Friday, October 23

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Lower profits but higher revenues at Telus

(Photo: The Canadian Press) Telus on Friday posted net profit down 39% for its most recent quarter, despite higher revenues. The Vancouver-based telecommunications group posted a profit of $ 315 million, or 23 cents per share, for the three-month period ended June 30, which compared to a profit of $ 520 million, or 43 cents per share for the same quarter last year. Adjusted earnings were $ 316 million, or 25 cents per share, compared to $ 416 million, or 35 cents per share, in the second quarter of 2019. Revenue rose 3.6% from a year ago to $ 3.73 billion, while total operating expenses before depreciation and amortization climbed 6.5% overall, fueled by an increase of $ 252 million in Telus wireline services. Accord...
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European Commission approves sale of Bombardier Transportation to Alstom

(Photo: courtesy) The European Commission has given the green light for the acquisition of Bombardier's rail business by French rail manufacturer Alstom. Alstom, which builds French high-speed trains (TGV), announced this year that it had signed an agreement to take full control of Bombardier Transport, for a price ranging from 5.8 to 6.2 billion euros ( CAN $ 9.2 to 9.84 billion) paid in cash and new Alstom shares. The Commission opened an investigation and initially found that the transaction raised serious competition concerns. The Commission's competition authorities cleared the acquisition on Friday after Asltom offered "significantly improved" commitments. "Alstom and Bombardier are leading suppliers of state...
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DavidsTea’s net loss soars

(Photo: courtesy) DavidsTea reports that its net loss skyrocketed in the first quarter, a day after the tea merchant announced it would cut its retail network to 18 stores across Canada. The Montreal-based company says it lost $ 45.8 million, or $ 1.76 per share, for the three months ended May 2, compared to a net loss of $ 3.3 million, or 13 cents per share, one year earlier. The weak results came as more than 200 DavidsTea stores in Canada and the United States were closed for about half of the quarter due to restrictions imposed in the fight against COVID-19. Adjusted losses jumped 75% to $ 5.8 million, or 22 cents per share, from $ 3.3 million, or 13 cents per share, in the first quarter of 2019. Revenue was $ 32...
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ExxonMobil suffers worst loss in history

(Photo: Getty images) U.S. major ExxonMobil, affected by the drop in crude oil prices generated by the coronavirus pandemic and the restrictive measures taken to stem it, suffered a net loss of $ 1.1 billion in the second quarter, the worst since its merger in 1999. This is only the second time that the company, already in the red in the first quarter, has lost money since its inception. Adjusted per share, the loss rose to 70 cents where analysts expected a smaller loss of 62 cents. Its turnover over the period fell 53% to 32.61 billion dollars, well below the 38.16 billion expected. Between the measures taken to try to stop the pandemic and a still abundant supply of crude on the world market, the price of a barre...
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Chevron suffers a net loss of $ 8.3 billion

(Photo: 123RF) The American oil major Chevron, weighted down by several charges linked among other things to the plunge in black gold prices or its operations in Venezuela, announced Friday that it had suffered a net loss of $ 8.3 billion in the second quarter. “The past few months have presented unique challenges,” said CEO Michael Wirth in a statement. “The economic impact of the response to COVID-19 has dramatically reduced demand for our products and lowered raw material prices. Given the uncertainties associated with the economic recovery and the abundant supply of oil and gas, we have downgraded our outlook for commodity prices, which has resulted in asset write-downs and other charges. “, He explained. The ...
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TVA Group’s revenues plunge in Q2

(Photo: LesAffaires.com) Like many businesses around the world, TVA Group was hit hard by the pandemic during its second quarter. He announced Thursday night that its revenue fell $ 42.1 million during that period, compared to the second quarter of the previous year. They amounted to $ 103.9 million. For shareholders, this represents a net loss of $ 2.7 million, or $ 0.06 per share. Even so, this is an improvement over the second quarter of 2019 when this loss reached $ 6.2 million, or $ 0.14 per share. The TVA Group also reported adjusted consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) of $ 7.366 million, an increase of $ 3.6 million. The film and audiovisual services sector re...
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Ford suffers less from the pandemic than expected

(Photo: 123RF) The American automaker Ford has weathered the COVID-19 pandemic better than expected, which in the second quarter saw car sales in the United States plummet and led to the temporary closure of some of its factories. The group warned in April to expect an operational loss of $ 5 billion over the period. He finally announced Thursday an operational loss of $ 1.9 billion. Adjusted per share, this comes down to a loss of 35 cents, where analysts had expected a loss of $ 1.17. The group's turnover was, not too surprisingly, halved to $ 19.37 billion. This is also a little higher than expected. Even if sales have fallen, Ford claims to have gained market share thanks in particular to the strength of demand...
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Molson Coors still suffers from the shortage of cans

(Photo: The Canadian Press) Molson Coors continues to grapple with what its CEO has called a "global can shortage," as consumers quit drinking in bars and restaurants and began consuming more drinks at home by due to the COVID − 19 pandemic. “Consumer demand has evolved in ways no one could have predicted six months ago,” Gavin Hattersley said in a conference call with analysts Thursday after the company released its financial results. of the second trimester. "When bars and restaurants were closed at the start of (second quarter), the demand for barrels in the United States fell to zero (...) and conversely, the demand for cans exploded", a − t− he explains. This has put pressure on the availability of 12-ounce (355...
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David’s Tea will reopen only 18 stores, including 7 in Quebec

Posted ago 42 minutes (Photo: courtesy) Les Thés DavidsTea (DTEA, US $ 0.87) announced Thursday that it plans to reopen only 18 of its stores in Canada, including seven in Quebec. The tea merchant has sent lease termination notices for its 82 other stores, which will take effect in 30 days. This decision was taken as part of its restructuring plan...
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IPL plastics sold to an American company

(Photo: screenshot) IPL Plastics announced on Wednesday that it had reached an agreement that will see it be bought by a company controlled by the American private equity firm Madison Dearborn Partners, in a transaction that values ​​the Montreal company at $ 981 million. Under the proposal, shareholders of the sustainable packaging solutions specialist will receive $ 10.00 per share, which is a 49% premium over Tuesday's closing price of IPL stock, and a premium of 69% of its volume weighted price for the 20-day period ending Tuesday. The Caisse de depot et placement du Quebec, the company's largest shareholder with a 26.9% stake, has indicated that it supports Madison Dearborn Partners' offer. The transaction pro...
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Boeing to cease production of the legendary 747 in 2022

Posted ago 6 minutes (Photo: 123RF) The aircraft manufacturer Boeing officially announced on Wednesday that it would cease production of its legendary 747 aircraft in 2022, which airlines are gradually withdrawing from their fleets. Launched in 1970, Boeing's “Jumbo Jet” can carry more than 600 passengers in certain configurations. But such capacity - and the fuel consumption it implies - made it less profitable for companies hit by the drop in air travel since the start of ...
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Royal Bank buys solar power

Posted ago 35 minutes (Photo: 123RF) Royal Bank on Tuesday announced that it is the first Canadian bank to sign a long-term renewable energy purchase agreement, a deal that will support the development of a 39-megawatt, $ 70 million solar project in southern Alberta. The bank has agreed with green energy retailer Bullfrog Power to purchase the maj...