By Ketki Saxena
Investing.com - Upbeat earnings helped the TSX outperform Wall Street benchmarks, buoyed the commodity heavy Canadian index despite a drastic slide in crude oil prices to levels prior to the Ukraine crisis.
At 2:30 p.m ET, the S&P/TSX Composite was at 19,593.64 points, up 0.24% in the day's trading.
In a big day for TSX Earnings, the mood on Bay Street remained buoyant following better than expected results for key Canadian companies including Canadian Natural Resources (TSX:CNQ), Bombardier (TSX:BBDb), Restaurant Brands International (TSX:QSR), Sun Life Financial (TSX:SLF) .
And then there’s the companies that didn’t perform quite as well, including Lightspeed, Bell Canada, and SNC-Lavalin.
Here’s a look at the top 5 Canadian stocks moving markets today
Torex Gold (+15.46%) as Q2 Adjusted EPS rose Year Over Year, rising to $0.66 from $0.43 in Q2 2021, with the CEO citing “Strong production, combined with ongoing discipline in cost containment, resulted in robust revenue, operating cash flow, and free cash flow generation this quarter. Following the company’s earnings call yesterday, the stock received a further boost from National Bank’s note on its performance.
First Majestic Silver (+11.18%) as revenue rose year on year, primarily attributed to the inclusion of a full quarter of production from Jerritt Canyon. Revenues generated in the second quarter totaled $159.4 million compared to $154.1 million in the second quarter of 2021, even as adjusted EPS fell from $0.5 in the previous year to $0.2. However, investors took heart from a cash dividend payment in the amount of $0.0061 per common share for the second quarter of 2022, and the company’s statement that it “successfully reduced its 2022 capital investments without impacting its strong growth in projected production”
Bombardier (+8.45%), as it reported a smaller second-quarter loss, helped by steady demand from wealthy travelers and lower interest expenses, with its loss per share narrowing sharply to $0.48 per share, from a loss of $1.49 per share a year earlier. Revenue rose slightly to $1.56 billion from $1.52 billion for the quarter ending June 30. Investors also reacted positive to the news that Bombardier now expects 2022 free cash flow of more than $515 million, compared with its earlier forecast of over $50 million, in part due to an increase in working capital.
Maple Leaf Foods (-16.77%), as the company missed analyst expectations with gross profit declining sharply from to $136.0 million, compared to $167.0 million a year ago. The company saw sales in its plant based protein division fall 15%, and it also took a n $18.6-million restructuring charge for that division in the second quarter. President and CEO Michael McCain also warned that the company has been “unable to hire adequate people resources to operate our supply chains, experienced unnatural agricultural and trading markets, and realized hyper-inflation that has been challenging to keep up with pricing.”
Lightspeed Commerce (TSX:LSPD) (-12.66%) as net loss doubled from last year, down to $0.68 cents compared to $0.38 per share during last year's first quarter, and as the company missed analyst expectations on revenue. The company’s CEO acknowledged the less than stellar performance by noting "We are not immune to macroeconomic conditions and are not downplaying the risks”, but took a largely optimistic tone citing “positive “the return to in-person shopping and dining are positive influences for Lightspeed that should at least help to partially offset any challenging macroeconomic conditions”
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