The telecom attributed the loss, which compared to a net profit of $371-million a year ago, to higher depreciation and amortization, higher finance costs and higher restructuring, acquisition and other costs, primarily related to its recent acquisition and continuing integration of Shaw Communications Inc.
Analysts were expecting adjusted earnings of $1.13 per share and revenue of $5.07-billion, according to the consensus estimate from S&P Capital IQ. In a research note, Desjardins Securities analyst Jerome Dubreuil said: “This morning, RCI reported a positive update, with better-than-expected financials, impressive wireless loadings and accelerated synergy realization, and with management now targeting FCF to land at the upper end of guidance. The company is also rapidly deleveraging, which is encouraging as leverage remains an important concern for investors. We expect a share price reaction firmly in positive territory.
“At this juncture and given the changed economic conditions since early 2022 and continued softening of demand, the company will slow the pace of previously-identified operating capital investments for the remainder of 2023 and 2024, prioritizing its highest returning capital investments,” quarterly financial reporting documents released on Thursday stated.
The results included a $328-million charge related to the Scotiabank transaction, offset in part by a $131-million insurance recovery related to a fire at a distribution centre in March. Suncor’s total upstream production fell to 690,500 barrels of oil equivalent per day , compared with 724,100 boepd a year earlier due to international asset divestments.Its net production of synthetic crude, a processed form of raw and heavy bitumen, rose to 469,300 bpd, compared with 405,100 bpd a year ago, due to lower maintenance activities.On an adjusted basis, the company earned $1.52 per share in the quarter ended Sept. 30, compared with analysts’ average estimate of $1.
Manulife said its business in Asia was driven by demand from mainland Chinese visitors following the reopening of the Hong Kong border this year. “Your incremental interest income is increasing because of higher interest rates,” Mr. Sharma said, noting Manulife’s core return on equity for the quarter was 16.8 per cent, higher than the company’s long-term target of 15 per cent.“We are in a position of strength to weather macroeconomic uncertainties,” CEO Roy Gori said in a statement.
After the bell on Thursday, Great-West Lifeco reported adjusted earnings per share of $1.02, up 18 per cent year-over-yea and 4 cents higher than the consensus projection on the Street. “While GWO has delivered solid results recently, we are uncomfortable with the company’s very high dividend payout ratio and, at this time, we favour the Asian and WM businesses of the other insurers, particularly MFC, over GWO’s large European segment and the Reinsurance segment. Additionally, we believe Reinsurance new business is generally more vulnerable to regulatory and tax changes.”Sales for the quarter were $1.4-billion, up from $1.2-billion during the same quarter last year.
Chief executive Alexandre L’Heureux also says a seven per cent year-over-year backlog growth to $14.28-billion in the third quarter speaks to continued demand for the Montreal-based firm’s services. NexGen said it was the first company in more than two decades to receive full provincial EA approval for a greenfield uranium project in Saskatchewan.
Quebecor says the profit amounted to 91 cents per share, up from 76 cents per share in the same quarter last year.Quebecor says its adjusted income from continuing operating amounted to 88 cents per share, up from 75 cents per share in the same quarter last year.— nearly a third of its workforce — as part of plan that involves overhauling its news division, ending its in-house entertainment content production and optimizing its real estate assets.
The increase came as theatre attendance rose to nearly 15.7 million for the quarter compared with nearly 11.1 million a year earlier. The reaction from investors signals confidence in Chief Executive Bob Iger’s aggressive cost-cutting, the company’s better-than-expected streaming subscriber gains and Mr. Iger’s declaration that Disney had moved into a “building” phase again.
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