Stock news for investors: Rogers posts loss, Teck profit surges
Rogers' latest deal weighed on earnings, while Teck benefited from stronger copper markets. Here's the full roundup
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Rogers' latest deal weighed on earnings, while Teck benefited from stronger copper markets. Here's the full roundup
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Numbers for its second quarter:
Rogers Communications Inc. reported a loss for its second quarter as it took a $1.03-billion non-cash charge related to its move to buy the minority stake in Maple Leaf Sports and Entertainment it does not already own.
The company says the net loss attributable to shareholders amounted to $726 million or $1.37 per diluted share for the quarter ended June 30. The result compared with a profit of $157 million or 29 cents per diluted share in the same quarter last year.
On an adjusted basis, Rogers says it earned $1.15 per diluted share in its latest quarter, up from an adjusted profit of $1.14 per diluted share a year earlier.
Revenue totalled $5.62 billion, up from $5.22 billion in the same quarter last year.
Rogers announced a deal earlier this month to buy the remaining 25% stake in MLSE it does not already own from Kilmer Sports Inc. for $4.35 billion.
Numbers for its second quarter:
Teck Resources Ltd. reported its second-quarter profit rose compared with a year ago, boosted by increased copper production and higher commodity prices.
The Vancouver-based mining company says its profit attributable to shareholders totalled $854 million or $1.74 per diluted share for the quarter. The result was up from $206 million or 41 cents per diluted share a year ago.
On an adjusted basis, Teck says it earned $1.93 per diluted share in its latest quarter, up from an adjusted profit of 38 cents per diluted share in the same quarter last year.
Revenue for the quarter totalled $3.61 billion, up from $2.02 billion a year ago.
Earlier this month, the federal government announced a deal to invest up to $400 million into Teck’s critical minerals processing operations in Trail, B.C.
Scotiabank says its stake in U.S. bank KeyCorp is expected to add $82 million in net income for its third quarter. The Canadian bank says the amount represents its share of KeyCorp’s second-quarter net income.
Adjusting for about $8 million in amortization of acquired intangible assets, Scotiabank says the adjusted net income contribution from KeyCorp will be about $90 million.
Scotiabank is expected to release its third-quarter results on Aug. 25. It bought a stake in KeyCorp in 2024 in a bid to grow its foothold in the U.S. market. KeyCorp has about 950 branches across 15 states.
Sleep Country Canada says it is expanding into the U.S. market with the acquisition of Sleep Number following a court-supervised sale process. Documents filed in U.S. Bankruptcy Court say Sleep Country agreed to pay about US$702 million for the assets.
Minneapolis-based Sleep Number announced in June that it entered into an agreement to combine with Sleep Country and initiated a voluntary bankruptcy sale process.
Following the acquisition, Sleep Country says it will have more than 800 store locations and will become the second largest sleep retailer in the world. As of June, Sleep Number had over 570 stores across the U.S.
Sleep Country says additional information regarding the integration of Sleep Number will be shared as plans progress.
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