Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news and on the move today.
Bombardier Inc. (BBD-B-T) reported second-quarter revenue of US$1.56-billion, up 2 per cent from US$1.52-billion in the year-ago period.
Its net loss was US$129-milion or US$1.22 per share versus a profit of US$139-million or $1.34 a year ago. Its adjusted net loss of US$38-million or 48 cents US per share compared to an adjusted loss of US$137-million or US$1.49 per share a year ago. The expectation was for an adjusted loss of 58 cents US per share, according to S&P Capital IQ.
The company also said it would generate more than half a billion dollars of free cash this year, 10 times what it previously expected, as the Canadian plane maker shakes off recession worries and taps a still-strong market for luxury jets.
Free cash flow for fiscal 2022 is now expected to be greater than US$515-million compared to a previous US$50-million estimate, the Montreal-based aircraft manufacturer said in a news release accompanying second-quarter earnings on Thursday. The company said working capital is coming in stronger than expected and that it is also benefiting from more interest cost savings by speeding up debt repayment.
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Home Capital Group Inc. (HCG-T) announced plans to buy back up to $115-million of its common shares via a “modified Dutch auction” with a price range between $25.20 and $28.60 per share.
The company said it expects to start the offer on Aug. 8 and have it expire on Sept. 13. The offer will be for up to a maximum of 4,563,492 shares or approximately 11.4 per cent of its public float.
Home Capital also reported net income of $41.3-million or 97 cents per share in the second quarter compared to net income of $72.8-million or $1.42 per share a year ago. The expectation was for EPS of $1.05 per share in the latest quarter, according to S&P Capital IQ.
Net interest income came in at $107.3-miillion down from $123.7-million a year ago.
The company said mortgage originations of $3.04-billion compared with $2.13-billion in the same quarter last year. Its total provision for credit losses was $4.7-million in the second quarter, compared with $18.8-million a year ago.
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Information Services Corp. (ISV-T) reported second-quarter revenue of $50.9-million, up from $44.6-million in the second quarter of 2021. The result was ahead of expectations of $44.4-million, according to S&P Capital IQ.
Net income was $11.7-million or 65 cents per share compared to net income of $6.5 million or 36 cents per share a year ago. The expectation was for EPS to come in at 40 cents in the latest quarter.
The company also updated its guidance for 2022, saying revenue is expected to be between $188-million and $193-million. That’s above expectations for revenue to come in at $176.5-million for the year.
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Equinox Gold Corp. (EQX-T; EQX-A) said its CEO Christian Milau will be leaving the company “to pursue a new opportunity in the global carbon finance industry.” The company has appointed president Greg Smith to succeed him as CEO and director.
The company also reported second-quarter revenue of US$224.6-million versus US$226.2-million a year ago. The expectation was for revenue to come in at US$254.9-million, according to S&P Capital IQ.
Its net loss of US$78.7-million or 26 cents US per share compared to a profit of US$403.7-million or US$1.37 a year ago. Its adjusted net loss was US$47.9-million or 16 cents US per share versus an adjusted loss of US$800,000 or nil per share a year ago.
The company also updated its 2022 production and cost guidance to reflect “the disruption to mining and operations at RDM, a longer-than-expected ramp-up at Santa Luz that has prolonged pre-commercial production and further inflation of approximately 6 per cent on a consolidated basis.”
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Westshore Terminals Investment Corp. (WTE-T) reported second-quarter revenue of $82.7-million compared to $78.5-million a year ago, according to documents it filed on Sedar.com. The expectation was for $87.1-million in revenue for the quarter, according to S&P Capital IQ.
Profit came in at $24.9-million or 39 cents per share compared to $24.3-million or 38 cents a year ago.
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True North Commercial Real Estate Investment Trust (TNT-UN-T) reported revenue of $35.1-million, up from $33.9-million a year ago.
Net income of $15.5-million compared to revenue of $6.5-million a year ago. Funds from operations (FFO) came in at $14.4-million or 16 cents per unit versus $13.4-milion or 15 cents a year ago. Adjusted FFO per unit was 16 cents versus 14 cents a year earlier. Adjusted FFO was expected to come in at 14 cents per unit in the most recent quarter.
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Morguard Corp. (MRC-T) reported total revenue of $282.8-million for the second quarter, up from $208.7-million a year earlier.
Net income attributable to common shareholders came in at $232.7-million versus net income of $16.5-million a year ago. “Normalized” funds from operations (FFO) was $52.4-million or $4.72 per share compared to $41.4-million or $3.73 for the same period in 2021.
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Western Forest Products Inc. (WEF-T) reported revenue of $437.4-million for the second quarter, up from $414.4-million a year ago. The expectation was for revenue to come in at $344.2-million, according to S&P Capital IQ.
Net income of $38.6-million or 12 cents per share compared to net income of $78.3-million or 21 cents a year ago. “Compressed margins on lower shipment volumes, higher stumpage expense, freight rates, export taxes, and the impact of inventory provisions reduced second-quarter net income as compared to the same period of 2021,” the company stated.
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Algoma Steel Group Inc. (ASTL-Q; ASTL-T) reported revenue of $934.1-million for its first quarter ended June 30, up 18.4 per cent from $789.1 million in the prior-year quarter.
Net income of $301.4-million, or $1.49 per diluted share compared to $203.6-million, or $2.84 per diluted share in the prior-year quarter. The company said the decrease in diluted earnings per share reflected the higher share count resulting from the company’s merger with Legato Merger Corp. in October.
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Slate Office REIT (SOT-UN-T) reported rental revenue of $49.3-million for the second quarter, up from $41.6-million a year ago.
Net income of $22.8-million compared to net income of $5.6-million a year earlier.
Funds from operations (FFO) came in at $12-million or 14 cents per unit versus $10.4-million or 14 cents a year ago. Adjusted FFO came in at 13 cents per unit, which was in line with expectations and compared to 14 cents a year ago.
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New Gold Inc. (NGD-T) reported second quarter revenue of US$115.7-million compared to US$198.2-million a year ago. The result was below expectations of US$117-million, according to S&P Capital IQ.
“Revenue decreased over the prior-year periods due to lower gold and copper sales volume, partially offset by higher realized gold prices,” the company stated.
The company reported a net loss of US$37.9-million or 6 cents US per share versus a loss of US$15.8-million or 2 cents a year ago. Adjusted EPS came in at a loss of 2 cents US per share, which was in line with expectations and compared to a profit of 4 cents US per share a year ago.