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- Lululemon quarterly sales top expectations, shares jump
- Wed, 07 Dec 2016 21:16:44 -0500 -
By Solarina Ho TORONTO (Reuters) - Canadian yoga and leisure apparel retailer Lululemon Athletica Inc on Wednesday reported quarterly profit that beat analysts' forecasts, helped by higher-than-expected gross margins and sales. "The gross margin expansion is a key element in the earnings recovery that we see today and expect going forward." Gross margin, or revenue less the cost of goods sold, rose to 51.1 percent, from 46.9 percent a year ago.
- Airlines soaring to record profits: IATA
- Wed, 07 Dec 2016 19:05:59 -0500 -
The aviation industry is set to post record net earnings this year and is expected to remain profitable in 2017, despite rising oil prices and global political turbulence, its trade association said Thursday. "Airlines continue to deliver strong results. This year we expect a record net profit of $35.6 billion" (33 billion euros), said Alexandre de Juniac, the new head of the International Air Transport Association (IATA).
- TSX ends at 18-month high close as financials rise
- Tue, 06 Dec 2016 16:47:58 -0500 -
By Fergal Smith TORONTO (Reuters) - Canada's benchmark stock index climbed to its highest close in 18 months on Tuesday as Bank of Montreal led financial shares higher on a strong earnings report, adding momentum to a month-long sector rally sparked by higher bond yields. Bank of Montreal rose 2.8 percent to C$92.06. The country's fourth-largest lender reported quarterly earnings well ahead of market expectations, benefiting from strong performances at its capital markets and U.S. personal and commercial businesses. ...
- BMO comfortable with capital after earnings beat view
- Tue, 06 Dec 2016 14:05:16 -0500 -
By Matt Scuffham TORONTO (Reuters) - Bank of Montreal's Chief Financial Officer said he was comfortable with the bank's capital strength, despite it being weaker than rivals', after the lender reported better-than-expected earnings. Analysts on average had expected earnings of C$1.85, according to Thomson Reuters I/B/E/S. Shares in Bank of Montreal were up 2.5 percent in afternoon trading. Last month, the bank said it had overstated its capital strength in the first three quarters of 2016 and revised down its core tier 1 capital ratio to 10 percent from the 10.5 percent initially reported.
- Global security firm G4S upbeat about growth, sticks to debt target
- Tue, 06 Dec 2016 07:12:00 -0500 - British security company G4S sought to reassure investors that was on track to meet its full-year debt target on Tuesday, adding that its expects to increase its free cash flow on growing demand for its electronic cash management systems. The world's largest security group, which has overhauled itself after a string of high-profile contract problems in Britain, said it expects to meet a net debt-to-core earnings (EBITDA) ratio of 2.5 times or lower by the end of 2017. Exane left its target price unchanged at 195 pence but the shares fell around 5 percent on Monday.
- Kenyan shilling seen easing on energy sector demand
- Tue, 06 Dec 2016 03:54:04 -0500 -
NAIROBI (Reuters) - The Kenyan shilling was steady against the dollar on Tuesday but was seen easing on demand from the energy sector and manufacturers in the absence of horticulture export earnings, traders said. At 0815 GMT, commercial banks quoted the shilling at 101.85/102.05 to the dollar, little changed from 101.80/102.00 at Monday's close. (Reporting by John Ndiso; Editing by George Obulutsa)
- Agency denies tax evasion by Ronaldo and Mourinho
- Sat, 03 Dec 2016 08:33:53 -0500 -
The soccer agency Gestifute has denied that clients including Portuguese star Cristiano Ronaldo and Manchester United manager Jose Mourinho are involved in any tax evasion after a media consortium reported that they had used tax havens to handle tens of millions of euros in earnings. "Both Cristiano Ronaldo and Jose Mourinho are fully compliant with their tax obligations with the Spanish and British tax authorities," Gestifute said in a statement.
- Small banks rally pauses but may not be over yet
- Sat, 03 Dec 2016 06:30:46 -0500 -
The rally in regional U.S. bank stocks that followed last month's election of Donald Trump may not be over, but investors may have to wait for policy to take shape for the massive move to extend further. The S&P 600 index of small-cap banks has surged more than 20 percent since Trump's surprise Nov. 8 victory, while their large-cap peers on the S&P 500 index have jumped over 17 percent. Smaller lenders could potentially add as much as 40 percent to their fourth-quarter 2017 earnings if Trump's promises of tax cuts and regulatory changes materialize, according to Sandler O' Neill analyst Brad Milsaps.
- South Africa's Kumba flags at least 20 pct rise in profit
- Fri, 02 Dec 2016 06:59:33 -0500 -
Africa's biggest iron ore miner said headline earnings would likely came in at a mininum 4.5 billion rand ($320 million), or 1,418 cents per share, in the year to end-December, compared with 3.7 billion rand, or 1,182 cents per share. Headline EPS is the main profit measure in South Africa and strips out some one-off items. Kumba said it would update its forecast a range in due course.
- VW finance arm's profit up on higher demand for diesel cars
- Fri, 02 Dec 2016 06:02:54 -0500 -
Volkswagen's financing arm expects to post record earnings in 2016, it said on Friday, thanks to increased demand for diesel cars, a sign that the company's emissions-cheating scandal has not deterred customers. Operating profit at Volkswagen (VW) Financial Services may exceed 2 billion euros ($2.1 billion) for the first time, after the division previously indicated it expected earnings to match last year's 1.92 billion, Lars Henner Santelmann, head of the unit, said. "Even in the challenging business year 2016 we have been able to continue our successful growth course of past years," Santelmann told reporters late on Thursday in remarks embargoed to Friday morning.
- Canada's TD Bank lowers earnings target in home market
- Thu, 01 Dec 2016 16:49:13 -0500 -
By Matt Scuffham TORONTO (Reuters) - Toronto-Dominion Bank on Thursday reported fourth-quarter profit in line with market expectations and lowered its earnings growth target in Canada, blaming sluggish economic growth in its domestic market. Chief Executive Bharat Masrani said the bank had pegged back its earnings target in Canada in the expectation that the country's economic output will remain modest in 2017 and 2018. "We think it is prudent to moderate our medium term growth expectation for the Canadian retail segment from the 7 percent plus target identified at our investor day to mid-single digits," he told analysts on a conference call.
- Caterpillar says Wall Street 'too optimistic' on 2017 profit estimate
- Thu, 01 Dec 2016 14:13:22 -0500 -
Caterpillar Inc , the world's largest construction and mining equipment maker, said on Thursday analysts' earnings expectations for 2017 were "too optimistic" as oil prices remained volatile. Analysts on average were expecting 2017 revenue of $38 billion and earnings of $3.25 per share, according to Thomson Reuters I/B/E/S. While the company said analysts' average revenue estimate of $38 billion for 2017 was a reasonable midpoint expectation, it added that it sees significant operating profit headwinds for the coming year. Additionally, Caterpillar Financial profit is expected to be down about $100 million.
- CIBC shares gain on profit beat, dividend hike
- Thu, 01 Dec 2016 11:33:50 -0500 -
By Matt Scuffham (Reuters) - Canadian Imperial Bank of Commerce on Thursday reported a better-than-expected quarterly profit, lifted its dividend and revealed a stronger capital position than rival lenders, sending its shares higher. Canada's fifth-biggest lender said its earnings per share, excluding one-off items, rose to C$2.60 from C$2.36 the year before, well ahead of the average analyst forecast of C$2.48 according to Thomson Reuters I/B/E/S. The bank raised its dividend to C$1.24 from C$1. ...
- RBC cuts key target after profit disappoints
- Wed, 30 Nov 2016 14:50:27 -0500 -
By Matt Scuffham TORONTO (Reuters) - Royal Bank of Canada on Wednesday reported a bigger-than-expected decline in fourth-quarter profit and said it was trimming back a key financial target, sending its shares lower. RBC said earnings per share fell to C$1.65 from C$1.74 the year before, reflecting a decline in profit at its capital markets division. The earnings were below the C$1.71 average analyst forecast, according to Thomson Reuters I/B/E/S. Shares in RBC, Canada's largest bank, were down 3.4 percent in afternoon trading.
- Taylor Swift, One Direction top list of highest paid musicians: Forbes
- Wed, 30 Nov 2016 11:06:01 -0500 -
By Melissa Fares NEW YORK (Reuters) - U.S. pop star Taylor Swift, boy band One Direction and British singer Adele were the highest paid musicians in the world this year, Forbes magazine said on Wednesday. With earnings of $170 million from touring, recordings, endorsements and other income, Swift, 26, earned the title of 2016's highest paid musician. She pulled in a gross total of more than $200 million on the North American portion of her "1989" world tour. ...
- Energy drags TSX lower ahead of OPEC, pipeline decisions
- Tue, 29 Nov 2016 16:35:34 -0500 -
By Fergal Smith TORONTO (Reuters) - Canada's main stock index fell to a new one-week low on Tuesday as energy stocks slumped due to major oil exporters' struggle to agree on terms of a planned production cut, while Bank of Nova Scotia gained after a solid earnings report. The pullback in energy stocks is a "buying opportunity," said Philip Petursson, chief investment strategist at Manulife Asset Management. "We have seen a real shift in mindset out of OPEC ... that something needs to be done to support oil prices and if it (a deal) is not done at this meeting then it will be done the next time they get together." Energy investors are also awaiting Canadian government decisions on two major Enbridge Inc pipeline projects that are expected on Tuesday.
- US bank earnings up nearly 13 percent in 3Q
- Tue, 29 Nov 2016 11:48:07 -0500 -
U.S. banks' earnings in the July-September period jumped nearly 13 percent from a year earlier as continued growth in lending fueled interest income. The data issued Tuesday by the Federal Deposit Insurance ...
- Scotiabank eyes acquisitions after earnings beat view
- Tue, 29 Nov 2016 11:18:36 -0500 -
By Matt Scuffham TORONTO (Reuters) - Bank of Nova Scotia, Canada's third-biggest lender, said it could take advantage of its financial strength to make acquisitions in the Pacific Alliance trade bloc after reporting better-than-expected profit. Scotiabank said on Tuesday its earnings per share increased to C$1.58 from C$1.46 in the same period the previous year. Analysts had on average forecast earnings of C$1.51, according to Thomson Reuters I/B/E/S. The company's shares rose as much as 2 percent to $73.98, a more than two-year peak, before trimming gains to trade 1.9 percent higher at $73.92.
- China says hopes for 'clear' message with new North Korea sanctions
- Tue, 29 Nov 2016 04:01:31 -0500 -
China said on Tuesday it hoped for a "clear" message to be sent with new UN sanctions on North Korea over its nuclear program, but would not comment on the draft, saying there had been too much speculation about the details. The Security Council is set to vote on Wednesday to impose new sanctions on North Korea for its fifth and largest nuclear test, slashing Pyongyang's export earnings by some $800 million, diplomats say. Diplomats say the council's five veto-wielding powers - the United States, China, Britain, Russia and France - have agreed to new measures, seen by Reuters on Friday, that largely target the hermit Asian state's coal export earnings.
- U.N. Security Council to vote Wednesday on North Korea sanctions: diplomats
- Mon, 28 Nov 2016 17:49:43 -0500 -
By Michelle Nichols UNITED NATIONS (Reuters) - The United Nations Security Council is set to vote on Wednesday to impose new sanctions on North Korea for its fifth and largest nuclear test, slashing Pyongyang's export earnings by some $800 million, diplomats said on Monday. Diplomats said the council's five veto-wielding powers - the United States, China, Britain, Russia and France - had agreed to new measures, seen by Reuters on Friday, that largely target the hermit Asian state's coal export earnings. "We didn't get everything we wanted," said a U.S. official familiar with the draft resolution, though he added the proposed new sanctions were "pretty good." North Korea has been under U.N. sanctions since 2006 over its nuclear and missile tests.
- U.N. close to sanctions deal to slash North Korea export earnings: diplomats
- Sat, 26 Nov 2016 01:23:26 -0500 -
(Reuters) - The U.N. Security Council's five veto powers are close to approving new sanctions on North Korea to cut the isolated state's earnings from exports by more than a quarter, principally by targeting its coal exports to China, diplomats said on Friday. The U.S.-drafted resolution, in response to North Korea's fifth nuclear test in September, would set a U.N. cap on North Korean coal exports with the aim of cutting hard currency revenues by at least $700 million.
- South Africa's Naspers lifts H1 earnings, e-commerce unit robust
- Fri, 25 Nov 2016 09:28:30 -0500 -
JOHANNESBURG (Reuters) - Africa's biggest company by market value, Naspers, reported a jump in half-year profit on Friday, boosted by its internet businesses that include a major stake in China's Tencent Holdings. Cape Town-based Naspers, which owns about a third of China's biggest social network and online entertainment firm, said core headline earnings totalled $914 million, or 212 cents per share, compared with $696 million, or 169 cents per share, a year earlier. Core headline EPS is Naspers' main profit measure that strips out non-operational and one-off items. ...
- Mauritius sees tourist arrivals up 4.3 pct in 2017
- Fri, 25 Nov 2016 03:16:53 -0500 -
Mauritius expects tourist arrivals to increase 4.3 percent in 2017 to 1.3 million after a surge in visitors in the nine months to September 30, Statistics Mauritius said on Friday. Tourism is an important component of the Mauritian economy and a key source of hard currency for the Indian Ocean island state, best known for its luxury spas and beaches. France, the island nation's main source market in Europe, grew 6.2 percent to 10,326 while Turkey jumped 363.8 percent to 2,172 as a result of direct flights. The Bank of Mauritius now expects tourism earnings for 2016 to reach 56.6 billion rupees up from an earlier estimate of 56 billion.
- Deere shares leap after earnings beat on pricing, costs
- Wed, 23 Nov 2016 14:40:04 -0500 -
Factors ranging from machinery pricing to lower overheads spending helped Deere report a much smaller-than-expected decline in quarterly earnings, CFO Raj Kalathur said on a conference call. "It was all kind of internal - either pricing or cost cutting," said Jefferies analyst Stephen Volkmann.
- South Africa's Tiger Brands FY profit up after Nigeria sale
- Wed, 23 Nov 2016 02:34:34 -0500 -
South Africa's biggest consumer foods maker, Tiger Brands, on Wednesday reported a 19 percent rise in full-year profit after disposing of a loss-making Nigerian unit. * Tiger Brands reported a 2 percent rise in headline earnings per share (EPS) of 2,130 cents on continuing operations but a 19 percent jump in headline EPS to 2,127 cents on operations including the Nigerian unit. * Tiger Brands paid nearly $200 million for a 65.7 percent stake in Nigeria's Dangote Flour Mills in 2012.