 25.5 per cent compared with last year.
Precision Drilling says its service rig operating hours for the quarter were up 14.8 per cent from a year ago
This report by The Canadian Press was first published Feb. 6, 2024.
FirstService Corp. (FSV) on Tuesday reported fourth-quarter profit of $6.3 million.
On a per-share basis, the Toronto-based company said it had net income of 14 cents. Earnings, adjusted for one-time gains and costs, came to $1.11 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.
The property services provider posted revenue of $1.08 billion in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $1.07 billion.
For the year, the company reported profit of $100.4 million, or $2.24 per share. Revenue was reported as $4.33 billion.
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TMX Group Ltd. reported a fourth-quarter profit attributable to equity holders of $84.4 million as its revenue rose nine per cent compared with a year earlier.
The operator of the Toronto Stock Exchange says the profit amounted to 31 cents per diluted share for the quarter ended Dec. 31 compared with a profit of $102.2 million or 37 cents per diluted share a year earlier.
Revenue totalled $301.5 million, up from $275.7 million in the same quarter a year earlier.
TMX Group chief financial officer David Arnold says the revenue growth in the quarter was driven by increases across all of the company’s key business areas.
On an adjusted basis, TMX Group says it earned 37 cents per diluted share, up from an adjusted profit of 35 cents per share in the fourth quarter of 2022.
Last month, TMX Group announced that it had closed its deal to buy the stake in VettaFi Holdings LLC that it did not already own. U.S.-based VettaFi provides indexing, digital distribution and analytic services to the financial services industry.
This report by The Canadian Press was first published Feb. 6, 2024.
By Renju Jaya ✉ | Published: 2/5/2024 2:49 AM ET |
The Chinese service sector continued to expand in January, but the pace of expansion moderated on slowing new order growth, survey results from S&P Global showed on Monday.
The Caixin services Purchasing Managers’ Index, or PMI, unexpectedly fell to 52.7 in January from a five-month high of 52.9 in the previous month. The score was seen at 53.0.
The index has remained in the expansionary territory for 13 straight months, indicating a sustained recovery in the services sector.
There was another sharp increase in the overall new business driven by firmer underlying demand conditions and new customers.
Export business also increased further but the pace of growth eased fractionally.
Employment advanced for the second straight month with firms linking the increase to efforts to expand capacity amid higher sales. That said, the rate of job creation remained marginal.
Backlogs of work increased in January as a sustained rise in new business placed greater pressure on operating capacities.
On the price front, the PMI survey showed that cost inflation increased only slightly in January. Meanwhile, prices charged by service providers declined for the first time since April 2022.
Business sentiment remained strong underpinned by upbeat growth projections, increased customer numbers and planned company expansion. However, the degree of optimism fell to a three-month low.
The overall private sector that combines performances of manufacturing and services also continued to expand in January.
Earlier, the official PMI survey data showed that the private sector expanded at a faster pace in January.
The manufacturing PMI registered 49.2, up from 49.0 in December. Likewise, the non-manufacturing PMI advanced to 50.7 from 50.4 in the previous month.
In January, the People’s Bank of China announced a reduction in the reserve requirement ratio by 50 basis points in order to instill confidence in the economic recovery.
The RRR cut took effect on February 5. The move is expected to inject around CNY 1 trillion of long-term liquidity.
The central bank reportedly conducted CNY 100 billion of 14-day reverse repo operations on Monday. The rate on reverse repo was 1.95 percent.
The upgrade reflected the carryover from stronger-than-expected growth in 2023 and the increased government spending on capacity building against natural disasters, the IMF said.
The Institute for Supply Management released a report on Monday showing U.S. service sector growth accelerated by more than expected in the month of January.
The ISM said its services PMI climbed to 53.4 in January from a downwardly revised 50.5 in December, with a reading above 50 indicating growth in the sector. Economists had expected the index to rise to 52.0 from the 50.6 originally reported for the previous month.
“The majority of respondents indicate that business is steady,” said Anthony Nieves, Chair of the ISM Services Business Survey Committee.
He added, “They are optimistic about the economy due to the potential impact of interest rate cuts; however, they are cautious due to inflation, associated cost pressures and ongoing geopolitical conflicts.”
The bigger than expected increase by the headline index was partly due to an acceleration in the pace of new orders growth, with the new orders index rising to 55.0 in January from 52.8 in December.
The report also showed a significant turnaround in employment in the service sector, as the employment index jumped to 50.5 in January from 43.8 in December.
