The Toronto-based company says earnings per share were $3.68, up from $2.06 per share during the same quarter last year.
Chief executive Jason Mullins says it was a strong start to the year with over $200-million in loan portfolio growth, and the lender expects to finish at the high end of its loan growth forecast for the year. In a research note, Raymond James analyst Stephen Boland said: “GSY reported another strong quarter as expected. The company reported headline EPS of $3.40 and adjusted EPS of $3.81 vs consensus and RJL at $3.81. Credit continues to be stable with strong growth across the portfolio . The reported and adjusted ROEs were 21.9 per cent and 24.6 per cent, respectively. The adjusted operating margin remained above 40 per cent as scale impacts the operations.
The privatization deal got the OK from existing Canadian shareholders, Nuvei CEO Philip Fayer, private equity firm Novacap and pension fund CDPQ. It also reported first-quarter revenue and profit above expectations, sending its shares up in Wednesday trading. Lyft forecast adjusted earnings before interest, taxes, depreciation and amortization between US$95-million and US$100-million, surpassing analysts’ average expectations of $81.1 million.
Adding to the company’s pressure, its core clientele is made up of small and medium-sized businesses that have been more susceptible to the hit from sticky inflation. “Greater stability in the markets is creating increased market liquidity,” said chief executive officer Bruce Flatt and president Connor Teskey, in a joint letter to shareholders released Wednesday. “This in turn is leading to greater transaction activity, which is supported by a significant amount of dry powder to invest.”The Calgary-based company said total upstream production was 835,300 barrels per day , a record for the first quarter and up 12.
The company said it achieved its highest-ever first-quarter refining throughput at 455,300 bpd, up 23.8 per cent from a year ago. Refinery utilization was at 98 per cent in same period, compared with 79 per cent from a year earlier. Chief financial officer Mark Segal says toy gross product sales excluding the acquisition’s impact were in line with a year earlier, during what’s normally the lowest quarter for the toy industry.
In a research note, Stifel analyst Martin Landry said: “Sleep Country reported lower than expected Q1/24 results with EPS of $0.28, down 24 per cent year-over-year, worse than our expectations $0.32 and consensus of $0.36. However, SSS are trending in the right direction as the pace of SSS decline in Q1/24 is the lowest of the last seven quarters. The EPS miss vs. our forecasts comes mainly from higher SG&A expenses than expected, which reached 24.
The company says it delivered 196 vehicles for the quarter, down from 220 delivered in the same quarter last year.about 120 jobs. The move followed the elimination of more than 100 jobs at the company in February and 150 positions in November last year. Uber reported a net loss of US$654-million, driven by legal charges and provisions and those related to fair valuation of certain company investments. Analysts were expecting a net profit of US$503.1-million.
Uber operates in about 70 countries and offers services, including freight booking. It had a 72-per-cent share in the U.S. ride-hailing market in the March quarter, up from 68 per cent two years ago, according to YipitData. U.S. regulators have separately investigated hundreds of crashes, including fatal ones, that have occurred in Teslas with Autopilot engaged, resulting in a mass recall by the automaker.
Rivian shares fell as the muted forecast drew questions from some analysts about demand for its pricey R1S SUVs and R1T pickups. High inflation has soured consumer sentiment for electric vehicles, with hybrids gaining sales traction. The factory retooling, however, added costs in the first quarter, and the supplier changes might limit the production ramp and rate in the near future, Rivian said.
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