Author: train2invest Admins

• Normalized Earnings per Share¹ up 55.4%;
• Sales up 28.8% to $2.55 billion, a new record for a quarter;
• Diversified strategy validated with Industrial earnings tripling over prior year, anchoring solid overall performance;
• Normalized Operating Earnings¹ up 54.7%;
• New business wins take launch book to nearly $4.5 billion;
  • 58% of wins for electrified vehicles (“EV”);
• Sales up 54.0% for Industrial due to strong markets in both agricultural and access equipment and solid market share growth notably in our core agricultural products;
• Sales up 20.2% for Mobility driven largely by launching programs;
• Acquisition of Dura Shiloh’s battery enclosure business closed and will drive strong battery electric vehicle CPV growth;
• Linamar Structures Group created to drive rapidly growing propulsion agnostic business; and

https://www.newswire.ca/news-releases/q2-2023-another-stellar-quarter-at-linamar-with-exceptional-earnings-growth-record-revenues-and-continued-free-cash-flow-820313740.html

Oil hit new peaks on Wednesday with Brent crude touching the highest price since April, as tighter supply owing to Saudi and Russian output cuts offset concerns over slow demand from China and a report showing rising U.S. crude inventories.Top exporter Saudi Arabia last week extended its voluntary production cut of 1 million barrels per day for another month to include September, and Russia said it would cut oil exports by 300,000 bpd in September.“The latest recovery is mainly driven by the pledge of major producers, like Saudi Arabia and Russia, to keep supply subdued for another month,” said Charalampos Pissouros, senior investment analyst at broker XM.Brent crude was up $1.00, or 1.2%, having touched $87.24, the highest price since April 13. U.S. West Texas Intermediate (WTI) crude gained 80 cents, or 1.0%, to $83.72. The U.S. benchmark touched $84.11, the highest price since November 2022.

https://www.cnbc.com/2023/08/09/oil-prices-slip-as-bearish-china-data-fuels-demand-concerns.html

Franco-Nevada Corp. (FNV) on Tuesday reported second-quarter earnings of $184.5 million.The Toronto-based company said it had net income of 96 cents per share. Earnings, adjusted for non-recurring gains, came to 95 cents per share.The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.The precious metals streaming and royalty company posted revenue of $329.9 million in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FNV at https://www.zacks.com/ap/FNV

• Base earnings¹ EPS of $0.99 or $920 million increased by 2% or $17 million from a year ago.
• Net earnings EPS of $0.53 or $498 million; includes ($0.30) or ($279 million) of losses associated with strategic business portfolio repositioning and surplus asset rebalancing.
• Executed strategic actions to reposition the portfolio for sustained growth.

https://www.newswire.ca/news-releases/great-west-lifeco-reports-second-quarter-2023-results-895730978.html

2023 THIRD QUARTER HIGHLIGHTS

• Sales of $6,427.5 million, up 9.6%
• Food same-store sales⁽¹⁾ up 9.4%
• Pharmacy same-store sales⁽¹⁾ up 5.9%
• Net earnings of $346.7 million, up 26.1%, and adjusted net earnings⁽¹⁾ of $314.8 million, up 10.9%
• Fully diluted net earnings per share of $1.49, up 30.7%, and adjusted fully diluted net earnings per share⁽¹⁾ of $1.35, up 14.4%

https://www.newswire.ca/news-releases/metro-reports-2023-third-quarter-results-856007784.html

Hydro One Ltd. H-T +0.61%increase says second-quarter earnings ticked up four per cent compared to a year ago.In the three months ended June 30, the power utility says net income attributable to common shareholders rose to $265 million from $255 million in the same period a year earlier.Hydro one is reporting second-quarter revenues that inched up by one per cent to $1.86 billion versus $1.84 billion a year earlier.It says diluted earnings increased to 44 cents per share from 42 cents per share, above analyst expectations of level year-over-year diluted earnings, according to financial markets data firm Refinitiv.Hydro One attributed its boost in profits to a hike in 2023 transmission rates and lower asset removal costs due to fewer storm-related replacements, and despite higher operations and maintenance costs.The quarter also saw the company break ground on a transmission line between its switching stations in the municipality of Chatham-Kent and the Lakeshore municipality in southwestern Ontario that looks to supply clean electricity to the agri-food and manufacturing sectors.

Sun Life FinancialSLF-T -0.73%decrease reported a rise in second-quarter profit on Tuesday, helped by its acquisition of U.S. dental benefits provider Dentaquest and strong insurance sales at home.Sunlife has been diversifying its business across the globe and expanded its U.S. footprint with the acquisition of Dentaquest last year. At home, the company is buying Canadian virtual healthcare and wellness platform Dialogue.chief executive officer Kevin Strain said health and protection sales growth were strong in the quarter and its investment in Dialogue would help the Toronto-based company play a larger role in Canada’s health ecosystem, while reducing the strain on traditional health care organizations.The Toronto-based insurance and asset management company said earnings from its group insurance segment surged 51% while individual insurance business rose 23%.Earnings from wealth and asset management segment fell 1% largely due to higher expenses and lower fee-based earnings.The insurer posted underlying net income of C$920 million ($685.54 million), or C$1.57 per share, for the three months ended June 30, compared with C$808 million, or C$1.38 per share, a year earlier.

China’s exports plunged by 14.5% in July compared with a year earlier, adding to pressure on the ruling Communist Party to reverse an economic slump.

Imports tumbled 12.4%, customs data showed Tuesday, in a blow to global exporters that look to China as one of the biggest markets for industrial materials, food and consumer goods.

Exports fell to $281.8 billion as the decline accelerated from June’s 12.4% fall. Imports sank to $201.2 billion, widening from the previous month’s 6.8% contraction.

The country’s global trade surplus narrowed by 20.4% from a record high a year ago to $80.6 billion.

Chinese leaders are trying to shore up business and consumer activity after a rebound following the end of virus controls in December fizzled out earlier than expected.

Economic growth sank to 0.8% in the three months ending in June compared with the previous quarter, down from the January-March period’s 2.2%. That is the equivalent of 3.2% annual growth, which would be among China’s weakest in three decades.

Demand for Chinese exports cooled after the Federal Reserve and central banks in Europe and Asia started raising interest rates last year to cool inflation that was at multi-decade highs.

The export contraction was the biggest since the start of the COVID-19 pandemic in 2020, according to Capital Economics. It said the decline was due mostly to lower prices, while volumes of goods were above pre-pandemic levels.

“We expect exports to decline further over the coming months before bottoming out toward the end of the year,” said Capital Economics in a report. “The near-term outlook for consumer spending in developed economies remains challenging.”

The ruling party has promised measures to support entrepreneurs and to encourage home purchases and consumer spending but hasn’t announced large-scale stimulus spending or tax cuts. Forecasters expect those steps to revive demand for imports but say that will be gradual.

“Domestic demand continues to deteriorate,” said David Chao of Invesco in a report. “Policymakers have pledged further policy support, which could buoy household spending and lead to an improvement in import growth for the coming few months.”

Exports to the United States fell 23% from a year earlier to $42.3 billion while imports of American goods retreated 11.1% to $12 billion. China’s politically sensitive trade surplus with the United States narrowed by 27% to a still-robust $30.3 billion.

China’s imports from Russia, mostly oil and gas, narrowed by just under 0.1% from a year ago to $9.2 billion. Chinese purchases of Russian energy have swelled, helping to offset revenue lost to Western sanctions imposed to punish the Kremlin for its invasion of Ukraine.

China, which is friendly with Moscow but says it is neutral in the war, can buy Russian oil and gas without triggering Western sanctions. The United States and French officials cite evidence China is delivering goods with possible military uses to Russia but haven’t said whether that might trigger penalties against Chinese companies.

Exports to the 27-nation European Union slumped 39.5% from a year earlier to $42.4 billion while imports of European goods were off 44.1% at $23.3 billion. China’s trade surplus with the EU contracted by 32.7% to $19.1 billion.

For the first seven months of the year, Chinese exports were off 5% from the same period in 2022 at just over $1.9 trillion. Imports were down 7.6% at $1.4 trillion.

Second Quarter 2023 Highlights:

• Consolidated comparable sales increased 9.6% and net restaurants grew 4.1% versus the prior year
• System-wide sales increased 14.0% year-over-year
• Net Income of $351 million versus $346 million in prior year
• Adjusted EBITDA of $665 million increased 10.3% organically versus the prior year
• Diluted EPS was $0.77 versus $0.76 in prior year
• Adjusted Diluted EPS of $0.85 increased 6.6% organically versus the prior year

https://www.newswire.ca/news-releases/restaurant-brands-international-inc-reports-second-quarter-2023-results-890936513.html

Barrick Gold Corp. (GOLD) on Tuesday reported second-quarter net income of $305 million.

The Toronto-based company said it had profit of 17 cents per share. Earnings, adjusted for non-recurring costs, came to 19 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.

The gold and copper mining company posted revenue of $2.83 billion in the period.