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3:26 a.m. Nov. 5, 2021 - By Tonya Garcia
Canada Goose shares soar after surprise profit, raised guidance Canada Goose Holdings Inc. stock jumped 10.5% in Friday premarket trading after the luxury outerwear company reported a surprise fiscal second-quarter profit and raised its full-year guidance. Net income totaled C$9.3 million (US$7.5 million), or 8 cents per share, down from C$12.5 million, or 9 cents per share, last year. Adjusted EPS of 12 cents beat the FactSet consensus for a loss of 10 cents Canadian. Revenue of C$232.9 million (US$186.8 million) was up from $194.8 million last year and ahead of the FactSet consensus for C$206.1 million. Direct-to-consumer revenue in mainland China was up 85.9%. Canada Goose raised its full-year outlook, and now expects revenue of C$1.125 billion to C$1.175 billion, up from $C$1.00 billion previously. And the company is guiding for adjusted EPS of C$1.17 to C$1.33. The FactSet consensus is for revenue of $1.103 billion and EPS of $1.15. Canada Goose shares have advanced 35.8% for the year to date while the S&P 500 index has gained 24.6% for the period.
5:15 a.m. Aug. 11, 2021 - By Tonya Garcia
Wendy's announces earnings beat, increased dividend and plans for more restaurants and delivery kitchensWendy's Co. stock rose 3.7% in Wednesday trading after the burger chain reported second-quarter earnings that beat expectations. Net income totaled $65.7 million, or 29 cents per share, up from $24.9 million, or 11 cents per share, last year. Adjusted EPS of 27 cents beat the FactSet consensus for 18 cents. Revenue of $493.3 million was up from $402.3 million and ahead of the FactSet consensus for $462.6 million. Global same-restaurant sales rose 17.4%, beating the FactSet consensus for a 15.8% rise. U.S. same-restaurant sales were up 16.1% while international same-restaurant sales grew 31.4%. The U.S. FactSet consensus was for a 14.1% increase. Wendy's has announced plans for a $10 million incremental spend on advertising for the breakfast menu in 2021, bringing the total for the year to $25 million. Wendy's restated its goal to make breakfast 10% of sales by 2022. The company also aims to open and operate 700 delivery kitchens in the U.S., Canada and U.K. with Reef Kitchens by 2025 after a test of eight kitchens in Canada proved successful. Cash obtained from a debt refinancing will fund a $100 million plan to add 80-to-90 new franchise locations between 2022 and 2025. Wendy's is increasing its quarterly dividend by 20% to 12 cents per share payable on September 15 to shareholders of record as of September 1. And the share buyback program has gotten authorization for an additional $70 million, bringing the total to $220 million. For 2021, Wendy's now expects global sales growth of 11% to 13%, and adjusted EPS of 79 cents to 81 cents. The FactSet consensus is for sales of $1.854 billion, suggesting growth of 6.9%, and EPS of 74 cents. Wendy's stock has risen 4.5% for the year to date while the S&P 500 index has gained 18.4% for the period.
2:30 a.m. Aug. 6, 2021 - By Ciara Linnane
Canopy Growth revenue falls short of estimatesCanopy Growth Corp. shares rose 0.8% in premarket trade Friday, after the Canadian cannabis company posted a profit for its fiscal first quarter, thanks to noncash fair value changes in some of its holdings of more than C$600 million ($479.9 million). The company posted net income of C$392.4 million, or 84 cents a share, for the quarter to June 30, after a loss of C$108.5 million, or 30 cents a share, in the year-earlier period. Earnings were boosted by other income that totaled C$581 million, primarily due to non-cash fair value changes of $601 million. Revenue net of excise taxes came to C$136 million, up 23% from the year-earlier period. The FactSet consensus was for a loss of 23 cents a share and revenue of C$151 million. "While we're encouraged by regulatory advancement in the U.S., Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for the coming quarters," Chief Executive David Klein said in a statement. Revenue was driven by double-digit growth in Canadian cannabis and other consumer products, which offset a decline in international sales. The company said CBD business in the U.S., led by the Martha Stewart line, continued to built momentum. The company is still aiming for positive adjusted EBTIDA by the end of fiscal 2022, driven by higher revenue, cost savings and improved price/mix. Shares have fallen 22% in the year to date, while the Cannabis ETF has gained 21% and the S&P 500 has gained 18%.
1:51 a.m. July 30, 2021 - By Ciara Linnane
Burger King parent Restaurant Brands tops consensus estimates, resumes dividend and share buybacksRestaurant Brands International Inc. posted above-consensus earnings for the second quarter on Friday, after the COVID-19 pandemic hurt business in the year-earlier period. The parent of Burger King and Tim Hortons said it had net income of $390 million, or 84 cents a share, for the quarter, up from $163 million, or 35 cents a share, in the year-earlier period. Adjusted per-share earnings came to 77 cents, ahead of the 61 cents FactSet consensus. Revenue rose to $1.438 billion from $1.048 billion, also ahead of the $1.369 billion FactSet consensus. Digital sales rose nearly 60% in home markets and were up 15% from the prior quarter. Chief Executive José E. Cil said he was encouraged by the momentum across the business and the rapid adoption of digital channels by customers. The board has approved a dividend and a $1 billion share buyback program, he said. Burger King sales rose 37.9% to $5.883 billion, while Tim Horton sales rose 33% to $1.637 billion. Shares were slightly higher premarket and have gained 6.2% in the year to date, while the S&P 500 has gained 17.7%.
3:44 a.m. July 28, 2021 - By Ciara Linnane
Tilray swings to profit in latest quarter, sending stock up 5.9% premarketShares of Canadian cannabis company Tilray Inc. jumped 5.9% in premarket trade Wednesday, after it swung to a profit in its fiscal fourth quarter. Tilray said it had net income of $33.5 million in the quarter to May 31, or 18 cents a share, after a loss of $84.3 million, or 39 cents a share, in the year-earlier period. Revenue rose to $142.2 million from $113.5 million a year ago. The FactSet consensus was for a loss of 12 cents a share and revenue of $199 million. Revenue was boosted by 36% growth in cannabis revenue to $53.7 million, which included four weeks of contribution from legacy-Tilray, a 10% decline in distribution revenue, net beverage alcohol revenue of $15.9 million following the SweetWater acquisition on November 25, 2020, and wellness revenue of $5.8 million from Manitoba Harvest, the company said in a statement. The company remained loss-making on a full-year basis, recording a loss of $336 million, wider than the loss of $100.8 million posted in fiscal 2020. The loss was driven by $63.6 million in transaction costs, following its merger with Aphria, and $170.5 million of non-cash unrealized loss on convertible bonds. The company has achieved $35 million in synergies on the Aphria deal and expects to reach its goal of about $80 million within 18 months of closing. U.S.-listed shares have gained 54% in the year to date, while the Cannabis ETF has gained 17% to match the S&P 500's gain.
3:16 a.m. July 16, 2021 - By Tomi Kilgore
Kansas City Southern swings to loss on merger costs, while adjusted profit misses expectationsKansas City Southern said Friday it swung to a second-quarter net loss, as a result of more than $700 million in merger costs, while also reporting an adjusted profit and revenue that came up short of expectations. The railroad operator's stock was little changed in light premarket trading. The net loss for the quarter was $378.6 million, or $4.17 a share, after net income of $109.7 million, or $1.16 a share, in the year-ago period. Excluding nonrecurring items, such as $720.8 million in merger costs, adjusted earnigns per share of $2.06 missed the FactSet consensus of $2.15. The company with Canadian National Railway Co. during the quarter. Revenue rose 37% to $749.5 million, boosted by higher volume, higher fuel surcharges and the strengthening of the Mexican peso against the U.S. dollar, but was below the FactSet consensus of $750.6 million. The company said it "fell short" of its own expectations for customer service. "Our operating team is focused on implementing structural and sustainable changes that will improve operational performance and the resiliency of our network," said Chief Executive Patrick Ottensmeyer. The stock has rallied 31.9% year to date through Thursday, while the Dow Jones Transportation Average has advanced 17.5% and the Dow Jones Industrial Average has gained 14.3%.
3:32 a.m. May 19, 2021 - By Tonya Garcia
TJX earnings beat expectations though COVID-related store closures still weighTJX Cos. reported fiscal first-quarter net income of $533.9 million, or 44 cents per share, after a loss of $887.5 million, or 74 cents per share, last year. Sales of $10.09 billion were up from $4.41 billion last year. The FactSet consensus was for EPS of 31 cents and sales of $8.61 billion. All U.S. stores were operating during the quarter, but the off-price retailer still had locations shuttered in other regions for 14% of the days in the first quarter due to COVID-19. European locations were closed for 76% of the days, and Canadian stores were closed 25%. Still, it was a marked improvement from last year when stores around the world were shut for half the days. Three hundred locations around the globe are currently temporarily closed. Open-only comp store sales were up 16% in the most recent quarter. Open-only comp store sales only account for the days when stores were open during fiscal Q1 2022 and the same period in fiscal 2020. Due to the continued uncertainty of the pandemic, TJX did not provide guidance. However, the company said open-only comp store sales at the start of the second quarter have been similar to the first quarter. The TJX lineup includes TJ Maxx and HomeGoods. TJX stock slipped 0.9% in Wednesday premarket trading, but is up 4.2% for the year to date. The S&P 500 index has gained 9.9% for 2021 so far.
2:02 a.m. May 13, 2021 - By Tomi Kilgore
Canada Goose stock jumps after surprise profit, revenue that rose well above forecastsThe U.S.-listed shares of Canada Goose Holdings Inc. rallied 2.3% in premarket trading Thursday, after the Canada-based luxury apparel maker reported a surprise fiscal fourth-quarter profit and revenue that rose well above forecasts and pre-pandemic levels, as ecommerce revenue more than doubled. Net income rose to C$2.9 million ($2.4 million), or 3 cents a share, from C$2.5 million, or 2 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at 1 cent, compared with the FactSet per-share loss consensus of 12 cents. Revenue jumped 48.2% to C$208.8 million ($171.8 million), beating the FactSet consensus of C$158.9 million, as global ecommerce revenue increased 123.2%. The company said revenue rose in all geographic regions except Canada, which revenue fell 6.9% amid elevated mandatory retail closures relative to other markets. "Canada Goose has shifted from recovery to growth beyond pre-pandemic levels. We achieved our largest ever fourth quarter by revenue," said Chief Executive Dani Reiss. The stock has slipped 3.6% over the past three months through Wednesday, while the S&P 500 has gained 3.3%.
2:49 a.m. May 7, 2021 - By Ciara Linnane
Cronos shares slide premarket after earnings fall short of estimatesCronos Group Inc.'s U.S.-listed shares slid 4.2% in premarket trading Friday, after the Canadian cannabis company posted weaker-than-expected earnings for the first quarter. Cronos said it had a net loss of C$161.6 million ($132.7 million), or 44 cents a share, in the quarter, after income of C$75.7 million, or 20 cents a share, in the year-earlier period. Revenue net of excise taxes came to C$12.6 million, up from C$8.43 million a year ago. The FactSet consensus was for a loss of 11 cents a share and revenue of C$20.2 million. Chief Executive Kurt Schmidt said earnings were in Canada were impacted by "market dynamics due to the COVID-19 pandemic and ensuing stay-at-home orders and various other restrictions." The company's adult-use brand named Spinach will launch edibles in the coming weeks, a new category for the Canadian market. Shares have gained 10% in the year to date, while the Cannabis ETF has gained 36% and the S&P 500 has gained 11.9%.
2:30 a.m. April 12, 2021 - By Tomi Kilgore
Aphria stock falls after wider-than-expected loss, revenue misses as COVID-19 reduced demandThe U.S.-listed shares of Aphria Inc. dropped 7.6% in premarket trading Monday, after the Canada-based cannabis company reported a wider-than-expected fiscal third-quarter loss and revenue that rose less than forecast, citing reduced demand resulting from the COVID-19 pandemic. For the quarter ending Feb. 28, the company swung to a net loss of C$366.8 million ($292.7 million), or C$1.14 a share, from net income of C$5.0 million, or C$0.02 a share, in the year ago period. Excluding nonrecurring items, such as unrealized losses and gains on convertible debt, adjusted losses per share widened to 15 cents from 4 cents, compared with the FactSet consensus for a per-share loss of 5 cents. Revenue rose 6.4% to $C153.6 million ($122.6 million), but missed the FactSet consensus of C$161.3 million. "As a result of the ongoing effects of COVID-19, including provincial lockdowns and provincial boards taking measures to lower their inventory levels which had previously included forecasted cannabis market growth, the company experienced what it believes is a transitory reduction in demand during the quarter," the company said in a statement. The average retail selling price of adult-use cannabis fell to 11% to C$3.82 per gram, while the average retail selling price of medical cannabis slipped 3.9T to C$6.69 per gram. "We remain excited with the opportunities created for both Aphria shareholders and Tilray stockholders in completing our , and believe that together, we will create one of the strongest global cannabis and consumer packaged goods companies in the world," Chief Executive Irwin Simon said. Aphria's stock has soared 135.3% year to date through Friday, while the Cannabis ETF has rallied 57.4% and the S&P 500 has gained 9.9%.
2:35 a.m. March 15, 2021 - By Tonya Garcia
Rogers to acquire Shaw in $26 billion communications dealRogers Communications Inc. announced Monday that it has agreed to acquire Shaw Communications Inc. in a $26 billion deal. Rogers will acquire all outstanding class A and class B shares of Shaw Communications for $40.50 per share in cash, a premium of about 70% for a recent class B share price. The deal, which is expected to close in the first half of 2022, also includes about $6 billion in Shaw debt. The Shaw family will become one of the largest shareholders in Rogers with 23.6 million shares to be issued to the Shaw Family Living Trust. Two members of the Shaw family, including Brad Shaw, will join the Rogers board. Rogers has secured financing for the deal, and Shaw will continue to pay out its monthly and quarterly dividends. Rogers plans to invest $2.5 billion over the next five years to build out the 5G network in western Canada, and a $1 billion fund will be dedicated to connecting rural, remote and Indigenous communities to high-speed internet. Rogers says the combined company will continue to offer affordable service, with plans to expand a program for low-income Canadians and maintain wireless prices for Freedom Mobile customers for at least three years after the deal closes. About 10% of Canadian homes have no internet service, and 600,000 in western Canada can't access the internet at government-recommended minimum speeds. The companies say the deal will also create 3,000 jobs and create a headquarters in Calgary for all Western operations. Rogers stock us up almost 12% over the past year, and Shaw shares, which shot up more than 54% in Monday premarket trading, have gained 27.3% over the last 12 months. The S&P 500 index have rallied 45.5% over the past year.
2:48 a.m. Feb. 26, 2021 - By Ciara Linnane
Canadian cannabis company Cronos posts wider-than-expected Q4 loss but revenue beats estimatesCronos Group Inc. shares slid 3% in premarket trade Friday, after the Canadian cannabis company posted a wider-than-expected loss for the fourth quarter, but revenue that beat estimates. The Toronto-based company swung to a net loss of $111.7 million, or 31 cents a share, in the quarter, after income of $61.6 million, or 17 cents a share, in the year-earlier period. Revenue net of excise taxes came to $17.0 million, up from $7.3 million a year ago. The FactSet consensus was for a loss per share of 8 cents and revenue of $13.3 million. Revenue gains were driven by continued growth in the Canadian recreational cannabis market, sales in the Israeli medical market and growth in the U.S. segment, the company said in a statement. That was partly offset by non-recurring wholesale revenue in the Canadian market in the year-earlier quarter and price cuts on various adult-use products in Canada in the recent quarter. The company wrote down $15 million of dried cannabis inventory and cannabis extracts, mostly due to price pressure in Canada. "The company may incur further inventory write-downs due to pricing pressures in the marketplace," said the statement. Cronos said its Happy Dance brand, a line of vegan, U.S. hemp-derived CBD bath and body products co-founded by actress Kristen Bell, has secured a first U.S. retailer in Ulta Beauty and expects to launch online and in-store in the coming weeks. Shares have gained 77% in the last 12 months, while the Cannabis ETF has gained 91% and the S&P 500 has gained 23%.
3:06 a.m. Feb. 24, 2021 - By Tonya Garcia
TJX profit and sales take a hit after COVID-19-related store closuresTJX Cos. shares fell 2.7% in Wednesday premarket trading after the off-price retailer reported fourth-quarter earnings and sales that missed expectations. Net income totaled $325.5 million, or 27 cents per share, down from $984.8 million, or 81 cents per share last year. Sales totaled $10.94 billion, down from $12.21 billion last year. The FactSet consensus was for EPS of 62 cents and sales of $11.48 billion. TJX, whose portfolio of stores includes TJ Maxx and Marshalls, says Q4 sales took a $950 million to $1.05 billion hit due to COVID-19-related store closures in Canada and Europe. Earnings per share were reduced by 18 cents to 21 cents. Stores in Canada were closed for about 32% of the fourth quarter, and European stores were closed 63%. There are currently about 690 stores closed due to the pandemic, most in Europe where the company expects stores to be closed for 67% of the first quarter. Due to the ongoing uncertainty from the coronavirus, TJX did not provide financial guidance. TJX stock has gained 13.7% over the past year while the S&P 500 index is up 20.3% for the period.
1:47 a.m. Feb. 11, 2021 - By Tomi Kilgore
Burger King, Popeye's parent Restaurant Brands stock falls after profit and same-store sales missShares of Burger King and Popeye's parent Restaurant Brands International Inc. dropped 1.8% in premarket trading Thursday, after the restaurant chain company reported fourth-quarter profit that missed expectations, as same-store sales declined more than forecast for its fast-food chains. Net income fell to $91 million, or 30 cents a share, from $165 million, or 54 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share fell to 53 cents from 75 cents, below the FactSet consensus of 65 cents. Revenue declined 8.2% to $1.36 billion, topping the FactSet consensus of $1.35 billion. Same-store sales for Burger King restaurants fell 7.9%, missing the FactSet consensus of a 4.5% decline; Popeye's same-store sales declined 5.8%, compared with expectations of a 4.3% drop; and Tim Horton's same-store sales were down 11.0%, beating expectations for an 11.3% decline. The company said it ended 2020 with the same restaurant count as the end of 2019, but has restarted development talks with franchisees and expects restaurant growth to be roughly in line with that of 2018 and 2019. The stock has gained 4.7% over the past three months through Wednesday, while the S&P 500 has advanced 9.4%.
5:15 a.m. Feb. 4, 2021 - By Tonya Garcia
Canada Goose shares soar after revenue rises for the first time since the beginning of the pandemicCanada Goose Holdings Inc. stock soared 26% in Thursday trading after the high-end outerwear company reported fiscal third-quarter earnings and sales that beat expectations. Net income totaled C$105.5 million (US$82.2 million), or 96 cents per share, down from C$114.7 million, or $1.07 per share, last year. Adjusted EPS of C$1.01 per share beat the FactSet consensus for 86 cents. Revenue totaled C$474.0 million (US$369.5 million), up from C$452.1 million last year and ahead of the FactSet consensus for C$416.1 million. This was the first time that revenue increased since the pandemic began. Global digital sales increased 39.3%. Seven of 28 Canada Goose stores remain closed due to COVID-19. Canada Goose shares have climbed nearly 39% over the last year while the S&P 500 index is up 16.8% for the period.
2:56 a.m. Jan. 25, 2021 - By Tomi Kilgore
Telus International sets IPO terms, to be valued at up to $5.6 billionTelus International Inc. has set terms for its initial public offering, in which the Canada-based telecommunications company looks to raise up to about $548.2 million. The company is offering 21.93 million shares in the IPO, while selling shareholders are offering 11.40 million shares, for a total of 33.33 million shares offered. The IPO is expected to price between $23 and $25 a share. With 223.73 million shares outstanding after the IPO, the pricing values the company at up to $5.59 billion. The company has applied for its shares to list on the New York Stock Exchange and the Toronto Stock Exchange, under the ticker symbol "TIXT." J.P. Morgan and Morgan Stanley are the lead bookrunners of the IPO. For the nine months ended Sept. 30, the company reported net income of $81.9 million on revenue of $1.14 billion, after net income of $41.7 million on revenue of $747.1 million in the year-ago period. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 30.0% over the past three months while the S&P 500 has gained 10.9%.
3:38 a.m. Dec. 7, 2020 - By Tomi Kilgore
AbCellera Biologics sets terms of IPO, which could value the company at up to $4.5 billionAbCellera Biologics Inc. said Monday that terms of its initial public offering have been set, which could value the artificial intelligence (AI)-powered drug discovery company at up to $4.52 billion. The Vancouver-based company, which is . on a COVID-19 therapy, said it is offering 23 million shares in the IPO, which is expected to price between $14 and $17 a share, which means the company could raise as much as $391 million. The company expects to have 265.95 million shares outstanding after the IPO. The shares are expected to list on the Nasdaq under the ticker symbol "ABCL." Credit Suisse, Stifel, Berenberg, SVG Leerink and BMO Capital Markets are the underwriters. For the nine months ended Sept. 30, the company reported net income of $1.9 million on revenue of $25.2 million, after a loss of about $570,000 on revenue of $8.4 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has hiked up 38.0% over the past three months while the S&P 500 has gained 7.9%.
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