Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Canadian manufacturer Bombardier Inc. (BBD.B-T) reported a surprise second-quarter loss on Thursday, hurt by higher costs in its train business and a more than 40-per-cent drop in business jet deliveries due to the COVID-19 pandemic.
The plane and train maker recorded an additional charge of $435-million in its rail business in the quarter, mainly related to engineering, certification and retrofit costs for many late-stage projects in the UK and Germany.
This led to an adjusted loss of $319-million compared with a profit of $312-million a year earlier, the company said. Analysts on average were expecting Bombardier to report profit before interest, taxes, depreciation and amortization of $39.33 million.
Adjusted EBITDA was $91.1-million compared $37.5-million a year ago.
NFI Group Inc. (NFI-T) reported second-quarter revenue of US$333.3-million, a 51.2-per-cent decline year-over-year that the company says “significantly impacted gross margin and net income as a result of the COVID-19 pandemic related facility idling and reduced output for the quarter.” Analysts were expecting revenue to come in at US$277.2-million.
Its net loss was US$74.1-million or US$1.18 per share versus a profit of US$8.5-million a year ago. Its adjusted net loss was US$60.6-million or 97 cents US per share versus a profit of US$25.8-million or 54 cents US a year ago. Analysts were expecting an adjusted loss of 78 US cents per share.
After idling facilities for the majority of the second quarter, the company said it has restarted all manufacturing facilities in mid-May through June and has now begun the recovery from the impacts of COVID-19.
"Based on the Company's contractually obligated vehicle sales, updated production schedule, expected private market deliveries and anticipated aftermarket sales, management is now reintroducing adjusted EBITDA guidance for fiscal 2020," it stated.
It expected to deliver adjusted EBITDA of US$145-million to US$155-million for fiscal 2020, which it said would represent US$113-million to US$123-million during the second half of 2020.
Net earnings were $22-million or 73 cents per share versus earnings of $14.6-million or 51 cents a year ago.
"The improvement in profitability of $7.4-million for the three-month period ended June 30, 2020, compared to the same periods last year, is explained principally by lower financial charges, lower depreciation and amortization expenses, and a decrease in restructuring and other charges partially offset by lower Adjusted EBITDA," the company stated.
Net earnings came in at $54-million or 57 cents per share versus $31-million or 33 cents a year ago.
Canaccord Genuity Group Inc. (CF-T) reported revenue of $377.7-million for its first quarter ended June 30, which it said is the company’s highest quarterly revenue on record and compared to $325.5-million for the same quarter a year ago.
Net income was $29-million or 22 cents per share versus net income of $24.3-million or 18 cents a year ago. Analysts were expecting earnings of 16 cents and revenue of $285-million.
The company also increased its quarterly dividend to 5.5 cents per share up from 5 cents.
"Our performance for the fiscal first quarter reflects our agile and defensive business mix that allows us to shift resources where needed to ensure excellent client experiences in any environment," said CEO Dan Daviau in a release. "We achieved record quarterly revenues, with all businesses contributing to our profitability, and, in keeping with our commitment to increase shareholder returns, we increased our quarterly common share dividend by 10 per cent."
Its net loss was US$14.9-million or 15 US cents per share, compared to net income of US$10.2-million or 10 US cents per share a year ago.
Its adjusted net loss was US$9.5-million or 9 US cents per share, compared to adjusted net income of US$19.8-million or 19 US cents last year. Analysts were forecasting an adjusted EPS loss of 11 US cents.
Tricon Residential Inc. (TCN-T), formerly Tricon Capital Group Inc., reported second-quarter net operating income of US$77-million compared to US$50.8-million a year ago, “primarily driven by a larger single-family rental portfolio along with improved operating metrics and the inclusion of a full-quarter results from the U.S. multi-family portfolio (as opposed to a half-month of results in Q2 2019).”
Net income was US$17.3-million or 9 US cents per share compared to US$10.7-million or 3 US cents per share a year ago, “driven by higher net income from growth in the rental portfolio, stronger operating metrics in Tricon’s single-family rental business as well as lower corporate overhead expenses year-over-year.”
Score Media and Gaming Inc. (SCR-X) announced a $25-million bought-deal offering. It has an agreement with a syndicate of underwriters that has agreed to purchase 38,500,000 Class A subordinate voting shares for 65 cents each.
The company said it intends to use the net proceeds for working capital and general corporate purposes, "including funding the continued growth and development of its gaming operations in the United States and Canada."
Net earnings were $5.5-million or 5 cents per share versus net earnings of $10.4-million or 10 cents a year ago.
Analysts were expecting revenue of $188.4-million and earnings of 7 cents per share.
Badger Daylighting Ltd. (BAD-T) reported second-quarter revenues of $134.5-million down from $161.2-million for the same period last year. Analysts were expecting revenue to come in at $132.1-million.
Net profit was $1.7-million or 5 cents per share versus $11.9-million or 33 cents a year ago.
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