) were higher on Friday after it beat third-quarter profit estimates, benefiting from transporting higher volumes of oil and other liquids.
Mainline system transports light and heavy crude oil, natural gas liquids, and refined products from Edmonton, Alberta to various markets in Canada and the U.S. Midwest. It posted an adjusted profit of 62 cents per share for the quarter ended Sept. 30, compared with the average estimate of 60 cents per share, according to LSEG data.) soared after it raised its 2023 profit forecast on Friday, but flagged an impact from the United Auto Workers union strike in North America.
Magna expects its full-year total sales to be between US$42.1-billion and US$43.1-billion, compared with its prior forecast range of US$41.9-billion to US$43.5-billion. On an adjusted basis, Magna earned US$1.46 per share for the third quarter, compared with LSEG estimates of US$1.33 per share. The Calgary-based pipeline company says the decrease was primarily due to the benefit in 2022 from a gain on the change in ownership of the majority of Pembina’s field-based gas processing assets, which were wholly-owned prior to the creation of Pembina Gas Infrastructure last year.
Pembina reported third-quarter revenues of $2.3-billion, down from $2.8-billion in the prior year’s quarter. It attributed the loss in the period ended Sept. 30 to fair value losses of $199.5-million on investment properties that reflect current market conditions resulting from rising interest rates. The Tim Hortons owner’s results contrast a strong third-quarter performance from rival McDonald’s, which has been doubling down on menu upgrades, promotions and pricing - eroding market share at Burger King and other chains.
Meanwhile, the company’s Canada-focused Tim Hortons chain has been attracting more customers with its coffees and new cold drinks, helping drive its comparable sales growth of 6.8 per cent above estimates of 6.5 per cent. The world’s most valuable firm was set to lose more than US$80-billion in market value, based on its premarket share price of US$172. Its shares have rallied nearly 40 per cent this year.
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