Wealth Management
Alaris Equity Partners Income Trust (TSX: AD.UN) announced results for the three months ended June 30, 2024.
Generated $0.36 per unit of additional book value, improving this metric to $22.01.
Earned a total of $42.1 million of revenue, including, $41.6 million of Partner Distribution revenue net of foreign exchange, and $0.5 million of transaction fee income, which was ahead of previous guidance of $39.3 million, and compares to $36.9 million of Partner Revenue in Q2/23, an increase of 14%.
Invested $69.8 million of capital including.
This US incremental investment brings the total capital deployed for the six months ended June 30, 2024 to $77.5 million.
The current weighted average combined Earnings Coverage Ratio remains at approximately 1.5x with 10/19 Partners greater than 1.5x.
In addition, eleven of their partners have either no debt or less than 1x Senior Debt to EBITDA on a TTM basis.
ARC Resources Ltd. (TSX: ARX) reported second quarter 2024 results.
ARC delivered production of 330,046 bpd (65% natural gas and 35% crude oil and liquids), in line with the top end of the second quarter production guidance range of 325,000 to 330,000 bpd.
Second quarter production decreased 4% year-over-year reflecting planned turnaround activity completed at Greater Dawson and Kakwa.
ARC generated FFO of $503 million ($0.84 per share) and capital expenditures totalled $532 million, therefore free funds flow registered at ($29) million or ($0.05) per share.
Recognized cash flow from operating activities of $543 million ($0.91 per share) and net income of $240 million ($0.40 per share).
Company guidance in 2024 remains unchanged. Capital expenditures are planned between $1.75 to $1.85 billion, and production is forecast to average between 350,000 and 360,000 boe per day (63% natural gas and 37% crude oil and liquids).
In response to weak natural gas prices, ARC has elected to curtail approximately 250 MMcf per day of natural gas production at Sunrise to preserve value for periods when prices are higher. Despite the curtailment at Sunrise, 2024 production guidance is unchanged with current expectations to be at the low end of the guidance range.
The inclusion of the natural gas curtailment at Sunrise is expected to result in average third quarter production between 330,000 and 335,000 boe per day, with a higher percentage of crude oil and liquids relative to the second quarter of 2024.
Fourth quarter production is expected to average between 380,000 and 385,000 boe per day. This includes restored volumes at Sunrise, increased condensate-rich production from Kakwa and Greater Dawson relative to the first half of 2024, and initial production contribution from Attachie .
Attachie Phase I remains on schedule and budget. Initial commissioning volumes are planned for Q4/24, and full productive capacity of 40,000 boe per day (40% natural gas, 60% crude oil and liquids) is anticipated for Q1/25.
Distributed $118 million to shareholders and intends to return essentially all free funds flow to shareholders in 2024 through the base dividend and share repurchases.
As of June 30, 2024 , ARC's long-term debt balance was $1.4 billion and their net debt balance was $1.5 billion or 0.6x funds from operations.
Badger Infrastructure Solutions Ltd. (TSX: BDGI) reported second quarter results today.
They achieved revenue of $186.8 million, up 9% from 2023.
U.S. revenue was $165.6 million (89% of total revenue), up 14% from 2023.
Canada revenue was $21.2 million (11% of total revenue), down 19% from 2023.
Gross profit margin of 29.2%, was consistent with 29.1% in 2023.
Adjusted EBITDA improved to $44.6 million, up 14% from 2023.
Adjusted EBITDA margin rose to 23.9%, up from 22.8% in 2023.
Revenue per truck per month (RPT) was $43,161, compared to $44,502 in 2023.
Adjusted earnings per share was $0.45 per share, up 18% from 2023.
Badger intends to file a notice of intention to make a Normal Course Issuer Bid with the Toronto Stock Exchange pursuant to which the Company may acquire common shares for cancellation.
Bird Construction Inc. (TSX: BDT) announced transaction to acquire Jacob Bros Construction (Private) has been successfully completed.
In connection with the closing of the transaction, they issued 1,490,922 Bird common shares, and borrowed $125 million under an available term loan facility in their recently amended Syndicated Credit Facility.
The new term loan was used to repay existing term loans and to fund a portion of the acquisition consideration.
The new term loan is repaid quarterly at a rate of 10% of the original principal per year.
Black Diamond Group Limited (TSX:BDI) announced results for the three months ended June 30, 2024.
Consolidated rental revenue of $35.3 million was essentially flat as compared to the Comparative Quarter.
MSS rental revenue of $22.2 million, was a quarterly record and an increase of 6% from $21 million in the Comparative Quarter.
MSS average monthly rental rate per unit increased 9% from the Comparative Quarter (or 8% on a constant currency basis), while contracted future rental revenue increased 26% to $107.7 million at the end of the Quarter from $85.4 million at the end of the Comparative Quarter.
Average rental duration of the MSS lease portfolio also increased to 58.7 months from 51.1 months from the Comparative Quarter.
WFS total revenue of $44 million was essentially flat from the Comparative Quarter.
WFS rental revenue was $13.1 million, a decrease of 7% compared to $14.1 million from the Comparative Quarter.
LodgeLink net revenue was a record $2.9 million, an increase of 26% from $2.3 million in the Comparative Quarter on higher booking volumes as total room nights sold increased 28% from the Comparative Quarter to a record rate of 129,737.
Adjusted EBITDA of $27.9 million was up 24% from the Comparative Quarter.
Quarterly profit of $7.5 million was 63% higher.
Diluted EPS of $0.12 was 50% higher than the Comparative Quarter.
Return on Assets of 19.9% was a 300 bps improvement over the Comparative Quarter.
Consolidated contracted future rental revenue grew 16% from $120.1 million at the end of the Comparative Quarter to $139.6 million.
Consolidated utilization was 75.5%, with Modular Space Solutions (MSS) at 80.7% and Workforce Solutions (WFS) at 62.4% compared to 79.3%, 83.4%, and 69.8% in the Comparative Quarter, respectively.
These utilization levels remain healthy in the context of current and historical industry averages.
Total capital expenditures were $53.5 million for the Quarter, including the acquisition of a fleet of 329 space rental units for $20.5 million, and maintenance capital of $3.4 million.
Total capital commitments in the amount of $32.3 million is 36% greater than the Comparative Quarter, with the majority of growth capital being allocated to contracted project specific fleet units.
Long term debt and Net Debt at the end of the Quarter increased 26% and 23% since December 31, 2023, to $239.7 million and $225.9 million, respectively.
The increase is primarily attributable to the $20.5 million MSS asset acquisition which closed on June 28, 2024.
Net Debt to trailing twelve month Adjusted Leverage EBITDA of 2.1x is at the low-end of the target range of 2.0x to 3.0x, while available liquidity was $101 million at the end of the Quarter.
Subsequent to the end of the Quarter, they declared a third quarter dividend of $0.03 payable on or about October 15, 2024 to shareholders of record on September 30, 2024.
Brookfield Renewable Partners L.P. (TSX: BEP.UN) reported financial results for the three months ended June 30, 2024.
Deployed, or committed to deploy $8.6 billion of capital ($970 million net to Brookfield Renewable) across multiple investments globally.
Advanced commercial priorities securing contracts to deliver an incremental 2,700-gigawatt hours per year of generation, of which ~90% of development was contracted with corporate customers, building on the success of our recently announced partnership with Microsoft to deliver over 10,500 megawatts of renewable capacity between 2026 and 2030.
Commissioned ~1,400 megawatts of new renewable energy capacity in the quarter and continue to expect to bring on ~7,000 megawatts this year.
Executed asset sales generating over $400 million in proceeds (~$250 million net to Brookfield Renewable) or two times our invested capital, and advanced initiatives that are expected to generate approximately $3 billion of total proceeds ($1.3 billion net to Brookfield Renewable) this year.
Strong balance sheet with $4.4 billion of available liquidity providing significant flexibility to continue investing in growth and development.
Cardinal Energy Ltd. (TSX: CJ) announced results for the second quarter ended June 30, 2024.
Average production volumes of 22,376 boe/d were 3% higher than Q1/24, despite shutting in 250 boe/d of subeconomic natural gas.
Production from seven wells drilled added 1,980 boe/d.
Cardinal realized oil prices increased 17%.
Net operating expenses per boe decreased 10%.
Adjusted funds flow increased 55%.
Second quarter adjusted funds flow of $81.8 million was allocated as follows:
Net debt reduction - 25%.
Exploration and evaluation growth capital - 13%.
Capital expenditures to maintain production - 24%.
Asset retirement obligations (ARO) - 2%.
Decreased net debt by 17% over the prior quarter to close the second quarter at $99.2 million leading to a net debt to adjusted funds flow ratio of 0.4x.
At the end of the second quarter, Cardinal was drawn 39% on their recently expanded $200 million credit facility.
Development capital expenditures were $18.8 million which included one (0.8 net) well drilled at Midale, Saskatchewan and recompletions and reactivations across our asset base.
Exploration and evaluation expenditures of $10.8 million were spent on our Saskatchewan SAGD projects.
CT REIT (TSX: CRT.UN) reported financial results for the second quarter ending June 30, 2024.
Enbridge Inc. (TSX: ENB) reported second quarter 2024 financial results.
Recast 2024 full year financial outlook to include contributions from the U.S. Gas Utilities acquisitions announced on September 5, 2023 and the associated financing (previously excluded).
The full year adjusted EBITDA guidance range has increased to $17.7 billion to $18.3 billion and DCF per share is unchanged at $5.40 to $5.80.
Adjusted EBITDA of $4.3 billion, an increase of 8%, compared with $4 billion in Q2/23.
GAAP earnings of $1.8 billion or $0.86 per common share, compared with GAAP earnings of $1.8 billion or $0.91 per common share in Q2/23.
Adjusted earnings of $1.2 billion or $0.58 per common share, compared with $1.4 billion or $0.68 per common share.
Cash provided by operating activities of $2.8 billion, compared with $3.4 billion in 2023.
Distributable cash flow of $2.9 billion, an increase of 3%, compared with $2.8 billion in 2023.
Re-affirmed the growth outlook announced at Enbridge Day on March 6, 2024.
Exited the quarter with Debt-to-EBITDA of 4.7x.
Expects annualized EBITDA contributions from the US $14 billion of Acquisitions in 2024 to strengthen Enbridge's Debt-to-EBITDA position.
Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announced results.
Fairfax India Holdings Corporation (TSX: FIH.U) announced earnings.
Net change in unrealized gains on investments of $183.8 million principally from increases in the fair values of the company's listed investments of $266.0 million, including IIFL Finance ($133.6 million), IIFL Securities ($88.6 million), CSB Bank ($28.6 million) and Fairchem Organics ($14.1 million), and private company investments of $10.7 million, including Seven Islands ($7.6 million) and Jaynix ($3.5 million).
These unrealized gains were partially offset by the reversal of prior period unrealized gains upon the sales of investments in NSE ($50.3 million) and CSB Bank ($42.9 million).
Net realized gains on investments of $101.4 million primarily related to sales of NSE ($50.2 million) and CSB Bank ($43.0 million), generating a compounded annualized return since inception of 32.8% on NSE, which has been fully sold and 15.5% on the partial sales of CSB Bank in compliance with RBI's dilution schedule.
At June 30, 2024 the book value per share was $21.52 compared to $19.65 at March 31, 2024 ($21.85 at December 31, 2023), an increase of 9.5%, principally from the recovery of IIFL Finance's share price during the second quarter of 2024.
Increased net earnings of $254.1 million ($1.88 net earnings per diluted share), compared to net earnings of $159.3 million in the second quarter of 2023 ($1.12 net earnings per diluted share).
Cash and marketable securities at June 30, 2024 of $309.9 million.
Imperial Oil Ltd (TSE: IMO) announced results.
Net income of $1,133 million or $2.11 per share on a diluted basis up from $675 million or $1.15 per share in Q2/23.
Cash flows from operating activities of $1,629 million up from cash flows from operating activities of $885 million.
Cash flows from operating activities excluding working capital of $1,508 million
Upstream production of 404,000 boe/d.
Matched highest-ever second quarter production at Kearl of 255,000 total gross boe/d (181,000 barrels Imperial’s share).
Strong performance at Cold Lake with production of 147,000 bpd and first oil at Grand Rapids.
Achieved refinery capacity utilization of 89% while successfully completing turnarounds at Strathcona and Sarnia.
Renewed annual normal course issuer bid to repurchase up to 5% of outstanding common shares; plan to accelerate purchases to complete the program prior to year end
Perpetual Energy Inc. (TSX: PMT) reported second quarter 2024 results.
Second quarter average sales production of 4,039 boe/d, was down 12% from Q1/24 and down 38% from Q2/23.
Exploration and development capital expenditures were $2.7 million, of which $2 million was spent to drill one gross (0.5 net) well at East Edson with an additional gross well (0.5 net) drilling over quarter end.
Additional spending in the quarter related to facility overhauls and lease construction to support the drilling program, $0.8 million on crown land purchases and $0.1 million on asset retirement obligations (ARO) to abandon wells that had reached their end of life and execute surface lease reclamation activities.
Net income was $3.3 million compared to $4.2 million net loss in Q2/23.
Adjusted funds flow was $2.5 million ( $0.04 /share) an 8% increase from Q1/24.
Adjusted funds flow decreased 31% from Q2/23.
Cash costs were $4 million or $11.01 /boe in Q1/24.
As at June 30, 2024, net debt was $24.7 million, an increase of $3.1 million from $21.6 million at December 31, 2023 and an increase of $4.8 million from $19.9 million at March 31, 2024.
Liquidity at June 30, 2024 of $27.2 million.
SmartCentres REIT (TSX: SRU.UN) has closed their previously announced private placement of $350 million aggregate principal amount of 5.162% Series AA senior unsecured debentures.
The Series AA debentures will mature on August 1, 2030.
Morningstar DBRS has provided SmartCentres with a credit rating of BBB with a stable trend relating to the debentures.
The net proceeds to SmartCentres from the sale of the Series AA debentures, will be used to refinance existing debt, including the repayment of their $100 million Series O senior unsecured debentures due August 28, 2024, and for general corporate purposes.
TELUS Corporation (TSX: T) released unaudited results for the second quarter of 2024.
Total Mobile and Fixed customer growth of 332,000, up 39,000 over last year, representing a record second quarter.
Robust Mobile Phone net additions of 101,000 and record second quarter Connected Device net additions of 161,000; industry-leading postpaid mobile phone churn of 0.89%.
Record second quarter Fixed customer net additions of 70,000, including 33,000 internet customer addition.
TTech Adjusted EBITDA growth of 5.1% and strong margin expansion of 150 bps to 38.2% reflecting a lower cost to serve and focus on driving higher margin per user and continued double digit momentum in health services EBITDA contribution growth.
Net income and earnings per share higher by 13% and 7.1%, respectively and on an adjusted basis increased by 34 and 32%.
Adjusted Consolidated EBITDA higher by 5.6% and margin increased 170 bps to 36.1%.
Consolidated free cash flow increased by 71%.
Full year 2024 TTech operating revenues and Adjusted EBITDA trending to lower end of their respective original target growth ranges; Consolidated free cash flow being updated to approximately $2.1 billion fully reflecting the flow through from TELUS Digital Experience's revised EBITDA outlook; Consolidated capital expenditures of approximately $2.6 billion remains unchanged.
Tree Island Steel (TSX: TSL) announced results for the three months ended June 30, 2024.
Speculative Investment
Canfor Corporation (TSX: CFP) announced the completion of the acquisition from Arkansas Resolute El Dorado Inc., of their lumber manufacturing facility in Union County, Arkansas.
The transaction, previously announced on May 1, 2024, is a strategic complement to the existing regional operations, including their adjacent El Dorado Laminating Plant and their nearby Urbana sawmill.
Renamed as the Iron Mountain sawmill, this acquisition will create operational synergies with Canfor's existing facilities, provide vertical integration opportunities with its two glulam plants and build further capacity near customers and markets in the US South.
Capstone Copper Corp. (TSX: CS) reported financial results for the quarter ended June 30, 2024.
Consolidated copper production was 40,937 tonnes at C1 cash costs of $2.84/lb.
Consisted of 15,994 tonnes at Pinto Valley, 10,070 tonnes at Mantos Blancos, 8,721 tonnes at Mantoverde, and 6,152 tonnes at Cozamin.
Adjusted EBITDA of $123.1 million compared to $43.4 million for Q2/23.
Net income attributable to shareholders of $29.3 million, or $0.04 per share compared to net loss attributable to shareholders of $36.5 million, or $(0.05) per share.
Adjusted net income attributable to shareholders of $20.9 million, or $0.03 per share, adjusted net loss attributable to shareholders of $12.2 million in Q2/23.
Operating cash flow before changes in working capital of $102.9 million compared to $22 million in Q2/23.
Net debt of $741.3 million as at June 30, 2024.
Total available liquidity of $538.7 million as at June 30, 2024, comprised of $138.7 million of cash and short-term investments, and $400 million of undrawn amounts on the corporate revolving credit facility.
They reiterates 2024 guidance of 190,000 to 220,000 tonnes of copper at C1 cash costs of $2.30/lb to $2.50/lb.
Copper production is trending toward the lower end of the range, while cash costs are trending toward the higher end.
DIRTT Environmental Solutions Ltd. (TSX: DRT) has.
Entered into an agreement with 22NW Fund LP (Private), DIRTT's largest shareholder, to purchase for cancellation an aggregate of $18,915,000 principal amount of DIRTT's outstanding 6.00% convertible debentures due January 31, 2026 (at a purchase price of $684.58 per $1,000 principal amount of January Debentures and $13,638,000 principal amount of DIRTT's outstanding 6.25% convertible debentures due December 31, 2026 at a purchase price of $665.64 per $1,000 principal amount of December Debentures, for an aggregate purchase price of $22,104,591.45, inclusive of a cash payment for all accrued and unpaid interest up to, but excluding, the date on which such Debentures are purchased by the Company.
The purchase price of each series of Debentures (excluding the cash payment for accrued and unpaid interest) represents a discount of approximately 4% to the average trading price of the applicable series of Debentures on the TSX for the 20 trading days preceding August 2, 2024.
Following the Debenture Repurchase, $16,642,000 principal amount of the January Debentures and $15,587,000 principal amount of the December Debentures will remain outstanding, and 22NW will no longer hold any Debentures.
Faraday Copper Corp. (TSX: FDY) announced results for the three months ended June 30, 2024.
HIVE Digital Technologies Ltd. (TSXV: HIVE) a pioneer in green energy-powered blockchain infrastructure, proudly announces their unaudited production figures for July 2024.
In July they mined 116 Bitcoin, increasing their Bitcoin holdings by 2%, now totalling 2,533 Bitcoin on the balance sheet.
HIVE maintained an average Bitcoin mining capacity of over 4.7 EH/s in July 2024.
Mined 116 Bitcoin in July 2024.
Ended July with a 4.9 EH/s ASIC mining capacity.
HODL Position increased to 2,533 BTC, a 2% increase from the prior month.
Achieved an average of 24.6 Bitcoin per Exahash, ending the month of July with 4.9 EH/s, with an average hashrate of 4.7 EH/s throughout July.
They averaged 3.7 BTC per day, showcasing operational efficiency and robust mining capabilities.
IAMGOLD Corporation (TSX: IMG) announced that the Côté Gold Mine has reached commercial production.
Côté Gold is in Ontario, Canada and is operated as a joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. (TYO: 5713) Commercial production is defined as the achievement of reaching a minimum of 30 consecutive days of operations during which the mill operated at an average of 60% of nameplate throughput of 36,000 tpd.
Oncolytics Biotech ® Inc. (TSX: ONC) announced results for the second quarter ended June 30, 2024.
Cash position of $24.9 million provides runway through key milestones into 2025.
The net loss was $7.3 million, compared to a net loss of $7.4 million in Q2/23.
Research and development expenses of 2024 were $4.6 million, compared to $3.7 million.
General and administrative expenses were $3.4 million, consistent with $3.5 million.
Received productive feedback from Type C meeting with the FDA for the planned registration-enabling trial for pelareorep in HR+/HER2- metastatic breast cancer.
On track to report overall survival results from randomized BRACELET-1 breast cancer study in H2/24.
Dosed first patient in new GOBLET study pancreatic cancer cohort; supported by funding from PanCAN.
Entered collaboration with GCAR for inclusion of pelareorep in adaptive registration-enabling pancreatic cancer trial.
Source Energy Services Ltd. (TSX: SHLE) announced results for the three months ended June 30, 2024.
Realized sand sales volumes of 921,148 MT and sand revenue of $140.1 million, the highest quarterly sand volumes and revenue achieved by Source to date, reflecting an increase of $38.1 million in sand revenue from Q2/23.
Generated total revenue of $176.4 million, a $49.4 million increase from the same period last year.
Realized gross margin of $32.6 million and Adjusted Gross Margin of $42.1 million, increases of 31% and 40%, respectively, when compared to Q2/23.
Realized Adjusted EBITDA of $30.8 million, a $10.4 million improvement from the same period of 2023.
Reported net income of $4.7 million.
reduced total debt outstanding by $26.4 million from the end of the first quarter.
Trisura Group Ltd. (TSX: TSU) announced financial results for the second quarter of 2024.
Insurance revenue growth of 16.2%.
Net investment income grew 42% over Q2/23, reaching $16.9 million as we benefited from higher yields and a larger investment portfolio.
Net income of $27.1 million comparable to Q2/23.
Operating net income of $31.3 million in the quarter grew 20.1% compared to Q2/23.
EPS of $0.56 was comparable to $0.57 in Q2/23.
Book value per share of $14.56 increased 26.3% from June 30, 2023.
ROE of 14.4% compared to 4.9% in Q2/23.
Operating ROE of 19.6%.
Valeura Energy Inc. (TSX: VLE) announced the planned restart of production operations at the Wassana field, offshore Gulf of Thailand.
Valeura implemented a precautionary suspension of oil production on June 28, 2024 to ensure a safe situation while inspecting an anomaly identified on one of the steel jack-up legs of the field's mobile offshore production unit.
Through advanced underwater inspection, including magnetic particle inspection, they have concluded that the observed anomaly (a crack within a weld) is superficial, and accordingly does not constitute a risk to the structural integrity of the facility.
They have begun the process of restarting production operations and anticipates achieving pre-suspension oil production rates of approximately 5,000 bbls/d (before royalties) within the week.
Valeura will continue to operate within their strict safety standards and will continue utilising regular underwater inspections of its facilities and vessels to assure ongoing asset integrity requirements are met.
Charts of the Day
Markets
S&P/TSX Composite Index performance by sector for July
Canadian equities finished the month on the upside. The S&P/TSX Composite and S&P/TSX 60 increased 5.9% and 6.1%, respectively.
Canadian sectors posted positive performance for the month, with Real Estate leading, up 10.9%, while at the tail of the pack, Information Technology increased 2.5%.
Among industries, the S&P/TSX Global Gold rose 13.9% for the month, while the S&P/TSX Global Base Metals fell 2.2%.
S&P500 performance by sector in July
Propelled by weakness in Big Tech coupled with expectations of potential Fed rate cuts, the market witnessed a significant rotation toward smaller-cap stocks in July. The S&P MidCap 400® and the S&P SmallCap 600® were up 6% and 11%, respectively, outperforming the S&P 500® by a significant margin.
Real Estate and Utilities led among large-cap sectors, while Information Technology and Communication Services were the laggards.
Most of our reported factor indices posted gains, led by dividend and value strategies, another sign of the market's rotation away from Growth and Momentum, which have been the leaders YTD.
Canadian automotive sales for July still not at pre-covid levels
While Tigger might not rank up there with Eeyore in our affections here at DAC, the one thing you can say about A.A. Milne’s beloved character is that he does enjoy a good bounce. As such he would have been more than happy with July light vehicle sales that (after their flat June performance) bounced back nicely with an 11.0% gain from 2023 levels. To be fair, the July 2023 comparable was not a great month so some sort of gain was definitely expected – even more so when one considers the delayed sales from June 2024’s software outage.
Overall sales came in at an estimated 161 thousand units - respectable but still noticeably below the 170-185 thousand seen in July in the pre-pandemic years.
What was of note in July was that performance varied widely by vehicle company, with some players recording sales declines while others enjoyed truly remarkable sales success.
The SAAR for the month came in at 1.77 million – higher than every month in Q2, but lower than every month in Q1. We will be watching closely to see how August performs and if some stability returns to the marketplace.
Economics
US Factory Orders declined 3.3% in June
New orders for manufactured goods in June, down two consecutive months, decreased $19.1 billion or 3.3% to $564.2 billion. This followed a 0.5% May decrease.
New orders for manufactured durable goods in June, down following four consecutive monthly increases, decreased $18.8 billion or 6.7% to $264.1 billion, down from the previously published 6.6% decrease. Transportation equipment, down two of the last three months, drove the decrease, $19.6 billion or 20.6% to $75.8 billion. New orders for manufactured nondurable goods decreased $0.3 billion or 0.1% to $300.0 billion.
Shipments, up four of the last five months, increased $3.1 billion or 0.5% to $588.0 billion. This followed a 0.7% May decrease.
Unfilled orders, down following forty-six consecutive monthly increases, decreased $19.0 billion or 1.4% to $1,383.9 billion. This followed a 0.2% May increase.
The unfilled orders-to-shipments ratio was 6.94, down from 7.17 in May.
Inventories, down following four consecutive monthly increases, decreased $0.2 billion or virtually unchanged to $859.2 billion. This followed a 0.1% May increase.
The inventories-to-shipments ratio was 1.46, down from 1.47 in May.
Leede Insights is general market commentary that does not constitute a research report of any company. The views or opinions expressed represent the personal views of the writer, are subject to change without notice, and do not necessarily reflect the views of Leede Financial Inc. (“Leede”)
The information provided has been compiled from sources we believe to be reliable, however, we make no guarantee, representation, or warranty, expressed or implied, as to the accuracy or completeness. Leede does not assume any obligation to update the information or give a description of further developments relating to the securities or material discussed. Nor is it an offer to sell or the solicitation of an offer to buy any securities. It is intended only for persons resident and located in the provinces and territories of Canada where Leede is registered. This report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country including the United States, where such distribution or use would be contrary to law or regulation or which would subject Leede to any registration requirement within such jurisdiction or country. Leede its officers, directors, agents, employees and families may from time to time hold long or short positions in the securities mentioned herein and may engage in transactions contrary to the conclusions in this newsletter. Leede may perform investment banking or other services for, or solicit investment banking business from, any company mentioned in this newsletter.
This communication shall not be distributed or duplicated in whole or in part by any means without the prior written consent of Leede.
Leede Financial Inc. is a Canadian based independent, full‐service investment firm and is a member of Canadian Investment Regulatory Organization (CIRO), and a member of the Canadian Investor Protection Fund (CIPF).
Comments