), the country’s largest oil and gas producer, rose on Thursday after it said it would drill fewer dry natural gas well this year than originally planned due to the decline in prices.
However, it maintained its forecast of natgas production of 2.12-2.23 billion cubic feet per day for the year. The Calgary-based company posted adjusted net earnings from operations of 97 cents per share for the quarter ended Sept. 30. Citi analyst Paul Lejuez said: “GILL reported a solid quarter with adj EPS of $0.85 vs. our estimate of $0.82 and consensus of $0.85 with sales up 2.4 per cent vs cons up 1.5 per cent and our est of up 2.0 per cent. The top-line beat was driven by strong results within Activewear . Importantly, Hosiery & Underwear would have been +LDD excluding the UAA sock license business that was terminated in March 2024.
“TMX beat our forecast due to higher-than-expected revenue, and lower expense growth,” said TD Cowen analyst Graham Ryding. “All sources of revenue were either stronger than expected, or largely inline . FCF was a bit light, but leverage ticked down quarter-over-quarter. Fundamentals remain strong, but valuation appears fair, to full, in our view.
Total downstream throughput for the quarter ended Sept. 30 fell 3 per cent from a year earlier to 642,900 barrels of crude oil per day , due to a major turnaround at its Lima refinery. The refinery has a refining capacity of 183,000 bpd, per the U.S. Energy Information Administration. The Calgary-based company reported adjusted EBITDA for the quarter of $431-milllion, down from $585-million during the same period a year ago and 4 per cent below the recently lowered estimate of the Street .
In a research note, Stifel analyst Martin Landry said: “Spin Master reported Q3/24 results, which were slightly lower than our Street-high expectations and consensus estimates. However, the company maintained its annual guidance, suggesting a shift out of Q3/24 and into Q4/24 vs consensus estimates. Management also reiterated its annual revenue guidance for Melissa & Doug of $372.5 millions at the midpoint, which may reassure some investors.
Average daily production for the quarter was 184,829 barrels of oil equivalent per day, up from 180,581 a year earlier. Shares of the Redmond, Washington-based company dipped on Thursday despite beating Wall Street’s estimates for first-quarter revenue and profit. Microsoft has been pouring billions into building its AI infrastructure and expanding its data-center footprint. For the quarter, Microsoft said capital expenditures rose 5.3 per cent to US$20-billion, compared with US$19-billion in the previous quarter. That was higher than Visible Alpha estimates of US$19.23-billion.The company has been the worst performer among Big Tech names this year, having gained just over 15 per cent, while Meta has surged 68 per cent and Amazon climbed 28 per cent.
Earnings per share stood at US$3.30, compared with analysts’ average estimate of US$3.10, according to LSEG data. Like its Big Tech peers, Meta has invested heavily in data centres to capitalize on the generative AI boom. Unlike providers of cloud services, however, it does not expect to earn money from those investments right away and therefore is more subject to scrutiny from investors around its spending.
In its press release, however, it warned of “a significant acceleration in infrastructure expense growth next year as we recognize higher growth in depreciation and operating expenses of our expanded infrastructure fleet.” Investors have been wary of Meta’s spending in recent months. Its shares sank in April after it disclosed a higher-than-expected expense forecast, knocking US$200-billion off its stock-market value.
Bookings growth, a key measure of ridership for online taxi operators, slowed to a more than one-year low in the third quarter and also fell short of analysts’ forecasts.
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