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Canada Post says it will have a fully electric fleet by 2040

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OTTAWA — Canada Post says it will transform its fleet of vehicles to be fully electric by 2040, spelling out details Thursday on steps it will take to achieve its target.

The Crown corporation said the electrification of its 14,000 vehicles will serve its commitment to reduce its environmental footprint and reach net-zero emissions by 2050, earmarking $1 billion to do so.

“I’m not going to sugarcoat this one and the size of this challenge for us. We’re a very big national organization with operations from coast to coast to coast. We’re literally everywhere, and then some. And that comes with a large carbon footprint,” said Doug Ettinger, president and CEO of Canada Post.

However, he noted that the corporation’s features also mean “there’s potential to do a lot of good there.”

Other steps to cut emissions include refitting buildings to make them more energy-efficient, upgrading equipment, and building new net-zero buildings.

Ettinger said its road map to get there is based on expertise and the availability of electric vehicles, which are currently not easy to acquire because of the pandemic and the computer chip shortage.

“Everybody is sort of interested in the space right now. Demand is extremely high and supply is extremely low,” he said.

Canada Post recently put in a large order for electric vehicles and will be putting out a tender for proposals, he said, adding it will see some “heavier deliveries” of vehicles early in 2023, but later that year and into 2024 is when bigger numbers of vehicles are set to arrive.

Ettinger said the corporation will also focus on building charging infrastructure for the electric fleet.

“We need to charge vehicles overnight, so they’re ready in the morning,” he said, noting depending on the size of the vehicle it takes from four to eight hours to get it fully charged.

“We can’t use public charging infrastructure. Even if it’s there, it’s not a way to run the business efficiently.”

Canada Post’s plan includes details on how they will build the infrastructure at about 350 of their depots for letter carriers, said Ettinger.

The corporation will first add charging stations to the depots currently on electricity grids, he said.

That may mean depots in British Columbia and Quebec will be some of the first to see these stations, and likely counts Alberta and Saskatchewan out for now.

The bulk of energy in B.C. and Quebec comes from electricity sources, while the vast majority of Alberta and Saskatchewan’s energy mix is made up of fossil fuel sources, according to the Canada Energy Regulator.

This report by The Canadian Press was first published June 9, 2022.

This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.

 

Erika Ibrahim, The Canadian Press

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

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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

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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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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 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:TRI)

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