Business

Canada trucker blockade poses risk to supply chain, auto industry -White House

Published

3 years ago

February 9, 2022

The Canadian truckers blockade https://www.reuters.com/world/americas/canadian-authorities-scramble-end-anti-vaccine-mandate-protests-2022-02-09 is posing a risk to the auto industry’s supply chain and U.S. officials were in close touch with their counterparts in Canada on the issue, the White House said on Wednesday.

The nearly two-week long protests against COVID-19 pandemic mandates and other restrictions have at times this week halted or sharply slowed traffic at the Ambassador Bridge that connects Detroit, Michigan, and Windsor, Ontario. The bridge, Canada’s busiest link to the United States, accounts for about 25% of trade between Canada and the United States as it is used to transport vehicles and parts and agricultural products.

“We are watching this very closely,” White House spokesperson Jen Psaki said at a news briefing. “The blockade poses a risk to supply chains, for the auto industry.”

Chrysler-parent Stellantis said the Windsor Assembly Plant had to cut short its first and second shifts on Tuesday over parts shortages caused by the disruptions.

“The plant resumed production this morning. We continue to work closely with our carriers to get parts into the plant to mitigate further disruptions,” Stellantis said.

Psaki said a White House Homeland Security adviser convened a meeting on Wednesday on the issue and officials are talking with Michigan Governor Gretchen Whitmer’s office and automakers.

“There are a number of steps we have proactively taken,” Psaki said.

U.S. customs officials have helped reroute some commercial travel to the Bluewater Bridge that connects Port Huron, Michigan, to Canada.

A General Motors spokesman said the Detroit automaker has not seen any issues but is monitoring the situation.

(Reporting by Jarrett Renshaw and David Shepardson; Writing by Doina Chiacu; Editing by Franklin Paul and Grant McCool)

Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

4 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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