GUELPH, Ont. — Linamar Corp. says it swung to a profit in the second quarter as the diversified manufacturer saw key sectors recover from the impacts of COVID-19.
The Guelph, Ont.-based company says it had net earnings of $108 million or $1.65 per diluted share for the quarter ending June 30, compared with a loss of $37.9 million or 58 cents per share last year.
Adjusted net income was $106.9 million, or $1.63 per diluted share, compared with a loss of $22 million or 34 cents per share last year.
Linamar, which manufactures equipment for the automotive, construction and agricultural sectors, says it had revenue of $1.57 billion, up from $923.6 million in the same quarter last year.
Analysts had on average expected adjusted earnings of $93 million, or $1.42 per share, on revenue of $1.61 billion, according to financial data firm Refinitiv.
Linamar chief executive Linda Hasenfratz says there are challenges from supply chain shortages, but that market demand is strong and the company is confident it will remain elevated.
This report by The Canadian Press was first published August 11, 2021.
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TORONTO — Canada Goose Holdings Inc. more than doubled its revenue in its latest quarter amid strong sales in Canada and China, even as it reported a higher net loss.
The maker of luxury winter parkas said Wednesday its revenue grew by 126.1 per cent in Canada despite elevated retail store closures, while its direct-to-consumer revenue in China soared 188.7 per cent.
The Toronto-based company also recorded an 80.8 per cent increase in its global e-commerce revenue.
“Our digital business continued at a rapid pace of growth globally, alongside improving retail trends,” Canada Goose president and CEO Dani Reiss said in a statement.
“With strong momentum in a less disrupted operating environment, and an exciting product pipeline — including our growing apparel business and footwear launch later this fall — we are well positioned for fiscal 2022.”
The company posted a net loss of $56.7 million amounting to 51 cents per diluted share for the quarter ended June 27, compared with a loss of $50.1 million or 46 cents per diluted share in the same quarter last year.
Revenue in Canada Goose’s first quarter totalled $56.3 million, up from $26.1 million a year ago.
On an adjusted basis, the company said it lost 45 cents per diluted share, compared an adjusted loss of 35 cents per diluted share in the same quarter last year.
Analysts on average had expected an adjusted loss of 54 cents per share and $49.7 million in revenue, according to financial market data firm Refinitiv.
This report by The Canadian Press was first published Aug. 11, 2021.
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MONTREAL — National Bank of Canada chief executive Louis Vachon will retire at the end of October after nearly 15 years in the job, the bank said Wednesday.
Chief operating officer Laurent Ferreira will replace him in the top post starting Nov. 1, the Montreal-based bank said.
“The Board would like to recognize Louis Vachon’s exceptional contribution during his years at the helm of the Bank and thank him for the strong legacy he leaves behind,” said Jean Houde, chair of the bank’s Board of Directors, in a statement.
Vachon has been CEO since June 2007 and also served as chief operating officer before heading the bank.
Over his term, the bank delivered compound annual total shareholder return of 13 per cent, noted Houde. The bank also saw its share price triple over his term.
Ferreira joined National Bank in 1998 and became chief operating officer in February. Before that Ferreira was executive vice-president and co-head, financial markets.
Vachon said in a statement that he’d work on making a smooth transition to Ferreira at the helm.
“He has been central to the bank’s transformation and cultural shift, and he has played a key role in the success of our financial markets franchise. I’m confident that the bank will continue to succeed under Laurent’s leadership.”
The news would not affect the bank’s credit rating, said DBRS Ltd. in a statement, noting the transition is likely to be a smooth one.
“In DBRS Morningstar’s view, this management change is expected to be seamless because Ferreira has been a career employee at the Bank and has progressed through a series of key leadership roles. Additionally, this change is consistent with National’s succession plan and DBRS Morningstar does not expect it to alter the Bank’s strategic objectives.”
This report by The Canadian Press was first published Aug. 11, 2021.
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