By Ketki Saxena
Investing.com– The TSX remained flat even as Wall Street indices rebounded in the mid-afternoon, dipping earlier in the day that following hotter than expected US CPI data. US CPI rose 0.5% month-over-month and 6.4% year-over-year.
The commodity heavy Canadian index was pressured by a slide in crude prices, hit by worries of Fed hawkishness following hot US CPI, as well as news that the US government will release more crude from its Strategic Petroleum Reserve in order to ease supply concerns leading from Russia’s planned production cut.
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Hydro One (TSX:H) Ltd. reported $178 million or 30 cents per diluted share for the quarter ended Dec. 31, compared with a profit of $159 million or 26 cents per diluted share in the last three months of 2021. Revenue totalled $1.86 billion for the quarter, up from $1.78 billion this time a year prior. Revenue, net of purchased power, was $967 million, up from $865 million a year earlier.
TC Energy (TSX:TRP) reported a loss attributable to common shares of $1.45B (US$1.09B), or $1.42/share, compared with a year-earlier net profit of $1.12B, or $1.14/share. The loss was partly attributable to the rising cost of its Coastal GasLink pipeline, which has been hit by rising labour costs and construction delays. The pipeline is now forecast to cost $14.5 billion, up from an earlier estimate of $11.2 billion. The construction of the pipeline is approximately 84% completely, and uncertain to be completed by its year end target.
CAE (TSX:CAE) Inc. reported a profit of $78.1 million in its latest quarter, up from $26.2 million a year earlier. Profit amounted to 25 cents per diluted share for the quarter, up from eight cents per diluted share a year earlier. Revenue rose 20% to $1.02 billion, up from $848.7 million in the same quarter a year earlier.
The parent company of Tim Hortons and Burger King, Restaurant Brands International (TSX:QSR) reported Q4 net income of US$336 million compared with a profit of US$262 million a year earlier. Profit amounted to 74 cents per share compared with 57 cents per share this time last year. Revenue totalled US$1.69 billion, up from US$1.55 billion a year earlier. RBI also announced that its CEO José Cil will be stepping down, to be replaced by current COO Joshua Kobza on March 1.
Algoma Steel Group Inc (TSX:ASTL)reported a net loss of $69.8 million in its third quarter, compared with earnings of $123 million this time a year earlier. Earnings per diluted share were 64 cents, down from 92 cents a year earlier. Revenue totaled $567.8 million, an approximately 47% decrease down from $1.06 billion a year earlier.
Canadian Stocks Moving Markets Today
Top Gainers:
- Algoma Steel
- CAE Inc
- Advantage Oil & Gas Ltd. (TSX:AAV)
Top Losers:
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