Wealth Management
ADENTRA Inc. (TSX: ADEN) announced financial results for the three months ended June 30, 2024.
Generated sales of $549.5 million, as compared to $585.9 million.
Gross margin of $119.2 million, like $119.4 million in Q2/23.
Gross margin percentage increased to 21.7%, a 130-basis points improvement.
Operating expenses decreased by $2.2 million , or 2.4%.
Adjusted EBITDA grew 5.1% to $48.5 million.
Net income increased by 81.6% to $17 million
Basic earnings per share grew 76.2% to $0.74.
Adjusted net income increased by 47.3% to $24.4 million
Adjusted basic earnings per share increased 43.2% to $1.06.
Operating cash flow before changes in working capital increased $12.8 million to $37.5 million, from $24.7 million.
Aecon Group Inc. (TSX: ARE) announced that the Steam Generator Replacement Team, a 50/50 joint venture between Aecon and SGT (a partnership between Framatome and United Engineers & Constructors), has been awarded a $700 million contract by Bruce Power to replace steam generators at Units 5, 7 and 8 of the Bruce Nuclear Generating Station in Tiverton, Ontario.
Aecon’s share of the contract will be added to its Construction segment backlog in the third quarter of 2024.
SGRT’s scope of work as part of the Bruce Major Component Replacement project includes engineering and planning activities, the removal of existing steam generators, the installation of new steam generators, construction management and procurement of materials, and construction activities.
Planning for Unit 5 has commenced, with the execution phase beginning in 2027 and completion of all three units anticipated by 2033.
Algonquin Power & Utilities Corp. (TSX: AQN) has entered into a definitive agreement to sell their renewable energy business (excluding hydro) to a wholly-owned subsidiary of LS Power (Private) for total consideration of up to $2.5 billion, and announced results.
Entered into an agreement to sell the renewable energy business (excluding hydro) to the Buyer for total consideration of up to $2.5 billion excluding debt, consisting of $2.28 billion of cash at closing and up to $220 million of cash pursuant to an earn out agreement relating to certain wind assets.
Altius Minerals Corporation (TSX: ALS) reports second quarter 2024 results.
Revenue of $19.5 million compared to $17.3 million in Q2/23.
Attributable royalty revenue of $21.8 million ($0.47 per share) compares to $17.4 million in Q1/24 and to $18.7 million ($0.39 per share) reported in Q2/23.
Adjusted EBITDA of $15.4 million ($0.33 per share) compares to $13.7 million ($0.29 per share) during Q2/23
Net earnings of $8.3 million ($0.18 per share) compares to net earnings of $3.3 million ($0.06 per share).
Adjusted operating cash flow of $9.2 million ($0.20 per share) compares to $14.1 million ($0.30 per share).
Altus Group Limited (TSX: AIF) announced results for the second quarter ended June 30, 2024.
Consolidated revenues were $206.7 million, up 0.7% (down 0.6% on a Constant Currency basis).
Analytics revenues were $102.8 million, up 3.0% (1.4% on a Constant Currency basis), of which Recurring Revenue was $95.2 million, up 7.2% (5.5% on a Constant Currency basis).
Consolidated Adjusted EBITDA was $36.8 million, down 17.6% (19.2% on a Constant Currency basis).
Adjusted EBITDA was $26.8 million, up 12.9% (10.3% on a Constant Currency basis), driving a 26.1% Adjusted EBITDA margin.
Profit (loss) was $2.3 million, compared to $11.9 million.
EPS were $0.05 basic and diluted, compared to $0.26 basic and diluted.
Adjusted EPS was $0.45, compared to $0.53.
Net cash related to operating activities was $39.8 million, up 83.5%, and Free Cash Flow was $37.5 million, up 96.4%.
Artis REIT (TSX: AX.UN) announced results for the three months ended June 30 , 2024.
Increased FFO per unit to $0.27, compared to $0.26 for Q2/23.
Increased AFFO per unit to $0.16, compared to $0.15 for Q2/23.
Maintained strong portfolio occupancy of 89.5% at June 30, 2024, unchanged from March 31, 2024 .
Renewals totalling 100,365 square feet and new leases totalling 122,861 square feet.
Weighted-average rental rate on renewals increased 3.1%.
Utilized the NCIB to purchase 2,212,000 common units at a weighted-average price of $6.43 and 251,804 preferred units at a weighted-average price of $18.02 .
Increased NAV per Unit to $14.11 at June 30, 2024, compared to $13.96 at December 31, 2023.
Improved Total Debt to GBV to 49.8% at June 30, 2024, compared to 50.9% at December 31, 2023.
Improved Total Debt to Adjusted EBITDA to 7.1 at June 30, 2024, compared to 7.7 at December 31, 2023.
$25.0 million of cash on hand and $232.5 million available on their revolving credit facilities.
Net income of $765,000.
Canacol Energy Ltd. (TSX: CNE) reported results for the three months ended June 30, 2024.
Total revenues increased 18% to $88.3 million, compared to $74.6 million.
Realized contractual natural gas sales volume decreased 14% to 158.5 MMcfpd, compared to 184.8 MMcfpd.
Adjusted EBITDAX increased 21% to $73.2, compared to $60.7 million.
Net loss of $21.3 million compared to a net income of $40 million for the same periods in 2023.
Adjusted funds from operations increased 70% to $57.1 million, compared to $33.7 million.
Natural gas and LNG operating netback increased 36% to $5.34 per Mcf, compared to $3.94 per Mcf.
Canaccord Genuity Group Inc. (TSX: CF) announced financial results for the first fiscal quarter ended June 30, 2024.
First quarter revenue excluding significant items of $429 million, an increase of 24.9% over the same period in the prior year.
Record quarterly wealth management revenue of $215.9 million, a year-over-year increase of 13%.
First quarter revenue earned in capital markers increased by 41.1% year-over-year and primarily reflects a 121.3% increase in revenue from investment banking activities and a 65.7% increase in revenue from advisory activities.
First quarter net income before taxes excluding significant items of $34.8 million, an increase of 5.8% or $1.9 million year-over-year.
Diluted earnings per common share excluding significant items of $0.13 per share.
Total client assets in the global wealth management business increased by 8.8% year-over-year to $105.8 billion, reflecting year-over-year increases of 3.1% in Canada, 11.4% in the UK & Crown Dependencies, and 22.7% in Australia.
CES Energy Solutions Corp. (TSX: CEU) announced strong financial results for the three months ended June 30, 2024.
Record second quarter revenue of $553.2 million, increased 7% year over year.
Record second quarter Adjusted EBITDAC of $95.4 million at a 17.3% margin, increased 29% year over year.
Net income, increased 42% to $48.2 million.
Cash Flow from Operations of $83.2 million and Free Cash Flow of $54.8 million.
Total Debt/Adjusted EBITDAC reduced to 1.12x from 1.28x at Q1 2024 with long term debt declining by $48.8 million to $306.3 million.
Chartwell Retirement Residences (TSX: CSH.UN) announced results for the three months ended June 30, 2024.
Resident revenue increased by $21.4 million from Q2/23.
Net loss was $2.8 million compared to $7.5 million in Q2/23.
FFO up 45.3% from Q2/23.
NOI up 20.6% from Q2/23.
Same property adjusted operating margin up 280 bps from Q2/23.
Weighted average same property occupancy up 660 bps from Q2/23 and expected to grow to 88.7% by September 2024.
Emera Inc. (TSX: EMA) reported financial results for the second quarter 2024.
Net income was $129 million, compared with net income of $28 million in Q2/23.
Reported EPS saw a substantial increase of $0.35 to $0.45.
Adjusted EPS decreased $0.07 to $0.53 compared to adjusted EPS of $0.60 in Q2/23
Exchange Income Corporation (TSX: EIF) reported results for the three months ending June 30, 2024.
Revenue of $661 million, an increase of $33 million or 5%.
Adjusted EBITDA of $157 million, representing growth of $10 million over the prior period or 7%.
Net Earnings of $33 million compared to the prior period of $37 million and Net Earnings per share of $0.69 compared to the prior period of $0.85.
Adjusted Net Earnings of $38 million compared to the prior year of $43 million and Adjusted Net Earnings per share of $0.80 compared to the prior period of $1.
Free Cash Flow of $101 million compared to the prior period of $98 million.
Trailing Twelve Month Free Cash Flow less Maintenance Capital Expenditures Payout Ratio of 61% compared to the prior period of 57%.
Completed the previously announced strategic acquisition of Armand Duhamel & Fils Inc. which will accelerate the Environmental Access Solutions strategic growth into Quebec and Eastern Canada.
Inovalis REIT (TSX: INO.UN) reported financial results for the quarter ended June 30, 2024.
Jamieson Wellness Inc. (TSX: JWEL) reported results for the period ended June 30, 2024.
Consolidated revenue increased 10.3% to $184.8 million, driven by 17.2% growth in Jamieson Brands and an expected 16.3% decline in Strategic Partners.
Gross profit increased by $10.2 million to $65 million; normalized gross profit increased by $9.4 million largely driven by higher revenues.
Gross profit margin increased by 250 basis points; normalized gross profit margin increased 190 basis points due to a higher mix of Jamieson Brands sales.
EBITDA increased by $2.1 million to $24.4 million.
Adjusted EBITDA increased by $0.5 million to $31.6 million, reflecting the impact of higher sales and increased gross profit, partially offset by higher investments in demand driving SG&A.
Net earnings was $8.3 million; Adjusted net earnings was $14.7 million, or $1 million.
Lassonde Industries Inc. (TSX: LAS.A) announced results for the second quarter of 2024.
Sales of $624.7 million, sales were up $36.0 million (6.2%) year over year.
Gross profit of $175.7 million (28.1% of sales).
Operating profit of $50.0 million, this net increase results mainly from the following items:
$7.0 million in costs related to the acquisition of Summer Garden Food Manufacturing entity acquired on August 8, 2024.
$3.3 million increase in warehousing costs.
$1.9 million increase in certain administrative expenses.
$1.5 million increase in selling and marketing expenses, essentially in Canada.
$2.0 million decrease in performance-related compensation expenses.
Adjusted EBITDA was $74.6 million (11.9% of sales), up $16 million from the same quarter last year.
Profit totalled $33.5 million, resulting in EPS of $4.91, up $8.4 million and $1.23.
Leon's Furniture Limited (TSX: LNF) announced financial results for the quarter ended June 30, 2024.
System-wide sales were $742.1 million, an increase of 3.4%.
Revenue was $617.7 million, an increase of 4%.
Same store sales increase of 3.6%.
Successfully maintained gross profit margin levels at 43.9% in a challenging macro and consumer environment.
Adjusted net income totaled $29.9 million, an increase of 6.8%.
Adjusted diluted earnings per share of $0.44, an increase of 7.3%.
Neo Performance Materials Inc. (TSX: NEO) released second quarter 2024 financial results.
Revenue was $107.5 million, vs Q2/23 revenue of $170.4 million.
Operating income was $5.8 million, vs Q2/23 of $13.7 million.
Adjusted EBITDA was $13.4 million, vs Q2/23 of $19.5 million.
Adjusted Net Income was $5.3 million, or $0.13 per share, vs Q2/23 Adjusted Net Income of $2.5 million or $0.05 per share.
Pembina Pipeline Corporation (TSX: PPL) announced results for the second quarter of 2024.
Pine Cliff Energy Ltd. (TSX: PNE) announced results.
Generated a net loss of $4.1 million ($0.01 per share basic and fully diluted) vs a net loss of $0.9 million.
Generated $10.8 million ($0.03 per basic and fully diluted share) of adjusted funds flow, compared to $12 million ($0.03 per basic and fully diluted share) for the comparable period in 2023.
Production averaged 23,688 Boe/d, 17% higher than the comparable periods in 2023.
Capital expenditures totaled $1 million, compared to $8.2 million.
Primaris REIT (TSX: PMZ.UN) has priced a private placement of $500 million aggregate principal amount of senior unsecured debentures, consisting of $300 million aggregate principal amount of Series E Debentures maturing March 15, 2030 and $200 million aggregate principal amount of Series F Debentures maturing March 15, 2032.
The net proceeds of the Offering are expected to be used to repay existing indebtedness of $440 million and for general trust purposes. With respect to the repayment of existing indebtedness, the Trust intends to:
Invest $200 million in short term investments to retire the $200 million aggregate principal amount of Series B Debentures maturing March 30, 2025.
Prepay their $200 million non-revolving term credit facility outstanding maturing February 5, 2026.
Prepay $40 million of secured debt outstanding maturing March 27, 2027.
Quarterhill Inc. (TSX: QTRH) announced financial results for the three months ended June 30, 2024 .
Revenue was $41.5 million, up 7.5% compared to $38.6 million in Q2/23.
Adjusted EBITDA was $1.7 million compared to $2.9 million in Q2/23.
Cash from operations was $0.8 million compared to cash used in operations of ($10.3) million in Q2/23.
Revenue backlog was $500 million at June 30, 2024.
Rogers Sugar Inc. (TSX: RSI) reported results for the third quarter of fiscal 2024.
Sales volumes in the Sugar segment decreased by 5,600 metric tonnes to approximately 185,800 metric tonnes.
Consolidated adjusted EBITDA of $34.5 million, up by $10.7 million from the same period last year.
Adjusted EBITDA in the Sugar segment was strong at $30.1 million, an increase of $9.4 million compared to the same period last year.
Adjusted EBITDA in the Maple segment was $4.4 million, an increase of $1.4 million from the same quarter last year.
Adjusted net earnings per share at $0.13 were $0.05 higher than the same period last year.
Free cash flow was $74.5 million, an increase of $26.7 million from the same period last year.
Sienna Senior Living Inc. (TSX: SIA) announced results for the three months ended June 30, 2024.
Same-property NOI increased by 18.5% to $46.1 million, compared to Q2/23, including
a 9.5% year over year increase in the Retirement segment.
a 26.6% year over year increase in the LTC segment.
Average same property occupancy increased by 180 bps to 88.6% compared to Q2/23, and by 50 basis points compared to Q1/24; after quarter end, average monthly same property occupancy reached 89.0% in July 2024.
Long-term-care government funding increase of approximately 6.6% to the level of care funding, including flow-through funding and Other Accommodations funding.
One-time Workplace Safety and Insurance Board refund relating to prior years in the amount of $3.0 million pertaining to Sienna’s LTC segment and $0.4 million to the Retirement segment.
Total Adjusted Revenue increased by 10.7% to $219.5 million, compared to Q2/23.
Total NOI increased by 18.3% to $46.0 million, compared to Q2/23.
Same Property NOI increased by 18.5% to $46.1 million, compared to Q2/23, including a $20.1 million contribution from the Retirement segment, and a $26 million contribution from the LTC segment.
OFFO per share increased by 21.4%, or $0.063, to $0.357.
AFFO per share increased by 14.6% to $0.307.
AFFO payout ratio was 76.2%, compared to 87.3% in Q2/23.
SIR Royalty Income Fund (TSX: SRV.UN) reported results for the second quarter ended June 30, 2024.
Pooled Revenue totaled $67.5 million compared to $71.1 million for Q2/23.
Royalty income in the SIR Royalty Limited Partnership was $4 million, compared to $4.3 million in Q2/23.
Equity income from the Partnership, which represents the Fund's pro rata share of the residual distributions of the Partnership, was $2.8 million, compared to $3 million in Q2/23.
The Royalty Pooled Restaurants had a same store sales (SSS) decline of 5.1%.
Net earnings were $3.8 million, compared to $4.6 million in Q2/23.
Distributable cash totaled $2.6 million, or $0.31 (basic and diluted) per Fund Unit, and cash distributed to unitholders totaled $2.4 million, representing a payout ratio of 92.8%.
The payout ratio since the Fund's inception in 2004, up to and including Q2/24, is 99.9%, in line with the Fund's target payout ratio of 100% per annum.
Slate Office REIT (TSX: SOT.UN) reported financial results and highlights for the three months ended June 30, 2024.
The REIT completed 381,595 square feet of total leasing in the quarter.
New deals were completed at 2.1% above average in-place rent, and renewals at 6.7% above expiring rent.
The REIT has over 389,000 square feet of potential new leases and renewals in the pipeline with high-quality credit tenants in the Greater Toronto Area, Atlantic Canada, and the US, which would add to net operating income beginning in late 2024 and into 2025
2.1% of the portfolio’s Gross Leasable Area is set to mature in the balance of 2024, with renewal negotiations ongoing.
Made further progress on the REIT’s Portfolio Realignment Plan, completing nearly $50 million at share in dispositions as at July 31st, 2024.
The REIT revalued its property portfolio as at June 30, which resulted in a $154.4 million negative fair value adjustment in the second quarter as a result of third-party appraisals received, the REIT's own estimates, and property sales
Sleep Country Canada Holdings Inc. (TSX: ZZZ) released results for their second quarter ended June 30, 2024.
Revenues increased by $15.3 million or 7.0% to $232.5 million from $217.2 million in Q2/23.
Same Store Sales increased by 4.8% from Q2/23.
Revenues attributed to eCommerce increased to 25.4% from 21.3% in Q2/23.
Gross profit increased by $9.5 million to $88.5 million from $79 million in Q2/23.
Gross profit margin increased to 38.1% from 36.4% in Q2/23.
Operating EBITDA increased by $6.7 million or 15.1% to $50.9 million from $44.2 million in Q2/23.
Operating EBITDA margin increased to 21.9% from 20.4% in Q2/23.
Net income increased by $3.1 million or 24.9% to $15.8 million from $12.7 million in Q2/23.
Adjusted net income increased by $3.7 million or 24.9% to $18.5 million from $14.8 million in Q2/23.
Diluted EPS increased by $0.10 or 27.8% to $0.46 from $0.36 in Q2/23.
Diluted adjusted EPS increased by $0.12 or 28.6% to $0.54 from $0.42 in Q2/23.
SmartCentres REIT (TSX: SRU.UN) reported results for the quarter ended June 30, 2024.
TELUS Corp. (TSX: T) has priced $700 million of senior unsecured notes with a 7-year maturity.
Closing of the offering is expected to occur on or about August 13, 2024.
The 4.65% notes, Series CAQ, were priced at $99.911 per $100 principal amount for an effective yield of 4.665% per annum until maturity and will mature on August 13, 2031.
The net proceeds of this offering will be used for the repayment of outstanding indebtedness, including the repayment of commercial paper (incurred for general working capital purposes) and the reduction of cash amounts outstanding under an arm's length securitization trust under which an affiliate of TELUS is able to borrow against certain trade receivables and unbilled customer finance receivables (incurred for general working capital purposes), and for other general corporate purposes.
TMX Group (TSX: X) announced financing activity on TSX and TSXV for July 2024.
Wajax Corporation (TSX: WJX) announced second quarter results.
Revenue of $568.3 million and adjusted basic earnings per share of $1.06, down from $586.2 million and $1.26, respectively, in the same quarter of the prior year.
Adjusted EBITDA margin of 9.6%, compared to 9.8% in 2023;
Second quarter gross profit margin of 20.9%, up from 19.9%.
Cash flows generated from operating activities of $35.8 million compared with cash flows used in operating activities of $6.0 million in the same quarter of the prior year.
Speculative Investment
Anaergia Inc. (TSX: ANRG) announced results for the three-month periods ended June 30, 2024.
Revenues decreased by 45%, or $18.9 million, to $23.6 million, as compared to Q2/23.
Gross profit margin percent increased to 17.6% from 9.0% in Q2/23, or a 96% increase.
Adjusted EBITDA loss improved by 59%, or by $11.6 million, compared to the negative Adjusted EBITDA reported in Q2/23.
Net loss of $13.4 million improved by 89%, or $104.1 million, compared to Q2/23.
Canopy Growth Corporation (TSX: WEED) announced results for the first quarter ended June 30, 2024.
Achieved Gross profit of $23 representing a 67% increase over the first quarter ended June 30, 2023.
Delivered consolidated gross margin of 35%, and Canada cannabis segment gross margin of 32%.
Operating loss from continuing operations was $29 million, a 47% improvement.
Consolidated Adjusted EBITDA loss narrowed to $5 million, a 77% improvement.
Storz & Bickel net revenue increased 2%.
31% reduction in COGS and a 24% reduction in SG&A expenses.
Cash and short-term investments balance of $195 million at June 30, 2024 as compared to $203 million at March 31, 2024.
Cineplex Inc. (TSX: CGX) announced results for the three months ended June 30, 2024.
Entertained 8.7 million moviegoers and generated total revenues of $277.3 million.
Delivered BPP of $13.11 and CPP of $9.56 , both all-time quarterly records.
Cinema media revenue increased 4% over the prior year despite lower attendance
Increased Digital Place-Based Media revenue by 28.1% primarily due to the addition of Cadillac Fairview to the digital-out-of-home (DOOH) network.
Location-based Entertainment (LBE) revenue increased to a second quarter record of $29.4 million.
Cipher Pharmaceuticals Inc. (TSX: CPH) announced results for the three months ended June 30, 2024.
Total revenue was $5.3 million, flat or consistent year over year.
Epuris product revenue increased by $0.5 million, or 18%, to $3.2 million compared to $2.7 million in Q2/23.
Licensing revenue decreased by 25% to $1.6 million, compared to $2.2 million in Q2/23.
Gross margin on product revenue increased by 4% to 70%, compared to 66% in Q2/23.
Adjusted EBITDA was $3.1 million , flat or consistent year over year.
Net income and earnings per common share were $3 million and $0.12, respectively, compared to net income of $3.1 million and an unchanged earnings per common share of $0.12 for the same period in the previous year.
Cleantek Industries Inc. (TSXV: CTEK) announced results.
Revenue of $2,411, a decrease of $986 or 29%, from Q2/23.
Adjusted EBITDA was $259 compared to $903 for Q2/23.
Gross profit was $1,285 or 53% of revenue compared with gross profit of $2,084 and 61% of revenue for Q2/23.
Net loss of $511 was a $176 improvement from the net loss of $687 for Q2/23.
Crown Capital Partners Inc. (TSX: CRWN) announced financial results for the three months ended June 30, 2024.
Crown recognized a net loss of $(15.2) million ( $2.71 loss per basic share) compared to a net loss of $(1.2) million ( $0.21 loss per basic share) in Q2/23.
Adjusted EBITDA was $2 million compared to $2.6 million in Q2/23.
IAMGOLD Corporation (TSX: IMG) reported results for the second quarter ended June 30, 2024.
Attributable gold production was 166,000 ounces in the second quarter.
Côté Gold reached commercial production on August 2, 2024.
During the month of July, the operation processed over 620,000 tonnes and on August 1, 2024, the plant achieved a record daily high throughput rate of 36,000 tonnes per day.
The project continues to be well positioned to achieve the goal of 90% throughput by the end of the year.
Production guidance at Essakane and Westwood has been increased to 495,000 to 540,000 ounces, up from the previous guidance range of 430,000 to 490,000 ounces.
Côté Gold production this year is expected to be on the lower end of the guidance range of 130,000 to 175,000 ounces on a 60.3% basis (220,000 to 290,000 ounces at 100%) as improvements to mill availability are made during the ramp-up of operations.
The cash cost guidance range, excluding Côté Gold, is revised downwards from $1,280 to $1,400 per ounce sold to $1,175 to $1,275 per ounce sold and AISC guidance range is also revised downwards from $1,780 to $1,940 per ounce sold to $1,700 to $1,825 per ounce sold.
For Côté Gold, the company continues to expect that as Côté exits the year at 90% throughput, cash costs at that time will be in the range of approximately $700 to $800 per ounce sold and AISC of $1,100 to $1,200 per ounce.
Revenues were $385.3 million from sales of 167,000 ounces at an average realized gold price of $2,294 per ounce.
EBITDA was $189.9 million during the second quarter and adjusted EBITDA was $191.1 million.
Net earnings and adjusted net earnings per share attributable to equity holders of $0.16.
Net cash from operating activities was $160.1 million.
Mine-site free cash flow, excluding Côté Gold, was $140 million for the second quarter and $186.2 million YTD.
They had available liquidity of $915.7 million, mainly comprised of cash and cash equivalents of $511.4 million and the available balance of the secured revolving credit facility of $403.3 million as at June 30, 2024.
Journey Energy Inc. (TSX: JOY) announced results for the three month period ending June 30, 2024.
Generated sales volumes of 11,235 boe/d in the first quarter (45% crude oil; 9% NGL's; 46% natural gas).
Realized Adjusted Funds Flow of $9.5 million or $0.15 per basic share and $0.14 per diluted share.
Continued with the construction of the Gilby power generation asset. Completion of this project is currently scheduled for early in the fourth quarter.
Lithium Royalty Corp. (TSX: LIRC) reported second quarter results for 2024.
Revenue increased by 85% year-on-year, driven by volume growth despite 72% year-on-year decline in spodumene concentrate prices.
Lower-cost business model contributed to positive Adjusted EBITDA for the quarter.
Lucero Energy Corp. (TSXV: LOU) announced results for the three months ended June 30 , 2024.
Profound Medical Corp. (TSX: PRN) reported financial results.
Questerre Energy Corporation (TSX: QEC) reported results for the second quarter ended June 30, 2024.
Petroleum and natural gas sales totaled $8.8 million (2023: $10.7 million).
Net income of $1.3 million for the quarter (2023: $1.7 million)
Three (0.75 net) wells completed at Kakwa Central.
Government of Quebec introduces Bill 69 for the responsible governance of energy resources in Quebec.
Average daily production of 1,559 boe per day with adjusted funds flow from operations of $4.5 million.
Rubellite Energy Inc. (TSX: RBY) reported second quarter 2024 results.
Conventional heavy oil sales production of 4,503 bbl/d was relatively unchanged from the first quarter of 2024 and up 58% from Q2/23.
Net income was $12.4 million
Exploration and development capital expenditures totaled $21.1 million.
Adjusted funds flow was $20.7 million ($0.33 per share), a 12% increase from Q1/24.
Adjusted funds flow increased 72% from Q2/23.
Cash costs were $9.3 million or $22.58 /boe.
As at June 30, 2024, net debt was $49.1 million, a decrease from $51 million.
Available liquidity at June 30, 2024 of $26.8 million, comprised of the $60 million borrowing limit of Rubellite's first lien credit facility, less current borrowings of $30.8 million and outstanding letters of credit of $2.4 million.
VitalHub Corp. (TSX: VHI) announced results.
Revenue of $16,237,605 as compared to $13,085,441 in the equivalent prior year period, an increase of $3,152,164 or 24%.
Gross profit as a percentage of revenue was 81% compared to 81% in the equivalent prior year period.
ARR at June 30, 2024 was $51,283,570 as compared to $47,834,002 at March 31, 2024, an increase of $3,449,568 or 7%.
EBITDA of $1,972,452 compared to $1,979,464 in the equivalent prior year period, a decrease of $7,012.
Adjusted EBITDA of $4,193,985 or 26% of revenue, compared to $2,970,322 or 23% of revenue in the equivalent prior year period, an increase of $1,223,663 or 41%.
Net income before income taxes of $1,383,605 as compared to net income before income taxes of $742,516 in the equivalent prior year period, an increase of $641,089 or 86%.
Charts of the Day
Economics
Canadian employment stats for July
Canadian employment was little changed in July - edging slightly lower (-3k) for a second consecutive month after the 1k dip in June. The unemployment rate held steady at 6.4% - still up almost a full percentage point from a year ago and 1.6% from post-pandemic lows.
The steady unemployment rate alongside a weak employment reading was because of a sharp pull-back in the labor force participation rate to 65.0% from 65.3% in June, and down 0.6% from a year ago. The population surged by another 125k in July but the labor force (those working or actively looking for work) declined by 11k.
Statistics Canada noted the drop in labor force participation over the last year was concentrated among younger workers, who may have stopped looking for work after being disproportionately impacted by the slowdown in hiring. The share of younger workers aged 15-24 who were out of the labor force, that reported wanting to work but not actively looking (which would include for reasons like discouragement) rose 2.6% from a year ago.
Wage growth remains higher in the Labor Force Survey data than in other Canadian wage measures. But average hourly earnings growth slowed to 5.2% from a year ago in July from 5.4% in June. Further signs of softening in labor markets - and slower growth in other measures, including those from business payrolls - argue that wage growth will continue to slow.
Details behind the small outright decline in the job count were mixed. Full-time jobs rose by 62k with offsetting losses from part-time jobs, and hours worked jumped 1.0%. But that was despite a 42k drop in private sector employment. Public sector jobs jumped 41k, including a 20k surge in public administration.
Bottom line: There was nothing in the July Canadian labor force data to say that the ongoing cooling in labor markets has run its course. The unemployment rate is still up almost a percentage point from a year ago and would have increased further in July without a large drop in the labor force participation rate. Wage growth in the Labor Force Survey data remains higher than in other measures in Canada and will continue to edge lower as job openings slow and unemployment edges higher. Interest rates still look high relative to a softening economic growth (and inflation) backdrop, and we continue to expect the Bank of Canada to cut the overnight rate for a third consecutive decision point next month.
Checking in on China
Inflation rate is on the rise
China's annual inflation rate climbed to 0.5% in July 2024 from 0.2% in June, pointing to the highest figure since February. It was also the sixth straight month of consumer inflation, as Beijing ramped up stimulus to bolster consumption.
Food prices tried to reverse declines in the prior twelve months (flat reading vs -2.1% in June) amid adverse weather.
Non-food prices continued to increase (0.7% vs 0.8%), marked by sustained rises in cost of clothing (1.5% vs 1.5%), housing (0.1% vs 0.2%), health (1.4% vs 1.5%), and education (1.7% vs 1.7%).
However, transport costs fell further (-0.6% vs -0.3%), as the impact of utility price hikes and higher railway tickets in some Chinese cities earlier in the year swiftly faded. The core consumer prices, deducting food and energy costs, increased 0.4% year-over-year, the least in 6 months.
Monthly, the CPI rose by 0.5%, the first gain since April and above consensus of 0.3%.
EV sales surpass ICE sales for the first time
Half of all vehicles sold in China in July were either new pure electric vehicles (EV) or plug-in hybrids, industry data showed, a milestone that underscores how far the world's biggest auto market has leapt ahead of Western counterparts in EV adoption.
Sales of so-called new energy vehicles (NEVs) jumped 37% last month from the same period a year earlier, accounting for a record 50.7% of car sales, data from the China Passenger Car Association (CPCA) showed.
NEV sales accounted for just 7% of total vehicle sales in China three years ago, but its heavy investments in EV supply chains have propelled the growth of domestic EV industry, leaving many established foreign brands scrambling to catch up.
By contrast, the share of electric and hybrid vehicle sales in the United States amounted to 18% in the first quarter of this year, according to the U.S. Energy Information Administration, a research firm.
The pace of growth for NEVs in China accelerated from a 28.6% surge in June. Sales of pure electric vehicles climbed 14.3% in July, up from 9.9% growth for June.
But overall domestic car sales fell 3.1%, extending declines for a fourth straight month with consumer confidence weak as the economy struggles to gain momentum amid a prolonged crisis in the property market.
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