price to sales ratio
THOMSON REUTERS CORP. $48 (Toronto symbol TRI; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 784.8 million; Market cap: $37.7 billion; Price-to-sales ratio: 3.0; Dividend yield: 3.4%; TSINetwork Rating: Above Average; www.thomsonreuters.com) (All amounts except share price and market cap in U.S. dollars) now plans to buy back up to $1 billion worth of its shares by the end of 2016.
Meantime, the company’s revenue fell 2.7% in the three months ended March 31, 2015, to $3.0 billion from $3.1 billion a year earlier. Without the effect of the high U.S. dollar, revenue rose 2%.
Earnings per share declined 4.3%, or $0.44 from $0.46, but gained 8.7% if you disregard changes in currency exchange rates. Banks and brokerages are buying more of Thomson’s information products. Sales to tax, accounting and legal professionals also remain strong.
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Meantime, the company’s revenue fell 2.7% in the three months ended March 31, 2015, to $3.0 billion from $3.1 billion a year earlier. Without the effect of the high U.S. dollar, revenue rose 2%.
Earnings per share declined 4.3%, or $0.44 from $0.46, but gained 8.7% if you disregard changes in currency exchange rates. Banks and brokerages are buying more of Thomson’s information products. Sales to tax, accounting and legal professionals also remain strong.
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SUNCOR ENERGY INC. $36 (Toronto symbol SU; Conservative Growth Portfolio, Resources sector; Shares outstanding: 1.5 billion; Market cap: $54.0 billion; Price-to-sales ratio: 1.4; Dividend yield: 3.1%; TSINetwork Rating: Average; www.suncor.com) has started work on its Fort Hills oil sands project in northern Alberta. Suncor owns 40.8% of Fort Hills; France’s Total SA holds 39.2%, while Teck Resources owns the remaining 20.0%. This $13.5-billion project (Suncor’s share is $5.5 billion) should start up in late 2017, and its reserves should last 50 years.
The company produced 602,400 barrels a day in the first quarter of 2015, up 10.5% from 545,300 a year earlier. That’s mainly because shut downs for maintenance hurt last year’s output.
However, lower oil prices cut Suncor’s earnings by 90.2%, to $175 million, or $0.12 a share, from $1.8 billion, or $1.22. Cash flow per share fell 48.0%, to $1.02 from $1.96.
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The company produced 602,400 barrels a day in the first quarter of 2015, up 10.5% from 545,300 a year earlier. That’s mainly because shut downs for maintenance hurt last year’s output.
However, lower oil prices cut Suncor’s earnings by 90.2%, to $175 million, or $0.12 a share, from $1.8 billion, or $1.22. Cash flow per share fell 48.0%, to $1.02 from $1.96.
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IMPERIAL OIL LTD. $49 (Toronto symbol IMO; Conservative Growth and Income Portfolios; Resources sector; Shares outstanding: 848.0 million; Market cap: $41.6 billion; Price-to-sales ratio: 1.3; Dividend yield: 1.1%; TSINetwork Rating: Average; www.imperialoil.ca) produced an average of 333,000 barrels of oil equivalent a day (93% oil and 7% natural gas) in the first quarter of 2015, up 0.9% from a year earlier.
Excluding properties Imperial sold in the past year, production gained 5.7%. The increase is mainly due to rising output at the Kearl oil sands project in Alberta. Imperial owns 71% of Kearl; Exxon- Mobil (New York symbol XOM) holds the other 29%. Exxon also owns 69.9% of Imperial.
However, a 50% drop in crude oil prices cut Imperial’s revenue by 32.8%, to $6.2 billion from $9.2 billion. Earnings fell 55.5%, to $421 million, or $0.50 a share. A year earlier, the company earned $946 million, or $1.11. Cash flow per share dropped 39.9%, to $0.86 from $1.43.
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Excluding properties Imperial sold in the past year, production gained 5.7%. The increase is mainly due to rising output at the Kearl oil sands project in Alberta. Imperial owns 71% of Kearl; Exxon- Mobil (New York symbol XOM) holds the other 29%. Exxon also owns 69.9% of Imperial.
However, a 50% drop in crude oil prices cut Imperial’s revenue by 32.8%, to $6.2 billion from $9.2 billion. Earnings fell 55.5%, to $421 million, or $0.50 a share. A year earlier, the company earned $946 million, or $1.11. Cash flow per share dropped 39.9%, to $0.86 from $1.43.
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MAPLE LEAF FOODS INC. $23 (Toronto symbol MFI; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 143.1 million; Market cap: $3.3 billion; Price-to-sales ratio: 1.0; Dividend yield: 1.4%; TSINetwork Rating: Average; www.mapleleaf.ca) is Canada’s largest food processing company. It mainly sells its products, including fresh and prepared meats and poultry, under the Maple Leaf and Schneider brands.
Maple Leaf is close to finishing an overhaul of its meat-processing operations that mainly involves closing older plants and shifting their operations to newer facilities. It has also cut the number of warehouses in its distribution business from 19 to two.
The company is beginning to benefit from this plan: in the three months ended March 31, 2015, it lost $2.9 million, or $0.02 a share, compared to a year-ago loss of $132.9 million, or $0.95. If you exclude restructuring costs, Maple Leaf earned $0.05 a share in the latest quarter.
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Maple Leaf is close to finishing an overhaul of its meat-processing operations that mainly involves closing older plants and shifting their operations to newer facilities. It has also cut the number of warehouses in its distribution business from 19 to two.
The company is beginning to benefit from this plan: in the three months ended March 31, 2015, it lost $2.9 million, or $0.02 a share, compared to a year-ago loss of $132.9 million, or $0.95. If you exclude restructuring costs, Maple Leaf earned $0.05 a share in the latest quarter.
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LOBLAW COMPANIES LTD. $63 (Toronto symbol L; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 412.5 million; Market cap: $26.0 billion; Price-to-sales ratio: 0.6; Dividend yield: 1.6%; TSINetwork Rating: Above Average; www.loblaw.ca) continues to benefit from its March 2014 purchase of the 1,250-store Shoppers Drug Mart chain for $12.3 billion in cash and stock.
In the three months ended March 28, 2015, the company’s overall sales jumped 37.8%, to $10.0 billion from $7.3 billion a year earlier. Shoppers contributed $2.6 billion to the latest quarterly sales.
Same-store sales at Loblaw’s supermarkets rose 4.0%, excluding gasoline sales. Shoppers’ same-store sales gained 3.1%. Without unusual items, earnings jumped 96.7%, to $301 million from $153 million. Per-share profits rose 35.2%, to $0.73 from $0.54, on more shares outstanding.
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In the three months ended March 28, 2015, the company’s overall sales jumped 37.8%, to $10.0 billion from $7.3 billion a year earlier. Shoppers contributed $2.6 billion to the latest quarterly sales.
Same-store sales at Loblaw’s supermarkets rose 4.0%, excluding gasoline sales. Shoppers’ same-store sales gained 3.1%. Without unusual items, earnings jumped 96.7%, to $301 million from $153 million. Per-share profits rose 35.2%, to $0.73 from $0.54, on more shares outstanding.
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ATCO LTD. (Toronto symbols ACO.X [class I non-voting] $44 and ACO.Y [class II voting] $44; Income Portfolio, Utilities sector; Shares outstanding: 115.1 million; Market cap: $5.1 billion; Price-to-sales ratio: 1.1; Dividend yield: 2.3%; TSINetwork Rating: Above Average; www.atco.com) holds 53.2% of Canadian Utilities (see page 53). The company also owns 75.5% of ATCO Structures & Logistics, which makes temporary buildings for construction, mining and energy exploration firms; Canadian Utilities owns the other 24.5%. In the three months ended March 31, 2015, the company earned $94 million, or $0.82 a share. That’s down 26.0% from $127 million, or $1.10. Revenue declined by 12.6%, to $1.1 billion from $1.2 billion.
Lower earnings at Canadian Utilities hurt ATCO’s profits. As well, the structures business completed two big contracts in late 2014. As a result, this division’s earnings fell by $11 million in the latest quarter.
However, ATCO recently started working on a $125-million contract to build worker shelters at the Wheatstone liquefied natural gas project in Western Australia. It expects to finish these buildings by the end of the year.
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Lower earnings at Canadian Utilities hurt ATCO’s profits. As well, the structures business completed two big contracts in late 2014. As a result, this division’s earnings fell by $11 million in the latest quarter.
However, ATCO recently started working on a $125-million contract to build worker shelters at the Wheatstone liquefied natural gas project in Western Australia. It expects to finish these buildings by the end of the year.
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CANADIAN UTILITIES LTD. (Toronto symbols CU [class A non-voting] $37 and CU.X [class B voting] $37; Income Portfolio, Utilities sector; Shares outstanding: 264.5 million; Market cap: $9.8 billion; Price-to-sales ratio: 2.8; Dividend yield: 3.2%; TSINetwork Rating: Above Average; www.canadian utilities.com) distributes electricity and natural gas in Alberta and Australia. It also operates 18 power plants in Canada, Australia and the U.K. ATCO Ltd. owns 53.2% of the company.
Canadian Utilities plans to spend $5.8 billion on upgrades between 2015 and 2017. It will devote $5.1 billion of that to its regulated operations, including $1.2 billion to make Alberta’s power grid more reliable.
The remaining $700 million will go to unregulated businesses, including $500 million for new power lines in the Fort McMurray area. The company owns 80% of a joint venture that will build this project. Quanta Services (New York symbol PWR) will own the remaining 20%. Meanwhile, Canadian Utilities earned $174 million, or $0.61 a share, in the three months ended March 31, 2015.
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Canadian Utilities plans to spend $5.8 billion on upgrades between 2015 and 2017. It will devote $5.1 billion of that to its regulated operations, including $1.2 billion to make Alberta’s power grid more reliable.
The remaining $700 million will go to unregulated businesses, including $500 million for new power lines in the Fort McMurray area. The company owns 80% of a joint venture that will build this project. Quanta Services (New York symbol PWR) will own the remaining 20%. Meanwhile, Canadian Utilities earned $174 million, or $0.61 a share, in the three months ended March 31, 2015.
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ENBRIDGE INC. $61 (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 855.0 million; Market cap: $52.2 billion; Price-to-sales ratio: 1.5; Dividend yield: 3.0%; TSINetwork Rating: Above Average; www.enbridge.com) gets 90% of its revenue from pipelines that pump oil and natural gas from Western Canada to Eastern Canada and the U.S. The remaining 10% mainly comes from distributing gas to 2.1 million consumers in Ontario, Quebec, New Brunswick and New York State.
The company plans to spend $44 billion on new pipelines and expansions between 2014 and 2018. It completed $9.8 billion worth of that total in 2014 and expects to finish another $8.7 billion worth this year. Enbridge has already secured shipping contracts for $34 billion worth of these projects, which cuts its risk.
These outlays exclude the $6.5-billion Northern Gateway pipeline, which would pump crude from Alberta to the B.C. coast. Regulators have approved the line, but it still faces a number of political and other hurdles. If Enbridge decides to build Northern Gateway, it could begin operating in 2019.
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The company plans to spend $44 billion on new pipelines and expansions between 2014 and 2018. It completed $9.8 billion worth of that total in 2014 and expects to finish another $8.7 billion worth this year. Enbridge has already secured shipping contracts for $34 billion worth of these projects, which cuts its risk.
These outlays exclude the $6.5-billion Northern Gateway pipeline, which would pump crude from Alberta to the B.C. coast. Regulators have approved the line, but it still faces a number of political and other hurdles. If Enbridge decides to build Northern Gateway, it could begin operating in 2019.
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LINAMAR CORP. $82 (Toronto symbol LNR; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 65.1 million; Market cap: $5.3 billion; Price-to-sales ratio: 1.3; Yield: 0.5%; TSINetwork Rating: Average; www.linamar.com) rose to an all-time high of $84.13 after reporting record first-quarter results.
In the three months ended March 31, 2015, sales rose 22.5%, to $1.3 billion from $1.0 billion a year earlier. That’s partly because Linamar recently bought hot-forging businesses in the U.S. and Germany for $107.6 million.
These operations bring expertise that will improve the company’s ability to make specialized parts. That will make its transmissions lighter and quieter, with less vibration.
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In the three months ended March 31, 2015, sales rose 22.5%, to $1.3 billion from $1.0 billion a year earlier. That’s partly because Linamar recently bought hot-forging businesses in the U.S. and Germany for $107.6 million.
These operations bring expertise that will improve the company’s ability to make specialized parts. That will make its transmissions lighter and quieter, with less vibration.
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LINAMAR CORP. $82 (Toronto symbol LNR; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 65.1 million; Market cap: $5.3 billion; Price-to-sales ratio: 1.3; Yield: 0.5%; TSINetwork Rating: Average; www.linamar.com) rose to an all-time high of $84.13 after reporting record first-quarter results. In the three months ended March 31, 2015, sales rose 22.5%, to $1.3 billion from $1.0 billion a year earlier. That’s partly because Linamar recently bought hot-forging businesses in the U.S. and Germany for $107.6 million. These operations bring expertise that will improve the company’s ability to make specialized parts. That will make its transmissions lighter and quieter, with less vibration....