Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Martinrea International Inc. (MRE-T) reported third-quarter sales of $1.194-billion, up 40.7 per cent year-over-year and a quarterly record for the company. The expectation was for revenue of $1.11-billion, according to S&P Capital IQ.
Net income was $35.9-million or 45 cents per share compared to a loss of $17.1-million or 21 cents a year earlier. The result was ahead of expectations of 39 cents per share.
“Third-quarter financial results were much improved compared to the third quarter of 2021, as semiconductor and other supply shortages had a pronounced impact on prior-year volumes,” the company stated.
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Viemed Healthcare, Inc. (VMD-T) reported third-quarter revenues attributable to the company’s core business came in at US$35.8-million, a new company record, and an increase of 28 per cent compared to US$18.4-million a year ago. The result was ahead of expectations of US$34.8-million.
Net income of US$1.2-million or 3 US cents per share compared to net income of US$1.8-million or 4 US cents a year ago. The expectation was for earnings of 3 US cents per share in the latest quarter.
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Ero Copper Corp. (ERO-T) reported revenue of $85.9-million for the third quarter compared to $11.8-million a year ago. The expectation was for revenue to come in at $136.7-million, according to S&P Capital IQ. Net income of $4-million or 4 cents per share compared to $26.4-million or 44 cents a year ago.
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Bird Construction Inc. (BDT-T) announced that it signed two delivery partnership agreements with Canadian Nuclear Laboratories (CNL). “Bird Construction Inc. and the Bird-Chandos CDP Joint Venture have formalized partnership agreements to provide construction capabilities and capacity to support the delivery of CNL’s corporate strategy,” the company stated.
It said the majority of the work to be completed is construction-oriented and includes work under CNL’s existing $1.2-billion 10-year capital program, construction of at least six major facilities representing over $2-billion, and a newly commenced multi-billion-dollar work program.
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MTY Food Group Inc. (MTY-T) announced that it’s buying COP WP Parent, Inc., known as Wetzel’s Pretzels, for US$207-million.
Wetzel’s Pretzels has more than 350 locations in 25 states in the U.S., as well as in Canada and Panama. During the last twelve months, total network sales have reached approximately US$245-million, serving nearly 21 million customers, the company stated.
“This transaction represents another key acquisition for MTY as it adds another iconic brand to MTY’s U.S. portfolio,” stated CEO Eric Lefebvre.
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Well Health Technologies Corp. (WELL-T) announced it plans to report “another record revenue performance” in the third quarter.
“We’re very pleased to report another record quarter of patient visits and interactions mainly delivered by our more than 2,300 healthcare provider partners systemwide,” said CEO Hamed Shahbazi.
The company said it will disclose its financial results on Nov. 10.
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Secure Energy Services Inc. (SES-T) increased its dividend and reported third-quarter earnings that beat expectations.
The company said revenue came in at $419-million up from $317-milllion a year ago. The expectation was for revenue to come in at $382.4-million, according to S&P Capital IQ.
Net income of $60-million or 19 cents per share, ahead of expectation of 14 cents, and compared to a net loss of $22-million or 7 cents a year ago.
The company said it would increase its quarterly dividend to 10 cents per share or 40 per share annualized, up from 3 cents annually.
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Surge Energy Inc. (SGY-T) reported sales of $179.3-million for the third quarter up from $105.1-million. The performance was ahead of expectations of $164-million.
Net income of $78.1-million or 91 cents per share, ahead of expectations of 50 cents per share and compared to net income of $67.6-million or $1.15 a year ago.
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Calfrac Well Services Ltd. (CFW-T) reported third-quarter revenue of $438.3-million up from $262.9-million a year ago. The result was ahead of expectations of $423.5-million.
Net income of $45.4-million or 60 cents per share compared to a loss of $7.1-million or 19 cents a year ago. The expectation was for EPS of 39 cents in the quarter that ended Sept. 30.
The company also said its president, chief operating officer and director Lindsay Link will retire on Jan. 4.
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Canada Goose Holdings Inc. (GOOS-T) trimmed its full-year revenue and profit forecast on Wednesday as its luxury parka sales in China take a hit from COVID-19-related restrictions.
The Chinese government’s efforts to contain the spread of COVID-19 cases with zero-COVID policy has impacted luxury fashion retailers, who have taken a hit on their revenues due to store closures, inflated inventories and fall in demand as consumers turn more cautious in the region.
European peer Kering and cosmetics group L’Oreal had last month warned that curbs on travel in China due to COVID-19 dragged down their performance in the quarter.
Cosmetics maker Estee Lauder on Wednesday also signaled a hit to sales from persistent lockdowns in China.
Canada Goose cut its fiscal 2023 sales expectation to $1.2-billion-$1.3-billion, compared with its prior forecast of $1.3-billion-$1.4-billion.
The luxury parka maker now expects fiscal 2023 adjusted profit to be between $1.31 and $1.62 per share, compared with its prior forecast of $1.60 to $1.90.
However, the company earned second-quarter adjusted profit of 22 cents, on revenue of $277.2-million, beating analysts’ estimates as per Refinitiv data.
- Reuters
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Frontera Energy Corp. (FEC-T) reported third-quarter net sales of US$276.4-million up from US$145.9-million a year ago.
The company also reported a net loss of US$26.9-million or 30 cents per share in the quarter versus a profit of $38.5-million or 39 cents a year ago. It said the third quarter of this year included $93.8-million in deferred income tax expenses.
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Slate Office REIT (SOT-UN-T) reported rental revenue of $51-million in the third quarter up from $43.6-million a year ago. The result was ahead of an expectation of $46.8-million.
Net income of $18.4-million more than doubled from $8.7-million a year earlier.
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