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Shopify reports Q1 loss, revenue up 27% from year ago
Shopify Inc. (TSE:SHOP)
Source Google
Shopify Inc. reported a net loss of $682 million in its first quarter compared with a loss of USD$273 million in the same quarter last year as its revenue rose 2%. (All figures in this section are in U.S. dollars.)
The e-commerce technology firm, which keeps its books in U.S. dollars, says the loss amounted to $0.53 per diluted share for the quarter ended March 31 compared with a loss of $0.21 per diluted share a year earlier.
Shopify says its net income excluding the impact of its equity investments amounted to $226 million for its latest quarter, up from $144 million a year ago.
Revenue totalled $2.36 billion for the quarter, up from $1.86 billion in the same quarter last year.
Subscription solutions revenue totalled $620 million, up from $511 million a year ago, while merchant solutions revenue amounted to $1.74 billion, up from $1.35 billion.
In its outlook for its second quarter, Shopify says it expects revenue to grow at a mid-twenties percentage rate on a year-over-year basis. Operating expenses as a percentage of revenue are expected to be 39% to 40%.
Cenovus Energy reports $859M Q1 profit, raises quarterly dividend
Cenovus Energy Inc. (TSX:CVE)
Source Google
Cenovus Energy Inc. raised its dividend as it reported a first-quarter profit of $859 million, down from $1.18 billion a year ago.
The company says it will now pay a quarterly dividend of $0.20 per share, up from $0.18 per share.
The increased payment came as Cenovus says its profit amounted to $0.47 per diluted share for the quarter ended March 31, down from $0.62 per diluted share a year earlier.
Cenovus says its adjusted funds flow for the quarter totalled $2.21 billion or $1.21 per diluted for its latest quarter compared with $2.24 billion or $1.19 per diluted share a year ago.
Photo by The Canadian Press
Revenue for the quarter amounted to $13.30 billion, up from $13.06 billion a year earlier.
Total upstream production for the quarter was 818,900 barrels of oil equivalent per day, up from 800,900 boe/d in the same quarter last year. Total downstream crude throughput was 665,400 barrels per day, up from 655,200 barrels per day a year earlier.
Canadian Tire: Shoppers more resilient in face of tariffs than CEO expected, plus WestJet partnership
Canadian Tire Corp. Ltd. (TSX:CTC)
Source Google
The tariff fight that has broken out between the U.S. and its trading partners doesn’t appear to be rankling Canadian Tire Corp. Ltd. customers as much as its CEO once expected.
Photo by The Canadian Press
Greg Hicks said shoppers across the Toronto-based company’s banners—Canadian Tire, SportChek, Party City, Mark’s and Pro Hockey Life—appear to be coping well with the higher duties he had worried would weigh heavily on spending.
“Despite low confidence levels, customers have been and remain more resilient than we anticipated,” he told analysts on a conference call Thursday, where he noted even tariff-riddled auto manufacturing communities are showing “no clear signs of softness.”
That resilience is also reflected in “healthy” spending across all income levels Canadian Tire tracks and contributed to the company seeing an 8% spike in spending on essentials and a 1% rise in purchases of discretionary goods—the first increase in this area in three years.
Hicks’s rosier-than-expected outlook came as a surprise given how he told analysts in February that he was worried that the tariffs U.S. President Donald Trump was threatening could substantially erase signs of economic rebound, if they caused shoppers to cut back on purchases. Since then, Trump has made good on many of his threats, imposing tariffs on aluminum, steel and some auto products crossing the Canada-U.S. border.
About 15% of the money Canadian Tire spends on acquiring or manufacturing products is tied to the U.S. and only a “manageable fraction of that is currently affected,” Hicks said. To cope, Canadian Tire has a “tariff task force” that has been seeking alternatives to U.S. goods, negotiating with vendors and managing margins to blunt the risk of price inflation for customers.
“With limited exposure today, we have visibility to potential impacts and a plan for the balance of [the] year should we need it,” he said.
The remarks came as Canadian Tire reported its first-quarter profit fell compared with a year ago as it was hit by restructuring costs. The retailer said its net income attributable to shareholders from continuing operations amounted to $27.3 million or $0.49 per diluted share, down from $59.9 million or $1.08 per diluted share a year ago.
Its net income attributable to shareholders from discontinued operations totalled $9.9 million or $0.18 per diluted share in its latest quarter compared with $16.9 million or $0.30 per diluted share in the same quarter last year.
On a normalized basis, it earned $2 per diluted share from continuing operations, up from $1.08 per diluted share a year earlier.
Revenue for the quarter totalled $3.46 billion, up from $3.33 billion in the same period last year.
Canadian Tire also announced Thursday a partnership with WestJet that will bring together their loyalty reward programs. Starting early next year, Canadian Tire said Triangle Rewards’ and WestJet Rewards’ members will be able to link their loyalty accounts and earn stacked rewards.
MDA Space reports first-quarter profit and revenue up from year ago
MDA Space Ltd. (TSX:MDA)
Source: Google
MDA Space Ltd. reported its first-quarter profit and revenue rose compared with a year ago.
The space technology firm says it earned $32.9 million or $0.26 per diluted share in the quarter ended March 31, up from a profit of $13.8 million or $0.11 per diluted share a year ago
On an adjusted basis, MDA says it earned $0.29 per diluted share in its latest quarter, up from an adjusted profit of $0.15 per diluted share in the same quarter last year.
Revenue for the quarter totalled $351 million, up from $209.1 million a year earlier. The increase in revenue came as company’s satellite systems business took in $222.0 million in the quarter compared with $87 million a year ago, while its robotics and space operations business earned $77.3 million in revenue, up from $70.6 million.
MDA’s geointelligence business earned $51.7 million in revenue, up from $51.5 million. The company’s backlog stood at $4.8 billion at the end of the quarter.
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