Everything You Need to Know on Wednesday: Metro Reports Slight Dip in Q4 Profit Despite Strong Sales Growth in Food and Pharmacy
Good morning mooers! Here are things you need to know about today's market:
● S&P/TSX 60 Index Standard Futures are trading at 1,504.30, up 0.23% from previous close
● Silvercorp metals plans $130 million convertible notes offering, stock drops 15% in premarket trading
● Suncor Energy exceeds third-quarter expectations with strategic focus
● Metro Inc. reports slight dip in Q4 profit despite strong sales growth in food and pharmacy
● Rogers Sports and Media reduces workforce in audio division amid advertising market uncertainties
Currency Snapshot
Today, the Canadian dollar is trading at 71.46 US cents, an increase from the previous close.
Stocks to watch
Silvercorp Metals Plans $130 Million Convertible Notes Offering, Stock Drops 15% in Premarket Trading
$Silvercorp Metals Inc (SVM.CA)$ was observed trading down 15% in premarket trading in New York following its Tuesday announcement of plans to raise US$130 million through a private placement of convertible notes. The interest rate for these unsecured notes will be set at the time of pricing, and they will be convertible into shares before their maturity on September 15, 2029.
Additionally, the company will offer the initial purchasers an option to acquire up to an additional US$20 million of these securities within 20 days after the offering closes.
Silvercorp intends to use the proceeds from this offering to fund the construction of copper-gold mining projects outside China, and for the exploration and development of other projects, as well as for working capital purposes.
Suncor Energy Exceeds Third-Quarter Expectations with Strategic Focus
$Suncor Energy Inc (SU.CA)$'s third-quarter results have significantly exceeded expectations, according to Dan Fong from Veritas Investment Research, who expressed increased optimism about the oil and gas company's future in a recent BNN Bloomberg interview. Fong praised Suncor's performance ahead of the earnings announcement, noting the company's strategic focus on safety, reliability, and cost management as key drivers of financial success.
Suncor reported a third-quarter profit of $2.02 billion, up from $1.54 billion the previous year, with earnings per share rising from $1.19 to $1.59. The company also increased its upstream production to approximately 828,600 barrels of oil equivalent per day from about 690,500 barrels the previous year.
The Calgary-based firm has been enhancing the productivity of its existing assets, making low-investment improvements that have boosted production capacities at refineries in Sarnia and Montreal. These efforts contribute significantly to the company's overall performance, demonstrating the tangible benefits of focusing on fundamental operational aspects.
Metro Inc. Reports Slight Dip in Q4 Profit Despite Strong Sales Growth in Food and Pharmacy
$Metro Inc (MRU.CA)$ announced a fourth-quarter profit of $219.9 million, a slight decrease from $222.2 million reported in the same period last year, which benefited from an extra week.
The entity behind Metro grocery stores and Jean Coutu drugstores recorded earnings of 98 cents per diluted share this quarter, compared to 96 cents per share last year when there were more shares outstanding.
The company reported sales of $4.94 billion for the 12-week period ending September 28, down from $5.07 billion during the 13-week period ending September 30, 2023.
Food same-store sales increased by 2.2%, and pharmacy same-store sales grew by 5.7% during the quarter.
On an adjusted basis, Metro reported earnings of $1.02 per diluted share in the recent quarter, up from 99 cents per diluted share in the corresponding quarter of the previous year.
Metro's CEO, Eric La Flèche, remarked that the company concluded its 2024 financial year with a strong fourth quarter, highlighted by robust growth in comparable sales across both the food and pharmacy sectors, building on the momentum of a very strong quarter the previous year.
Rogers Sports and Media Reduces Workforce in Audio Division Amid Advertising Market Uncertainties
$Rogers Communications Inc (RCI.A.CA)$ has announced the elimination of "a few dozen" positions within its audio division.
Charmaine Khan, a spokesperson for the company, noted that the radio sector continues to experience challenges due to a volatile advertising market.
Khan mentioned that Rogers has implemented some tough but essential adjustments affecting jobs in various markets. She acknowledged the dedication of the departing employees, expressing gratitude for their contributions.
Rogers operates 56 radio stations nationwide. Additionally, the company maintains a network for podcasting and streaming audio.
Source: BNN Bloomberg, MT Newswires
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