Aug 9 (Reuters) – Canadian auto parts maker Magna
International Inc reported a 19 percent rise in its
quarterly profit on Friday and raised its sales outlook for the
year, buoyed by better-than-expected European and North American
The results sent Magna’s stock, which have soared some 70
percent so far this year on the Toronto Stock Exchange, to an
all-time high on Friday.
(Reuters) – Tim Hortons Inc (THI.TO: Quote, Profile, Research, Stock Buzz), the Canadian coffee and doughnut chain under shareholder pressure to boost returns, said on Thursday it was expanding its buyback plan by C$900 million ($863.4 million) and its new CEO called the challenging environment the “new reality.”
The company, led since July 2 by long-time Nestle SA (NESN.VX: Quote, Profile, Research, Stock Buzz) executive Marc Caira, also announced plans for its business in the United States that are in line with demands of activist investors who want the company to cut back on the investment of its own cash in the United States and turn to well-capitalized franchisees.
(Reuters) – Tim Hortons Inc (THI.TO: Quote, Profile, Research, Stock Buzz), the Canadian coffee and doughnut chain that has been facing pressure by shareholders, said on Thursday it was expanding its share buyback plan by C$900 million ($863.4 million) as it cut its growth forecast even though quarterly profit topped estimates.
The company, led since July 2 by long-time Nestle executive Marc Caira, also announced plans for its business in the United States that are in line with demands of activist investors who have urged the company to cut back on the investment of its own cash in the United States and turn to franchisees.
TORONTO, Aug 2 (Reuters) – Canada’s SNC-Lavalin Group Ltd
unexpectedly reported a quarterly net loss and lowered
its financial forecast for the year on Friday following charges
on projects in two North African countries.
The company’s shares fell 6 percent to C$40.44 on the
Toronto Stock Exchange.
TORONTO (Reuters) – Canadian auto sales soared more than 7 percent to a record high for the month of July, industry data released on Thursday showed, with Chrysler (FIA.MI: Quote, Profile, Research, Stock Buzz) outselling Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) and Japan’s three big automakers all with double digit gains.
A total of 158,993 new vehicles were sold last month, beating the record set in July 2005, according to DesRosiers Automotive Reports.
Aug 1 (Reuters) – Canadian plane and train maker Bombardier
Inc reported a 22 percent rise in second-quarter
profit on Thursday as its train business grew, but pushed back
the date when its all-new C-Series plane will be ready for
Bombardier Inc, the world’s fourth largest
planemaker and largest trainmaker, insisted the new plane would
still enter service a year from the first flight. It has already
pushed back that first flight three times and now says it is due
to fly in the coming weeks.
TORONTO, July 30 (Reuters) – WestJet Airlines Ltd
said on Tuesday that higher capacity had hurt its second-quarter
results, and it warned that a slide in revenue per seat would
extend into the current period.
Canada’s No. 2 airline said it flew emptier planes during
the second quarter. It had said during the last quarter that it
would probably earn less revenue from every seat, in part
because of softer demand.
NEW YORK/TORONTO (Reuters) – Richard Baker is doubling down on his attempt to revive big-name department stores with a $2.4 billion bid to buy Saks Inc (SKS.N: Quote, Profile, Research, Stock Buzz), bringing the iconic New York retailer under the same roof as Lord & Taylor and Canada’s Hudson’s Bay.
Baker’s Hudson’s Bay Co (HBC.TO: Quote, Profile, Research, Stock Buzz) is offering $16 per share to buy the retailer, a 30 percent premium over levels in May, right before media reports that Saks was up for sale. The deal is worth $2.9 billion in cash, including the assumption of Saks’ debt.
TORONTO (Reuters) – Bombardier Inc (BBDb.TO: Quote, Profile, Research, Stock Buzz) delayed the maiden flight of its CSeries jetliner for a third time on Wednesday, promising the flight “in the coming weeks” instead of July, a move likely to rattle airlines that have stepped up to buy the all-new plane.
“This might make people a bit jittery… This is a new market for them. A lot depends upon the confidence of customers,” said aviation industry expert Richard Aboulafia, a vice-president at consulting firm Teal Group Corp.
TORONTO, July 24 (Reuters) – Canadian Pacific Railway
on Wednesday reported a slightly lower-than-expected
quarterly profit, hurt by floods and a number of high-profile
Record floods late last month in the Canadian oil and gas
capital of Calgary, Alberta, curbed revenue growth by C$25
million, or 2 percent. The flooding caused extensive network
outages, including more than 40 track washouts over a four-day
period, Chief Executive Officer Hunter Harrison said in a