Stock news for investors: Air Canada Q3 profit plunges to as strike weighs on results

The Montreal-based airline says operating revenues during the quarter came in at $5.77 billion, falling around 5% from $6.1 billion during the third quarter last year.   

Results for the three-month period ended Sept. 30 include the three-day work stoppage by more than 10,000 flight attendants in August that shut down operations and caused more than 3,000 flight cancellations.

Air Canada CEO Michael Rousseau says the latest results met the company’s revised estimate that was lowered to adjust for the labour disruption that occurred during the peak of the summer season. In September, Air Canada lowered its full-year guidance while estimating the cost of the strike at $375 million.

Fortis reports $409-million third-quarter profit, raises dividend

Fortis Inc. raised its dividend as it reported a third-quarter profit of $409 million. The power utility says it will now pay a quarterly dividend of 64 cents per share, up from 61.5 cents per share. 

The increased payment to shareholders came as Fortis says its third-quarter profit amounted to 81 cents per share, down from $420 million or 85 cents per share in the same quarter last year. On an adjusted basis, the company says it earned 87 cents per share in its latest quarter, up from 85 cents per share a year ago.

Revenue for the quarter totalled $2.94 billion, up from $2.77 billion in the same quarter last year.

In its outlook, Fortis announced a new five-year capital plan for 2026-2030 that totals $28.8 billion, an increase of $2.8 billion compared with its previous five-year plan.

Thomson Reuters reports third-quarter profit and revenue up from year ago

Thomson Reuters Corp. reported a profit of US$423 million in its latest quarter, up from US$301 million in the same period a year earlier, as its revenue rose 3%. The company, which keeps its books in U.S. dollars, says the profit amounted to 94 cents US per diluted share for the quarter ended Sept. 30, up from 67 cents US per diluted share in the same quarter last year.

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Revenue totalled US$1.78 billion, up from US$1.72 billion a year ago. On an adjusted basis, Thomson Reuters says it earned 85 cents US per share, up from an adjusted profit of 80 cents US per share in the same quarter last year.

In September, the company acquired Additive AI Inc., a U.S.-based specialist in AI-powered tax document processing for tax and accounting professionals. The company also sold its remaining minority interest in the Elite business, a provider of financial practice management solutions to law firms.

Suncor reports decline in third-quarter profits, record production

Oilsands giant Suncor Energy Inc. has reported a decline in third-quarter profits amid weak oil prices, while production and refinery throughput hit new records. Net earnings were $1.62 billion during the three months ended Sept. 30, down from $2.02 billion a year earlier. The profit amounted to $1.34 per share compared to $1.59 per share. 

Operating revenues net of royalties were $6.17 billion, down from $6.32 billion during the same 2024 quarter. 

Total upstream production in the quarter was 870,000 barrels of oil equivalent per day, up from 828,600 boe/d. Suncor’s refineries processed 491,700 barrels per day, an increase from 487,600 barrels in the year-ago quarter. 

“Our people continue to deliver shareholder value with a culture that every barrel and every dollar matters,” CEO Rich Kruger said in a news release Tuesday. “Underpinned by our integrated business model, we are elevating overall performance and generating higher, more reliable and more ratable free cash flow with less volatility and dependence on the external business environment.”

Also Tuesday, Suncor announced it will raise its quarterly dividend by 5% to 60 cents per share.

Uranium miner Cameco raises annual dividend, reports small Q3 loss

Cameco raised its dividend and reported a small net loss in its most recent quarter. The uranium miner says it will pay an annual dividend of 24 cents per share, up from 16 cents. The increased payment to shareholders came as Cameco posted a net loss of $158,000 or zero cents per diluted share for the quarter ended Sept. 30 compared with a profit of $7.4 million or two cents per diluted share a year earlier.

Revenue from products and services totalled $614.6 million, down from $720.6 million in the same quarter last year. On an adjusted basis, Cameco says it earned seven cents per diluted share in its latest quarter, up from an adjusted profit of six cents per diluted share a year earlier.

Cameco and Brookfield Asset Management Ltd. announced a partnership agreement with the U.S. government last month to help build nuclear reactors in the United States.

Maple Leaf Foods reports $43.1M Q3 profit, sales up 8% from year ago

Maple Leaf Foods Inc. reported a third-quarter profit of $43.1 million, up from $17.7 million in the same quarter last year as its sales rose 8%. The profit amounted to 35 cents per share for the quarter ended Sept. 30, up from 14 cents per share a year earlier, the company said in a release on Wednesday.

Total company sales amounted to $1.36 billion, up from $1.26 billion in the same quarter last year.

Maple Leaf said its prepared food sales rose 4.4%, while poultry sales gained 15.7%. The company’s pork business saw sales rise 10.4%.

On an adjusted basis, Maple Leaf says it earned 49 cents per share in its most recent quarter, up from an adjusted profit of 18 cents per share a year earlier.

While the company’s financial results posted a good showing compared with the prior year, the higher cost of raw materials dented its earnings on a quarter-over-quarter basis. Chief executive Curtis Frank said higher meat production costs ate into profit margins. “Beef inputs are at all-time highs. Turkey, in real time, is being impacted by the avian influenza implications in the North American markets,” Frank told analysts during an earnings call on Wednesday. “It’s really the combination of those inflationary effects that impacted the third quarter, and I think will continue to impact (the fourth quarter).”

Maple Leaf completed the spin off of its pork business as Canada Packers Inc. last month, which reported its first earnings on Wednesday.

Insurance giant Sun Life Financial reports $1.1B in Q3 profit, down year-over-year

Sun Life Financial Inc. reported $1.1 billion in net income during the third quarter, down from $1.35 billion during the same period a year earlier. Earnings for the period ended Sept. 30 worked out to $1.97 per share, down from $2.33 per share a year ago. 

The Toronto-based insurer says assets under management reached $1.6 trillion, rising by 7% from the same period last year. 

The company also raised its common share dividend to 92 cents per share, up from 88 cents per share. 

Sun Life CEO Kevin Strain says the company’s latest results reflect strong underlying net income in both Canada and Asia. But he says U.S. businesses were “challenged.”

Cineplex reports $1.2M third-quarter profit, revenue down from year ago

Cineplex Inc. reported a profit of $1.2 million in its latest quarter compared with a loss of $24.7 million a year ago as its revenue fell nearly 9%. The movie theatre company says the profit amounted to two cents per diluted share for the quarter compared with a loss of 39 cents per diluted share in the same quarter last year.

Revenue totalled $348.9 million, down from $382.3 million a year ago when moviegoers packed theatres for Deadpool & Wolverine.

Theatre attendance totalled 12.1 million patrons, down from 13.3 million in the same quarter last year. Box office revenue per patron was $13.23 in the quarter, up from $13.19 a year ago, while concession revenue per patron was $9.65, down from $9.85 in the same quarter last year.

Last month, Cineplex announced a deal to sell digital signage subsidiary Cineplex Digital Media, which offers signage for a wide range of businesses including retailers and banks as well as digital menu boards for restaurants, to U.S.-based Creative Realities Inc. for $70 million.

Corus Entertainment announces recapitalization deal, will swap debt for shares

Corus Entertainment Inc. says it has signed a recapitalization deal that will see its debtholders take ownership of the company. Under the agreement, the radio and television broadcaster says $500 million of its senior notes will be exchanged for 99% of the shares in the restructured company. Existing Corus shareholders are expected to swap their holdings for shares representing 1% of the new company.

Corus says the recapitalization deal is expected to reduce its third-party indebtedness and other liabilities of over $500 million and see annual cash interest savings of up to $40 million.

Corus chief executive John Gossling says the proposed deal will solidify the company’s financial foundation and position it for the long-term.

Corus, the company behind Global Television, owns specialty television services, radio stations and conventional television stations, as well as digital and streaming platforms.

Canadian quantum company Xanadu Quantum Technologies going public

Canadian company Xanadu Quantum Technologies Inc. has signed a deal to go public with listings on the Toronto Stock Exchange and the Nasdaq market. The move by the photonic quantum computing company is being made through an agreement with Crane Harbor Acquisition Corp., a publicly traded special purpose acquisition company.

The deal puts the pro forma enterprise value of the combined company at about US$3.1 billion, with existing Xanadu shareholders rolling over all of their equity. 

Gross proceeds from the transaction are expected to be about US$500 million, assuming no redemptions from the Crane Harbor trust account and including US$275 million in a private placement of shares. The net proceeds from the deal will be used to fund the development and deployment of Xanadu’s photonic quantum computer systems and its PennyLane software.

Founded in 2016, Xanadu’s systems and software are already used by customers including Volkswagen, Mitsubishi Chemical Group and Rolls-Royce.

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