Business

Autoworkers union reaches tentative deal with Chrysler-owner Stellantis to end strike

Published

1 year ago

October 29, 2023

The United Auto Workers (UAW) reached a tentative labour deal with Chrysler-owner Stellantis on Saturday, but the union announced it will expand its strike to a new General Motors plant in Spring Hill, Tenn., UAW said.

“We are disappointed by GM’s unnecessary and irresponsible refusal to come to a fair agreement,” UAW President Shawn Fain said in a statement to Reuters.

The deal with Stellantis secures record wages and benefits for Stellantis workers and follows a template set just days ago by UAW and Ford, including a 25 per cent wage hike over the 4.5-year contract.

The Stellantis deal includes an agreement to reopen the car maker’s assembly plant in Belvidere, Ill., which will now build midsize trucks, Fain said in a video post on social media. The trucks could compete against Ford’s Ranger and GM’s Chevrolet Colorado and GMC Canyon models.

Stellantis’ Belvidere factory was shuttered earlier this year leaving 1,300 workers without jobs. The factory, which became a rallying cry for the union’s bargaining campaign, will reopen contingent on expected state and local tax incentives, sources familiar with the situation said.

We have a tentative agreement at Stellantis. <a href=”https://twitter.com/hashtag/StandUpUAW?src=hash&ref_src=twsrc%5Etfw”>#StandUpUAW</a> <a href=”https://t.co/NsVL6w77WN”>pic.twitter.com/NsVL6w77WN</a>

—@UAW

In addition, Stellantis agreed to build a battery plant next to the existing Belvidere plant, UAW Vice President Rich Boyer said in the video address.

Stellantis will also keep open an engine manufacturing complex in Trenton, Michigan, and a machining operation in Toledo, Ohio, Boyer said.

In all, the automaker has committed to $19 billion US in new investments in U.S. operations and the creation of 5,000 additional jobs where previously it planned to cut 5,000 jobs, Fain and Boyer said.

“We turned it all the way around,” Fain said.

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

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

Published

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

Published

2 days 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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