Stock Market News for Investors: Barrick Leads Earnings Gains as Major Canadian Companies Report Mixed Third Quarter Results – MoneySense

Sales totaled $4.15 billion, up from $3.37 billion. On an adjusted basis, Barrick says it earned 58 cents per share in the latest quarter, compared with adjusted earnings of 30 cents per share a year ago.

Gold production in the quarter totaled 829,000 ounces, compared to 943,000 ounces a year ago, while the company’s realized gold price rose to US$3,457 per ounce, compared to US$2,494 per ounce a year ago. Copper production was 55,000 tons, compared to 48,000 tons a year ago, while Barrick’s realized copper price for the quarter was $4.39 per pound, compared to $4.27 per pound in the same quarter last year.

Barrick increased its basic quarterly dividend from 10 cents per share to 12.5 cents per share and announced an additional performance dividend of 5 cents per share for the quarter, for a total payment of 17.5 cents per share.

In September, Barrick named Mark Hill interim president and CEO following the sudden departure of Mark Bristow from the top job. The company says it is working with an executive search firm to find a permanent president and CEO.

MEG Energy reports third-quarter profit of $159 million, down from last year

Oilsands producer MEG Energy Corp. says its profits fell in the third quarter. Net income for the period ended September 30 was $159 million, compared to $167 million in the same period a year earlier. Diluted earnings per share remained stable year-over-year at 62 cents.

Revenue during the quarter was $1.18 billion, compared to $1.27 billion in the same period last year. Production for the quarter reached a record 108,166 barrels per day, compared to 103,298 during the previous year’s quarter.

Last week, MEG Energy shareholders voted in favor of an $8.6 billion acquisition by Cenovus Energy Inc. (TSX:CVE) in a deal expected to close this month following final court approval and other customary closing conditions.

Grocery and drugstore chain Loblaw reports profit and turnover for the third quarter higher than a year ago

Grocery and drugstore chain Loblaw Cos. Ltd. reported its profit and revenue for the third quarter, compared to a year ago. The company behind Loblaws and Shoppers Drug Mart says it posted a profit of $794 million, or 66 cents per diluted share, for the quarter ended Oct. 4. The result compares with a profit of $777 million or 63 cents per diluted share in the same quarter last year.

Sales for the 16-week period totaled $19.40 billion, up from $18.54 billion a year earlier.

The company’s hard discount and Real Canadian Superstore banners outperformed conventional stores as consumers continue to chase value, Loblaw said in a news release. Same-store grocery retail sales rose two percent, while same-store drugstore sales rose four percent, with same-store pharmacy and health care sales growing 5.9 percent and a 1.9 percent gain in same-store sales.

RBC analyst Irene Nattel said in a note to clients that it was “another solid quarter” for the company, but that same-store food sales and revenue “wound away from forecasts.”

On an adjusted basis, Loblaw says it earned 69 cents per diluted share in the latest quarter, compared with adjusted earnings of 62 cents per diluted share a year ago.

Manulife reports third-quarter profit of $1.8 billion, down slightly year-over-year

Manulife Financial Corp. reported third-quarter net income attributable to shareholders of $1.8 billion, down slightly from $1.84 billion in the same period a year earlier. The insurer said adjusted profit, or what it calls core profit, came in at $2 billion, compared with $1.83 billion in the year-earlier quarter.

Manulife CEO Phil Witherington says the company’s core profits in Asia and Canada reached record levels. Core profits for Manulife’s Asian segment were US$550 million, while core profits for the Canadian segment were US$428 million.

Manulife’s earnings came as the company launched a new platform aimed at helping people live longer and more financially secure lives called the Longevity Institute. The company says it is investing $350 million in the platform through 2030.