Here are five things you need to know this morning
Earnings galore: There are a slew of quarterly results to digest from TSX-listed firms this morning, perhaps none more notable than oil producer Suncor, where the company’s adjusted operating earnings per share came in at $1.25, better than the $1.17 expected. Cash flow rose to $5.08 billion from $3.4 billion and upstream production rose to 875,000 barrels per day, a record. We also have numbers from Sherritt to pore over, where adjusted EBITDA swung to a gain of $15.4 million, reversing last year’s negative $7 million. Revenue rose to $45.7 million, up by almost a third. We’ll also be watching the reaction to BCE’s latest quarterly results, where the telecom giant beat estimates on adjusted earnings per share and operating revenue. The company also lowered some of its forecasts for next year and held its dividend steady. Trading in BCE’s U.S.-listed shares were up about one per cent premarket. As a reminder, BNN Bloomberg is owned by Bell Media, which is a division of BCE.
Lightspeed scraps going-private plan: Montreal-based payments firm Lightspeed Commerce Inc. says it has wrapped up its strategic review and will continue as a public company. The launch of the review in late 2024 prompted speculation the company may go private, but chair Patrick Pichette said the review process made it clear that the best way forward for the company to maximize value is to proceed as a public entity and implement its turnaround plan. The company also posted quarterly results this morning, numbers that showed a loss of US$26.6 million for the three months up to the end of December. That’s less than the $40.2 million it lost in the same period in 2023.
One more weapon in the arsenal: There is a strong consensus among Canadians to put export taxes on oil, if necessary, in order to fight back in any U.S. trade war. That’s according to a new poll out this morning from Nanos Research Group, which found that 82 per cent of respondents supported the idea. Even in oil-rich provinces like Alberta and Saskatchewan, support for such a move was as high as 72 per cent. Canada ships about 4 million barrels a day of crude oil to the U.S., all of which is subject to a 10 per cent tariff starting next month, according to U.S. President Donald Trump. A further 79 per cent of those polled said they supported Ottawa’s plan to slap retaliatory tariffs on U.S. imports, if necessary, even though that would raise consumer prices.
Trade war prompts supply chain rethink, KPMG says: A separate poll from KPMG also shows just how seriously the Canadian business community is taking the trade war threat. Tariffs have companies on edge about their supply chains, with 44 per cent telling the consultancy they are reconfiguring their supply chains in the face of tariffs, and the same amount saying they plan to. More than half, 57 per cent, are taking steps to move production out of China.
Ford shares under pressure on gloomy outlook, tariff threat: We will be watching shares in Ford Motor Co. today as the automaker warned its profit will fall this year due to lower vehicle prices, sluggish demand for EVs, and higher costs. The second-largest domestic U.S. automaker says it expects to make US$8.5 billion in EBITDA this year. That’s down from $10.2 billion last year. CFO Sherry House told reporters on Thursday that the company is facing headwinds even outside of the threat of tariffs, which would hurt the auto industry perhaps more than any other. “There is no question that 25 per cent tariffs on Mexico and Canada would have a major impact on our industry,” she said. The shares were down about six per cent premarket. They lost 19 per cent of their value last year.
