) rose on Wednesday despite reporting a drastic drop in profits for the three months ended Sept. 30, citing falling consumer demand, fallout from the B.C. port workers strike and a raft of forest fires and floods.
“We think this is a temporary issue,” the CEO said, acknowledging that any ramp-up in international container traffic from B.C. docks may be gradual.All five of CN’s bulk categories, from coal to forest products, saw a revenue decrease — except grain, which shot up 16 per cent on the back of a bumper wheat crop. Auto volumes also rose amid persistent demand following the supply chain backlog prompted by the COVID-19 pandemic.
In a research note, Citi analyst Christian Wetherbee said: “Canadian National reported 3Q23 EPS of $1.69, which beat our estimate by 14 cents, but missed consensus by 1 cents. Revenues were better than expected, as yields were better than we modeled, while expense were also elevated. Nevertheless, operating profit beat by $122-million, which contributed 14 cents of the beat, yielding core operating EPS in line with the headline. Operating ratio was 62.
Earlier in the year, First Quantum’s production took a hit amid a dispute with the Panama government over its Cobre Panama copper mine.Pointing to a “very strong cost performance,” Citi analyst Alexander Hacking said: “Copper production guidance is lowered based on continued challenges at Sentinel , but this was largely anticipated, in our view, while net debt remained stable at $5.6-billion, still above the levels of a year ago. We expect the stock to outperform.
Investors are also tracking how much Microsoft spends on the massive data centers to power AI software. Microsoft said on Tuesday that fiscal first-quarter capital expenditures were US$11.2-billion, up from US$10.7-billion in the previous quarter, which itself was the biggest spend since at least fiscal 2016. Microsoft executives say that figure is likely to grow each quarter this fiscal year, putting the company on track to spend more than $44 billion.
Boeing plans to meet a delivery target of at least 70 widebody 787 Dreamliners in 2023 and is transitioning from a production rate of four to five jets per month.Meanwhile, the company’s ailing defence business continues to struggle with cost overruns on fixed price contracts. “Thanks to the culture we’re building, we have identified non-conformances from the past that we now have the rigor to find and fix once and for all.”
The company reported a wider than expected loss of US$3.26 per share, compared with average analysts’ expectation of US$2.96 per share. The company reported US$18.1-billion in revenue, slightly beating consensus estimates of US$18.0-billion.) rose in the wake of reporting a surprise rise in quarterly revenue and forecast an upbeat current quarter as its efforts to bolster ad-targeting tools with artificial intelligence showed signs of paying off.
Snap, however, said it saw a risk to its sales in the fourth quarter as a war in the Middle East could tamp down spending from a large number of brand-oriented advertising campaigns. Visa said payment volumes rose per cent in the quarter, while cross-border volumes excluding transactions within Europe, which drives revenue from international transactions, increased 18 per cent.
“As China came out of COVID, I think most of us would have expected there to be a more significant rebound, which just hasn’t materialized,” he said. Revenue at all other segments except automotive was also down in the three months ended September. Automotive sales rose 20% in that period.
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