Investor Stock News: Mixed third-quarter results from major Canadian companies, Barrick leads earnings

Revenue totaled $4.15 billion, up from $3.37 billion. On an adjusted basis, Barrick said it earned 58 cents a share in the latest quarter, compared with an adjusted profit of 30 cents a share a year ago.

Gold production for the quarter totaled 829,000 ounces, down from 943,000 ounces in the same period last year, while the company’s realized gold price rose to $3,457 per ounce, up from $2,494 per ounce in the same period last year. Copper production reached 55,000 tons, up from 48,000 tons in the same period last year, while Barrick’s realized copper price for the quarter was $4.39 per pound, up from $4.27 per pound in the same period last year.

Barrick increased its quarterly basic dividend to 12.5 cents per share from 10 cents per share and announced an additional performance dividend of 5 cents per share for the quarter, for a total payment of 17.5 cents per share.

In September, Barrick named Mark Hill as interim president and CEO following the sudden departure of Mark Bristow. The company said it is working with an executive search firm to find a permanent president and CEO.

MEG Energy reports third-quarter profit of $159 million, down from a year ago

Oil sands producer MEG Energy Corp. said its third-quarter profit fell. Net profit as of September 30 was US$159 million, down from US$167 million in the same period last year. Diluted earnings per share were unchanged from the same period last year at 62 cents.

Revenue for the quarter was $1.18 billion, down from $1.27 billion in the same period last year. Production reached a record high of 108,166 barrels per day in the quarter, compared with 103,298 barrels per day in the same period last year.

Last week, MEG Energy shareholders voted in favor of Cenovus Energy Inc.’s (TSX:CVE) $8.6 billion acquisition in the deal, which is expected to close this month subject to final court approval and other customary conditions.

Grocery and drugstore retailer Loblaw reports third-quarter profit and revenue growth year over year

Grocery and drugstore retailer Loblaw Cos. Ltd. reported an increase in third-quarter profit and revenue from a year earlier. The company behind Loblaws and Shoppers Drug Mart said it had profit attributable to common shareholders of $794 million, or 66 cents per diluted share, in the quarter ended Oct. 4. This compares with profit of $777 million, or 63 cents per diluted share, in the same period last year.

The article continues as follows

Revenue for the 16-week period totaled $19.4 billion, up from $18.54 billion a year earlier.

Loblaw said in a release that the company’s hard discount and Real Canadian Superstore banners are outperforming traditional stores as consumers continue to look for value. Food retail same-store sales increased by 2%, pharmaceutical retail same-store sales increased by 4%, pharmaceutical and health care product same-store sales increased by 5.9%, and front-store same-store sales increased by 1.9%.

RBC analyst Irene Nattel said in a note to clients that it was “another solid quarter” for the company, however, same-store food sales and revenue were “well below expectations.”

On an adjusted basis, Loblaw said it earned 69 cents per diluted share in its most recent quarter, up from an adjusted profit of 62 cents per diluted share a year ago.

Manulife reported third-quarter profit of US$1.8 billion, a slight year-on-year decrease

Manulife Financial Corp. reported third-quarter net income attributable to shareholders of $1.8 billion, slightly down from $1.84 billion in the same period last year. The insurer said adjusted earnings, or so-called core earnings, were $2 billion, compared with $1.83 billion a year earlier.

Manulife CEO Phil Witherington said the company’s core earnings in Asia and Canada reached record levels. Manulife’s core earnings in Asia were US$550 million and in Canada were US$428 million.

Manulife’s earnings release comes as the company launches a new platform called the Longevity Institute, with the stated goal of helping people live longer, more financially secure lives. The company said it will invest $350 million in the platform by 2030.