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(Joe Wolf/Creative Commons)
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With corporate earnings season in full swing, there are a number of stocks on our radar. Potash Corp. Telus, Goldcorp, Rogers and Agnico-Eagle are among them.
TORONTO – Grocery giant Loblaw Companies Ltd. (TSX:L) says it will provide long-term financial…
Weak metal prices, murky metals keep miners’ earnings, expectations in check
– canadianbusiness.com
TORONTO – Low metal prices and murky markets are keeping Canadian mining companies’ expectations and expenses in check.
Several major mining companies reported decreased profits Thursday, and while both Goldcorp Inc. (TSX:G) and Teck Resources Limited (TSX:TCK.B) beat analyst expectations, they pledged a continued watch on spending and a paring down of projects.
It’s a strategy Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier Inc., expects will continue for the rest of the year and into 2014, and one he said miners are right to take.
“When the outlook is so cloudy, why would (shareholders) want companies to expand and spend a lot of money on projects that may or may not become profitable?,” Nakamoto said.
“You want to see them be cautious”.
Goldcorp said Thursday net earnings fell to US$5 million from US$498 million in the same period last year, while revenue dropped to US$929 million from US$1.3 billion.
That amounted to a penny per share for Goldcorp shareholders, compared with 61 cents per share last year, and was based on an average realized gold price for the quarter of $1,339 per ounce compared to $1,685 per ounce during the year-ago quarter…
Several major mining companies reported decreased profits Thursday, and while both Goldcorp Inc. (TSX:G) and Teck Resources Limited (TSX:TCK.B) beat analyst expectations, they pledged a continued watch on spending and a paring down of projects.
It’s a strategy Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier Inc., expects will continue for the rest of the year and into 2014, and one he said miners are right to take.
“When the outlook is so cloudy, why would (shareholders) want companies to expand and spend a lot of money on projects that may or may not become profitable?,” Nakamoto said.
“You want to see them be cautious”.
Goldcorp said Thursday net earnings fell to US$5 million from US$498 million in the same period last year, while revenue dropped to US$929 million from US$1.3 billion.
That amounted to a penny per share for Goldcorp shareholders, compared with 61 cents per share last year, and was based on an average realized gold price for the quarter of $1,339 per ounce compared to $1,685 per ounce during the year-ago quarter…
5.5 year – 2.95%
– ratesupermarket.ca
This GIC rate is offered by Outlook Financial and was updated on 2013-09-16. Click on the link above to get more details or apply online.
Potash Corp. says its third-quarter net earnings dropped 45 per cent to $356 million from $645 million in the same period last year as a result of weaker prices and lower potash sales volumes.
