Enbridge, Nutrien and Cenovus Rally on Big Q4 Profit Gains

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Enbridge reports $1.95 billion profit in fourth quarter

Enbridge Inc. reported a fourth-quarter profit of $1.95 billion, a significant increase from $493 million in the same period the prior year. Earnings attributable to common shareholders were 89 cents per share for the quarter ended Dec. 31, up from 23 cents per share a year earlier.

Adjusted earnings per share were 88 cents in the quarter, higher than the 75 cents reported in the comparable period. Analysts had expected adjusted earnings of about 77 cents per share, according to market data. For the full year, Enbridge reported earnings of $7.1 billion, up from $5.1 billion the previous year.

The company says it has a secured project backlog of about $39 billion as it advances projects across natural gas transmission and storage, solar power, and expanded crude export capacity.

Nutrien reports earnings of US$580M in Q4, up from US$118M a year earlier

Nutrien Ltd., which reports in U.S. dollars, posted net earnings of US$580 million for the quarter ended Dec. 31, compared with US$118 million in the same quarter last year. Diluted net earnings per share were US$1.18, up from US$0.23 in the prior-year period.

Sales rose to US$5.34 billion from US$5.1 billion year over year. The company declared a quarterly dividend of US$0.55 per share, representing roughly a one per cent increase from the previous dividend declared in November. Nutrien also approved a plan to repurchase up to five per cent of its issued and outstanding common shares over the next 12 months.

CEO Ken Seitz said the company expects to build on momentum in the coming year, supported by favourable market fundamentals for potash.

Teck Resources reports Q4 profit and revenue up from year ago

Teck Resources reported higher profit and revenue in its fourth quarter as it continued progress on its planned merger with Anglo American. Profit attributable to shareholders was $544 million, or $1.11 per diluted share, for the quarter ended Dec. 31, compared with $399 million, or $0.78 per diluted share, a year earlier.

Revenue was $3.06 billion, an increase from $2.79 billion in the prior-year quarter. On an adjusted basis, profit from continuing operations was $1.37 per diluted share, up from $0.45 a year earlier.

CEO Jonathan Price highlighted progress at the Quebrada Blanca mine, including improving production and ongoing development of tailings management facilities. The merger with Anglo American has received shareholder approval and cleared the Investment Canada Act review; it remains subject to customary closing conditions and regulatory approvals in multiple jurisdictions.

Canadian Tire reports strong holiday season, Q4 revenue up from year earlier

Canadian Tire reported fourth-quarter revenue of $4.55 billion, up from $4.20 billion a year earlier, and said it experienced one of the strongest holiday seasons in recent memory. Consolidated comparable sales rose 4.2 per cent, while sales at Canadian Tire stores increased 2.7 per cent.

SportChek posted a 9.5 per cent gain in comparable sales, and Mark’s delivered a 7.2 per cent increase. Net income attributable to shareholders from continuing operations was $211.0 million, or $3.96 per diluted share, down from $365.2 million, or $6.54 per diluted share, a year ago.

On a normalized basis, Canadian Tire reported earnings of $4.47 per diluted share in the latest quarter, up from $3.24 per diluted share a year earlier.

MTY Food Group reports Q4 profit compared with a loss a year earlier

MTY Food Group reported net income attributable to owners of $32.1 million, or $1.40 per diluted share, reversing a loss of $55.3 million, or $2.34 per diluted share, in the prior-year quarter when the company took larger impairment charges.

Revenue rose to $305.4 million from $284.5 million, driven by growth in U.S. franchise operations and its processing, distribution and retail segments, partially offset by weakness in the corporate segment. Same-store sales fell 1.7 per cent year over year. MTY operates more than 80 restaurant banners, including Thai Express, Manchu Wok and Baton Rouge.

Cenovus Energy reports $934M Q4 profit, up from $146M a year earlier

Cenovus Energy reported a fourth-quarter profit of $934 million, compared with $146 million in the prior-year quarter. That equated to $0.50 per diluted share for the quarter, up from $0.07 a year earlier. Revenue totaled $10.9 billion, down from $12.8 billion the previous year.

The company recorded upstream production of 917,900 barrels of oil equivalent per day, up from 816,000 a year earlier, representing a record level. Excluding the acquisition of MEG Energy Corp., Cenovus said production rose about five per cent year over year. Downstream throughput averaged 465,500 barrels per day, with an overall utilization rate of 98 per cent.

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