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Recap: MYR Group Q3 Earnings

MYR Group (NASDAQ:MYRG) reported its Q3 earnings results on Wednesday, October 27, 2021 at 04:05 PM. Here's what investors need to know about the announcement. Earnings MYR Group beat their estimated earnings by 14.41%, reporting an ...Full story available on Benzinga.com.....»»

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Recap: Axis Capital Holdings Q3 Earnings

Axis Capital Holdings (NYSE:AXS) reported its Q3 earnings results on Wednesday, October 27, 2021 at 04:15 PM. Here's what investors need to know about the announcement. Earnings Axis Capital Holdings beat their estimated earnings by 102.0%, reporting ...Full story available on Benzinga.com.....»»

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Recap: Coeur Mining Q3 Earnings

Coeur Mining (NYSE:CDE) reported its Q3 earnings results on Wednesday, October 27, 2021 at 04:30 PM. Here's what investors need to know about the announcement. Earnings Coeur Mining missed their estimated earnings by 112.5%, reporting an ...Full story available on Benzinga.com.....»»

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Recap: Meritage Homes Q3 Earnings

Meritage Homes (NYSE:MTH) reported its Q3 earnings results on Wednesday, October 27, 2021 at 04:00 PM. Here's what investors need to know about the announcement. Earnings Meritage Homes beat their estimated earnings by 14.88%, reporting an ...Full story available on Benzinga.com.....»»

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Recap: Northeast Bank Q1 Earnings

Northeast Bank (NASDAQ:NBN) reported its Q1 earnings results on Wednesday, October 27, 2021 at 04:00 PM. Here's what investors need to know about the announcement. Earnings Northeast Bank missed their estimated earnings by 4.0%, reporting an EPS ...Full story available on Benzinga.com.....»»

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Annaly Capital Management: Q3 Earnings Insights

Annaly Capital Management (NYSE:NLY) reported its Q3 earnings results on Wednesday, October 27, 2021 at 04:15 PM. Here's what investors need to know about the announcement. Earnings Annaly Capital Management beat their estimated earnings by 3.7%, reporting ...Full story available on Benzinga.com.....»»

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Recap: Sunnova Energy Intl Q3 Earnings

Sunnova Energy Intl (NYSE:NOVA) reported its Q3 earnings results on Wednesday, October 27, 2021 at 04:00 PM. Here's what investors need to know about the announcement. Earnings Sunnova Energy Intl missed their estimated earnings by 78.57%, reporting ...Full story available on Benzinga.com.....»»

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Recap: Origin Bancorp Q3 Earnings

Origin Bancorp (NASDAQ:OBNK) reported its Q3 earnings results on Wednesday, October 27, 2021 at 04:30 PM. Here's what investors need to know about the announcement. Earnings Origin Bancorp beat their estimated earnings by 16.33%, reporting an ...Full story available on Benzinga.com.....»»

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Aflac: Q3 Earnings Insights

Aflac (NYSE:AFL) reported its Q3 earnings results on Wednesday, October 27, 2021 at 04:05 PM. Here's what investors need to know about the announcement. Earnings Aflac beat their estimated earnings by 15.91%, reporting an EPS ...Full story available on Benzinga.com.....»»

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Biomarin Pharmaceutical: Q3 Earnings Insights

Biomarin Pharmaceutical (NASDAQ:BMRN) reported its Q3 earnings results on Wednesday, October 27, 2021 at 04:05 PM. Here's what investors need to know about the announcement. Earnings Biomarin Pharmaceutical beat their estimated earnings by 20.0%, reporting an ...Full story available on Benzinga.com.....»»

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Recap: Raymond James Financial Q4 Earnings

Raymond James Financial (NYSE:RJF) reported its Q4 earnings results on Wednesday, October 27, 2021 at 04:00 PM. Here's what investors need to know about the announcement. Earnings Raymond James Financial beat their estimated earnings by 20.47%, reporting ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA1 hr. 39 min. ago Related News

Suncor Energy reports third quarter 2021 results

Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working-interest basis, before royalties, except for production values from the company's Libya operations, which are presented on an economic basis. Certain financial measures referred to in this news release (funds from operations, operating earnings (loss) and free funds flow) are not prescribed by Canadian generally accepted accounting principles (GAAP). See the Non-GAAP Financial Measures section of this news release. References to Oil Sands operations exclude Suncor Energy Inc.'s interest in Fort Hills and Syncrude. CALGARY, Alberta, Oct. 27, 2021 (GLOBE NEWSWIRE) -- "In the third quarter of 2021, Suncor generated funds from operations of $2.6 billion, underpinned by strong results from the Refining & Marketing business and including the significant planned turnaround at Oil Sands Base," said Mark Little, president and chief executive officer. "Since the start of 2021, we have returned $2.6 billion to our shareholders through share repurchases and dividends and have reduced net debt by $3.1 billion, demonstrating significant progress towards fortifying our balance sheet and meeting our capital allocation targets for the year." Funds from operations increased to $2.641 billion ($1.79 per common share) in the third quarter of 2021, compared to $1.166 billion ($0.76 per common share) in the prior year quarter. Cash flow provided by operating activities, which includes changes in non-cash working capital, was $4.718 billion ($3.19 per common share) in the third quarter of 2021, compared to $1.245 billion ($0.82 per common share) in the prior year quarter. The company recorded operating earnings(1) of $1.043 billion ($0.71 per common share) in the third quarter of 2021, compared to an operating loss of $338 million ($0.22 per common share) in the prior year quarter. The company had net earnings of $877 million ($0.59 per common share) in the third quarter of 2021, compared to a net loss of $12 million ($0.01 per common share) in the prior year quarter. Refining and Marketing (R&M) delivered $947 million in funds from operations in the current period, marking the third highest results for third quarter funds from operations on record. The increase in funds from operations in the third quarter of 2021, compared to $594 million in the prior year quarter, was a result of the improving business environment and strong refinery utilizations of 99%, and was achieved despite Canadian gasoline and diesel demand estimated to be 7%(2) below the comparable period in 2019. R&M funds from operations included a first-in, first-out (FIFO) inventory valuation gain of $84 million after-tax in the third quarter of 2021, compared to $164 million in the prior year quarter. Suncor's total upstream production increased to 698,600 barrels of oil equivalent per day (boe/d) in the third quarter of 2021, compared to 616,200 boe/d in the prior year quarter, due to continued strong performance from the company's In Situ assets and increased production volumes at Syncrude, partially offset by the impact of the significant planned turnaround at Oil Sands Base plant Upgrader 2 and planned maintenance at Firebag, which was completed in the quarter. Suncor successfully assumed the role of operator of the Syncrude asset on September 30, 2021, a critical step towards driving greater integration, efficiencies and competitiveness across all Suncor- operated assets in the region. Suncor and the co-owners of the Terra Nova project finalized an agreement to restructure the project ownership and move forward with the Asset Life Extension (ALE) project, which is expected to extend production life by approximately 10 years. Suncor, together with eight Indigenous communities, announced the formation of Astisiy Limited Partnership (Astisiy), which has signed agreements to acquire a 15% equity interest in the Northern Courier Pipeline. The pipeline, which connects the Fort Hills asset to Suncor's East Tank Farm, will be operated by Suncor and is expected to provide the eight Indigenous communities with reliable income for decades. In the third quarter of 2021, the company returned $1.0 billion to its shareholders through $704 million in share repurchases and payment of $309 million of dividends, and reduced net debt(3) by $2.0 billion. Since the beginning of 2021, Suncor has reduced net debt by $3.1 billion and repurchased $1.7 billion of its common shares since the start of its normal course issuer bid program (NCIB) in February 2021, representing approximately 63 million common shares at an average price of $26.39 per common share, or the equivalent of 4.1% of Suncor's issued and outstanding common shares as at January 31, 2021. The company is on track to exceed its previously communicated debt reduction and share repurchase targets for the year. Subsequent to the third quarter of 2021, the company completed the sale of its 26.69% working interest in the Golden Eagle Area Development for after-tax proceeds of US$250 million net of closing adjustments and other closing costs, and future contingent consideration of up to US$50 million. The effective date of the sale was January 1, 2021. Subsequent to the third quarter of 2021, Suncor's Board of Directors (the Board) approved a quarterly dividend of $0.42 per share, which represents an increase of 100% over the prior quarter dividend, reinstating the dividend to the 2019 level. The Board also approved an increase to the company's share repurchase program to approximately 7% of Suncor's public float as at January 31, 2021 and concurrently, the Toronto Stock Exchange (TSX) accepted a notice to increase the maximum number of common shares the company may repurchase pursuant to its NCIB to 7% of the company's public float. The acceleration of share repurchases, dividend increase and expected net debt reductions, compared to the company's previously announced targets demonstrate the progress made during the year and management's confidence in the company's ability to generate cash flow and its commitment to increased shareholder returns. Financial Results Operating Earnings (Loss) Suncor's operating earnings increased to $1.043 billion ($0.71 per common share) in the third quarter of 2021, from an operating loss of $338 million ($0.22 per common share) in the prior year quarter. The increase in operating earnings was primarily related to higher crude oil and refined product realizations reflecting the improved business environment, higher crude production and refinery crude throughput, and lower depreciation, depletion and amortization (DD&A) and exploration expenses. Operating earnings were partially offset by an increase in operating expenses and royalties associated with Suncor's increased production in the third quarter of 2021. The prior year quarter operating earnings were negatively impacted by the unprecedented decline in transportation fuel demand, partially offset by lower operating costs. Net Earnings (Loss) Suncor's net earnings were $877 million ($0.59 per common share) in the third quarter of 2021, compared to a net loss of $12 million ($0.01 per common share) in the prior year quarter. In addition to the factors impacting operating earnings (loss) discussed above, net earnings for the third quarter of 2021 were impacted by a $257 million unrealized after-tax foreign exchange loss on the revaluation of U.S. dollar denominated debt, a non-cash after-tax impairment reversal of $168 million against the Terra Nova assets, a $60 million after-tax loss for early repayment of long-term debt and a $17 million after-tax unrealized loss on risk management activities. The net loss in the prior year quarter included a $290 million unrealized after-tax foreign exchange gain on the revaluation of U.S. dollar denominated debt and a $36 million after-tax unrealized gain on risk management activities. Funds from Operations and Cash Flow Provided by Operating Activities Funds from operations were $2.641 billion ($1.79 per common share) in the third quarter of 2021, compared to $1.166 billion ($0.76 per common share) in the third quarter of 2020. Funds from operations were influenced by the same factors impacting operating earnings (loss) noted above. Cash flow provided by operating activities, which includes changes in non-cash working capital, was $4.718 billion ($3.19 per common share) for the third quarter of 2021, compared to $1.245 billion ($0.82 per common share) in the prior year quarter. In addition to the factors noted above, cash flow provided by operating activities was further impacted by a greater source of cash associated with the company's working capital balances in the current period compared to the prior year quarter. The source of cash in the third quarter of 2021 was primarily due to an increase in accounts payable and accrued liabilities and the receipt of the company's 2020 federal income tax refund. Operating Results Suncor's total upstream production increased to 698,600 boe/d in the third quarter of 2021, compared to 616,200 boe/d in the prior year quarter, reflecting continued strong performance from the company's In Situ assets and increased production volumes at Syncrude, partially offset by the impact of the significant planned turnaround at Oil Sands Base plant Upgrader 2 and planned maintenance at Firebag, which was completed in the quarter. The company's net synthetic crude oil production was 405,500 barrels per day (bbls/d) in the third quarter of 2021 compared to 410,800 bbls/d in the prior year quarter. In the third quarter of 2021, the company completed its five-year planned turnaround at Oil Sands Base plant Upgrader 2, and subsequent to the quarter the asset ramped up to normal operating rates. Syncrude upgrader utilization was 91% in the third quarter of 2021, compared to 78% in the prior year quarter. The prior year quarter was impacted by planned turnaround maintenance at both Oil Sands operations and Syncrude, and an operational incident at the secondary extraction facilities at Oil Sands Base plant. The company's non-upgraded bitumen production increased to 199,600 bbls/d in the third quarter of 2021 from 108,200 bbls/d in the prior year quarter due to continued strong performance from the company's In Situ assets and the impact of the significant planned turnaround at Oil Sands Base plant Upgrader 2, resulting in less Firebag volumes being processed at the upgrader and therefore increased non-upgraded bitumen being sold to market. The increase in production was partially offset by planned maintenance at Firebag in the third quarter of 2021. Production at Fort Hills increased during the third quarter of 2021, compared to the prior year quarter. During the third quarter of 2021, significant progress on the mine ramp up strategy was achieved and Fort Hills continued to manage overburden removal and build ore inventory according to plan. Fort Hills is expected to transition to a two-train operation and operate at full production rates by the end of the year. Exploration and Production (E&P) produced 93,500 boe/d during the third quarter of 2021, compared to 97,200 boe/d in the prior year quarter. The decrease was primarily due to natural production declines, partially offset by higher production at the Golden Eagle Area Development and liftings in Libya in the third quarter of 2021 compared to no liftings in the prior year quarter. Refinery crude throughput increased to 460,300 bbls/d and refinery utilization was 99% in the third quarter of 2021, compared to refinery crude throughput of 399,700 bbls/d and refinery utilization of 87% in the prior year quarter, reflecting strong utilizations across all refineries comparable to the same periods in 2018 and 2019, despite Canadian gasoline and diesel demand estimated to be 7% below the comparable period in 2019. The prior year quarter reflected reduced rates due to the completion of an eight-week planned turnaround at the Edmonton refinery and lower demand for refined products. Refined product sales in the third quarter of 2021 increased to 551,500 bbls/d, compared to 534,000 bbls/d in the prior year quarter. Strong utilizations during the quarter, increased demand and secured sales channels positioned the company to capture the improved business environment. "We continue to execute on our commitment to operational excellence across our assets. During the third quarter of 2021, Suncor once again outperformed the Canadian refining average, achieving 99% utilization at our refineries, and capturing funds from operations that exceeded the comparable 2019 levels in the downstream business," said Little. "In 2021, we completed the largest annual maintenance program in the company's history, including the completion of the significant turnaround at Oil Sands Base and planned maintenance at Firebag during the quarter, enabling us to return to normal production rates across our asset base in the fourth quarter." The company's total operating, selling and general expenses were $2.768 billion in the third quarter of 2021, compared to $2.235 billion in the prior year quarter. The increase was primarily due to higher crude production and refinery crude throughput, a significant increase in natural gas prices and lower costs in the prior year quarter. The increase was partially offset by cost reductions related to the company's strategic initiatives. Increased production in the quarter resulted in higher absolute costs but lower cash operating costs per barrel at Oil Sands operations and Syncrude. The prior year quarter reflected lower costs related to specific measures taken by the company to reduce operating costs in response to the COVID-19 pandemic. In the first nine months of 2021, the company's total operating, selling and general expenses were $8.388 billion, which included one-time costs associated with restructuring and integration charges. While the company has made progress on its cost reduction initiatives, it currently estimates that fourth quarter operating, selling, and general expenses will be in line with the year-to-date run rate due to the planned increase in upstream production volumes in the fourth quarter and the expected increase in natural gas input prices. The company's exposure to higher natural gas costs is partially mitigated by increased revenue from power sales. Strategy Update Suncor remains focused on operational excellence and its capital allocation strategy; fortifying the balance sheet through debt reductions and increasing the return to its shareholders in the form ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA1 hr. 39 min. ago Related News

Champion Iron Reports Robust Results for its FY2022 Second Quarter, Advances the Bloom Lake Phase II Expansion Project and Redeems Remaining Preferred Shares

Quarterly Production of 2.1M wmt, Net Income of $114.6M, EPS of $0.23 and EBITDA of $200.0M MONTRÉAL, Oct. 27, 2021 /CNW/ - Champion Iron Limited (TSX:CIA) (ASX: CIA) (OTCQX:CIAFF) ("Champion" or the "Company") is pleased to announce operational and financial results for the second quarter ended September 30, 2021. Conference Call Details Champion will host a conference call and webcast on October 28, 2021 at 8:30 AM EDT (Montréal Time) / 11:30 PM AEDT (Sydney time) to discuss the results for the second quarter ended September 30, 2021. Call details are outlined at the end of this release. 1. Highlights Health & Safety and Sustainability No serious injuries reported and no major environmental issues during the period; awareness campaigns are in place and continuous improvement efforts are deployed throughout the organization; Fully operational COVID-19 testing laboratory and prevention measures maintained in line with the Government of Québec's (the "Government") directives to mitigate risks related to COVID-19; In line with our Company's values, and out of respect and in recognition of the ancestral landholders' bond with the natural environment, the Company organized workshops aimed at familiarizing its employees with the Innu culture. Additionally, the Company participated and contributed to the commemoration activities that took place in the Uashat mak Mani-utenam community for the inaugural National Day for Truth and Reconciliation on September 30, 2021; Launch of the women's mentoring program dedicated to improve the integration and recruitment of more women into the Company's workforce; and Completion of the Company's 2021 Modern Slavery Statement and its 2020 Sustainability Report, both available on the Company's website at www.championiron.com. Financial Revenues of $331.0M and $876.4M for the three and six-month periods ended September 30, 2021, respectively, compared to $311.0M and $555.6M for the same periods in 2020; EBITDA1 of $200.0M for the three-month period ended September 30, 2021, compared to $199.0M for the same period in 2020. EBITDA1 of $605.8M for the six-month period ended September 30, 2021, compared to $329.1M for the same period in 2020; Net income of $114.6M for the three-month period ended September 30, 2021 (EPS of $0.23), compared to $112.2M for the same period in 2020 (EPS of $0.24). Net income of $338.9M for the six-month period ended September 30, 2021 (EPS of $0.67), compared to $187.7M for the same period in 2020 (EPS of $0.40); Net cash flow from operations of $374.1M for the three-month period ended September 30, 2021, representing an operating cash flow per share1 of $0.74, compared to $131.4M or $0.28 for the same period in 2020. Net cash flow from operations of $361.5M for the six-month period ended September 30, 2021, representing an operating cash flow per share1 of $0.71, compared to $206.7M or $0.44 for the same period in 2020; Full redemption of the remaining $125.0M balance of the total $185.0M of the Company's subsidiary, Quebec Iron Ore Inc. ("QIO"), the Company's subsidiary, preferred shares held by Caisse de dépôt et placement duQuébec which terminated preferred share dividend payments and reduced the overall cost of capital; Drawdown of $20.0M on the loan agreement with Investissement Québec, supported by the Fonds du développement économique ("IQ Loan") to finance the upgrade of Société Ferroviaire et Portuaire de Pointe-Noire's ("SFPPN") existing port and transboarding infrastructures; and Cash on hand1 and restricted cash of $567.5M as at September 30, 2021, compared to $466.7M as at June 30, 2021 and $680.5M as at March 31, 2021. Operations   Production of 2,089,100 wmt of high-grade 66.3% iron ore ("Fe") concentrate for the three-month period ended September 30, 2021, compared to 2,268,800 wmt of high-grade 66.1% Fe concentrate for the same period in 2020. Production of 4,025,100 wmt of high-grade 66.3% Fe concentrate for the six-month period ended September 30, 2021, compared to 4,067,600 wmt of high-grade 66.3% for the same period in 2020; Fe recovery rate of 83.3% and 83.1% for the three and six-month periods ended September 30, 2021, respectively, compared to a Fe recovery rate of 85.2% and 83.8%, respectively, for the same periods in 2020; and Free on Board (''FOB'') total cash cost1 of $56.2/dmt (US$44.6/dmt) (C1) and $58.2/dmt (US$46.8/dmt) for the three and six-month periods ended September 30, 2021, respectively, compared to $48.5/dmt (US$36.4/dmt) and $53.1/dmt (US$39.1/dmt), respectively, for the same periods in 2020. Growth and Development Commencement of a feasibility study, following laboratory work testing, to evaluate the reprocessing and infrastructure required for the commercial production of a 69% Fe Direct Reduction pellet feed product; Advances in work related to the Kamistiatusset iron ore project (the "Kami Project")'s updated feasibility study, which is expected to be completed in the second half of 2022, in connection with the Company's strategy to evaluate its growth alternatives within its property portfolio; Completion of the Lac Lamêlée South property acquisition and the 1.5% net smelter return royalty on the Company's Moiré Lake property and Fermont Properties portfolio, which includes the Consolidated Fire Lake North project; Collaboration with Caterpillar Inc. ("Caterpillar") and Toromont Cat to develop, test and implement advanced drilling technologies aimed at optimizing Bloom Lake's operational productivity and reducing energy consumption; Receipt of a $6.2M government grant during the three-month period ended September 30, 2021, as part of a grant of up to $21.8M, related to the Company's greenhouse gas emissions and energy consumption reduction initiatives; In anticipation of the Phase II growth project completion, the Company amended terms of its marketing agreements to maintain existing relationships and develop new ones with customers globally; and Agreement for a freight contract signed for one vessel per month, from August 2021 to December 2022. The freight contract is expected to reduce the Company's freight premium volatility with a certain agreed-upon price premium above the average C3 Baltic Capesize Index ("C3") per tonne plus a seasonal additional premium for the winter condition. Phase II Expansion Project ("Phase II") Milestones Several critical construction items completed, including the major tie-in between Phase I and Phase II, enabling the Company to evaluate a potential accelerated completion schedule for the project currently expected by mid-2022; Advancing remaining work programs, in challenging times, with more than 400 individuals actively working on the project to maintain or accelerate the expected completion schedule; and Capital expenditures and start-up costs of $110.5M and advance payments to SFPPN totalling $14.1M incurred in the three-month period ended September 30, 2021, with $413.2M invested to date. Champion's CEO, Mr. David Cataford, said: "I commend our team for maintaining a safe work environment and upholding our strong community relations, enabling our Company to deliver another robust operational and financial quarterly result. Our employees and partners continue to demonstrate their agility and motivation as we completed several critical work programs in challenging times for the Phase II expansion project, which is expected to double our nameplate capacity at Bloom Lake. With such significant progress, our team is actively evaluating a potential accelerated completion schedule for the project currently expected by mid-2022. With this growth project and our product development, our Company affirms its strategy to actively participate in reducing emissions in the steel making process. In turn, pursuing capital return strategies and other organic growth opportunities can also be facilitated with our preferred shares now fully redeemed, contributing to lowering our Company's cost of capital." 2. Bloom Lake Phase II Update  The Phase II project aims to double Bloom Lake's nameplate capacity to 15 Mtpa of 66.2% Fe iron ore concentrate by completing the construction of the second plant which was partially built by the mine's former owner. Based on the new optimized mine plan, the Bloom Lake mining rate would also be increased to accelerate the supply of ore to the expanded facilities, while maintaining a life of mine ("LoM") of 20 years. On June 20, 2019, the Company announced the findings of the Bloom Lake Feasibility Study (the "Feasibility Study"), including proven and probable mineral reserve estimates of 807.0 Mt (346.0 Mt of proven reserves and 461.0 Mt of probable reserves) at an average grade of 29.0% Fe. Bloom Lake Phase II reserves are based on the technical report entitled "Bloom Lake Mine – Feasibility Study Phase II", prepared pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Joint Ore Reserves Committee Code (2012 edition) by BBA Inc., Soutex and WSP Canada Inc., having an effective date of June 20, 2019 and filed on August 2, 2019. Bloom Lake Phase II mineral reserves include Bloom Lake Phase I mineral reserves as of the effective date of the mineral reserve estimate reported in the Feasibility Study. The Company is not aware of any new information or data that materially affects the information included in the Feasibility Study and confirms that all material assumptions and technical parameters underpinning the estimates in the Feasibility Study continue to apply and have not materially changed. The Feasibility Study is available under the Company's filings at www.sedar.com, on the ASX at www.asx.com.au or the Company's website at www.championiron.com. During the three-month period ended September 30, 2021, $110,532,000 in capital expenditures and start-up costs and $14,104,000 in advance payments were incurred for the Phase II project, with $413,216,000 invested to date, including $69,653,000 in advance payments related to existing port, rail and transboarding infrastructures. As at September 30, 2021, the Company had total cash on hand1 and restricted cash of $567,514,000. The Company maintains a total undrawn credit facility of US$220,000,000, a financing agreement for an undrawn amount of US$75,000,000 in connection with the funding of Phase II mining equipment and a seven-year loan agreement with Fonds de Solidarité des Travailleurs du Québec of $75,000,000, of which $45,000,000 remains undrawn as at September 30, 2021. Additionally, the Company's investment of $85,000,000 related to upgrades at SFPPN and budgeted in the overall Phase II capital expenditures, is partially financed through a term loan of up to $70,000,000, signed on July 21, 2021 with Investissement Québec and supported by Fonds du développement économique. As at September 30, 2021, $50,000,000 of the IQ Loan remained undrawn. The IQ Loan annual interest rate is 3.7%. Accordingly, as at September 30, 2021, the Company had a total $470,860,000 of undrawn available financing. Based on the foregoing and the utilization of ongoing operational cash flows, the Company is fully funded for the remaining Phase II construction project, which is currently scheduled for completion by mid-2022, with an estimated $220,584,000 remaining to be spent, including deposits. Milestones The progression of construction works accelerated significantly in August and reached its peak during the three-month period ended September 30, 2021. With several critical construction work programs completed, including the major tie-in between the Phase I and Phase II projects, the Company is evaluating a potential accelerated completion schedule for the project currently expected by mid-2022. The Company continues to advance remaining work programs, in challenging times, with more than 400 individuals actively working on the project. Project milestones that were achieved and related works undertaken during the three-month period ended September 30, 2021 include: Completion of 97% of the detailed engineering; Steel structure erection in the concentrator, along with equipment installation, progressed as planned; Mechanical installation of the load-out conveyors from the concentrator to the train loading station completed; New overhead line electrical distribution for the mine continued; and Completion and handover of the Mamu accommodations complex, hosting a total capacity of 300 people. 3. Bloom Lake Mine Operating Activities Three Months Ended Six Months Ended September 30, September 30, 2021 2020 Variance 2021 2020 Variance Operating Data Waste mined and hauled (wmt) 5,299,600 4,114,400 29 % 9,999,100 6,727,200 49 % Ore mined and hauled (wmt) 5,713,900 6,070,000 (6) % 11,357,800 10,752,600 6 % Material mined and hauled (wmt) 11,013,500 10,184,400 8 % 21,356,900 17,479,800 22 % Strip ratio 0.93 0.68 37 % 0.88 0.63 40 % Ore milled (wmt) 5,679,800 5,562,600 2 % 10,907,000 10,167,200 7 % Head grade Fe (%) 29.1 30.9 (6) % 29.4 31.1 (5) % Fe recovery (%) 83.3 85.2 (2) % 83.1 83.8 (1) % Product Fe (%) 66.3.....»»

Category: earningsSource: BENZINGA1 hr. 39 min. ago Related News

Teledyne Stock Gains On Q3 Beat, Strong FY21 Outlook

Teledyne Technologies Inc (NYSE: TDY) reported third-quarter sales growth of 75.2% year-over-year to $1.31 billion and ~12% on an organic basis, beating the consensus of $1.29 billion. Sales by segments: Digital Imaging $760.6 million (+217.3% Y/Y), Instrumentation $287.1 million (+9% Y/Y), Aerospace and Defense Electronics $161.8 million (+11.7% Y/Y), and Engineered Systems $102.4 million (+1.4% Y/Y). Adjusted EPS improved to $4.34 from $2.68 in 3Q20, beating the consensus of ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA4 hr. 39 min. ago Related News

Mid-Afternoon Market Update: Nasdaq Surges Over 100 Points; Cortexyme Shares Plunge

Toward the end of trading Wednesday, the Dow traded down 0.23% to 35,674.01 while the NASDAQ rose 0.81% to 15,358.79. The S&P also rose, gaining 0.14% to 4,581.2. The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,497,710 cases with around 759,930 deaths. India confirmed a total of at least 34,215,650 cases and 455,680 deaths, while Brazil reported over 21,748,980 COVID-19 cases with 606,290 deaths. In total, there were at least 245,403,800 cases of COVID-19 worldwide with more than 4,981,390 deaths, according to data compiled by Johns Hopkins University. Leading and Lagging Sectors Communication services shares gained by 2% on Wednesday. Meanwhile, top gainers in the sector included Urban One, Inc. (NASDAQ: UONE), up 8% and Ooma, Inc. (NYSE: OOMA) up 10%. In trading on Wednesday, energy shares fell 2.2%. Top Headline The Coca-Cola Company (NYSE: KO) reported better-than-expected results for its third quarter. Coca-Cola reported quarterly adjusted earnings of $0.65 per share, exceeding analysts’ estimates of $0.58 per share. The company’s sales came in at $10.00 billion, versus expectations of $9.75 billion. Equities Trading UP AgriFORCE Growing Systems, Ltd. (NASDAQ: AGRI) shares ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA4 hr. 39 min. ago Related News

Old Dominion Freight Line Q3 Results Top Street View, Operating Margin Expands

Old Dominion Freight Line Inc (NYSE: ODLF) reported third-quarter revenue growth of 32.3% year-over-year to $1.4 billion, beating the consensus of $1.37 billion. Revenue growth reflects a 15.7% LTL revenue per hundredweight increase and a 13.7% increase in LTL tons. EPS ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA4 hr. 39 min. ago Related News

Kraft Heinz Q3 Earnings Top Estimates, Notes Margin Pressure

Kraft Heinz Co (NASDAQ: KHC) reported a third-quarter FY21 sales decline of 1.8% year-on-year, to $6.32 billion, beating the analyst consensus of $6.02 billion. Sales in the U.S. fell 4% Y/Y, International rose 4.4%, and Canada increased 3.4%. The gross profit decreased by 13.5% Y/Y to $2.03 billion, with the margin contracting 430 ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA4 hr. 39 min. ago Related News

4 Analysts Raise Alphabet Price Targets After Earnings

Alphabet Inc (NASDAQ: GOOGL)(NASDAQ: GOOG) reported its third-quarter revenues and earnings ahead of the Street expectations. Despite that, the stock remained broadly flat after the release. Here is a preview of the results by leading analysts. Alphabet’s Results Earnings: $27.99 per share, versus the consensus estimate of $23.50 per share. Revenue: Climbed 41 percent year-over-year to $65.12 billion Alphabet Earnings Review by Justin Post of BofA Securities Post maintained a Buy rating for the stock, while raising the price target from $3,150 to $3,210. “We think three of four key drivers for the stock (revenue trends, y/y core margin trends, disclosures, and use of capital) were positive in 3Q,” the analyst said. “Revenue growth decelerated but was strong vs peers and above Street expectations, y/y core margins continued to improve, and Google made $12.6bn in stock repurchases,” he added. Post pointed out Google Cloud’s operating margins were disappointing, especially in view of the ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA4 hr. 39 min. ago Related News

Twitter Stock Sinks After Q3 Earnings: 5 Analysts React To Impact Of iOS Privacy Changes

Twitter Inc (NYSE: TWTR) shares tumbled 9.6% on Wednesday after the company disappointed the market with lackluster sales guidance. On Thursday, Twitter reported third-quarter adjusted EPS of 18 cents, beating consensus analyst estimates of 15 cents. Revenue of $1.284 billion fell just short of analyst expectations of $1.285 billion. Revenue was up 37% from a year ago. Related Link: Facebook Analysts Break Down Q3 Earnings: 'Big Investments For A Big Vision' Twitter reported 211 million monetizable daily active users, slightly below the 211.9 million Wall Street was expecting. Ad revenue in the quarter was up 41% to $1.14 billion, while total ad engagements were up 6% from a year ago. Twitter also reported a $766-million, one-time legal charge related to a September settlement involving Twitter allegedly misleading investors about user growth. Looking ahead, Twitter guided for fourth-quarter revenue of between $1.5 billion and $1.6 billion. The midpoint of that guidance range fell short of consensus analyst estimates of $1.58 billion. Twitter ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA4 hr. 39 min. ago Related News

TrueCar Forecasts a Continued Decline in Industry Sales for October 2021 Amid Vehicle Shortages

SANTA MONICA, Calif., Oct. 27, 2021 /PRNewswire/ -- TrueCar, Inc. (NASDAQ:TRUE), the most efficient and transparent online destination to find a car, forecasts total new vehicle sales will reach 1,054,312 units in October 2021, down 20% from a year ago and down 3% vs. September 2021, when adjusted for the same number of selling days. This month's seasonally adjusted annualized rate (SAAR) for total light vehicle sales is an estimated 13 million, down 20% from October 2020. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 945,027 units, down 20% from a year ago and down 3% from September 2021. "After eight months of consistent declines we are finally starting to see signs of a slight improvement in new vehicle inventory," said Nick Woolard, Lead Industry Analyst at TrueCar. "Overall inventory remains tight and with demand holding strong we are set to see another month of record new vehicle transaction prices." "While overall average incentive spend is expected to continue to decline, the decline is not uniform across vehicle segments," said Valeri Tompkins, Senior Vice President of OEM Solutions at TrueCar. "Full-size pickup trucks are actually seeing a notable increase in finance offers which has helped drive that segment to almost 25% of new vehicle sales, a dramatic increase from 15% back in May." Additional Insights (forecast by TrueCar): Total sales for October 2021 are expected to be down 20% from a year ago and down 3% from September 2021 when adjusted for the same number of selling days. Fleet sales for October 2021 are expected to be down 14% from a year ago and down 5% from September 2021 when adjusted for the same number of selling days. Incentive spend is down 39% from last year. Average transaction price is projected to be up 8% from a year ago and up 1% from September 2021. Total SAAR is expected to be down 20% from a year ago at 13 million units. Used vehicle sales for October 2021 are expected to reach 3.5 million, up 5% from a year ago and down 2% from September 2021. The average interest rate on new vehicles is 4.3% and the average interest rate on used vehicles is 7.3%. The average loan term on a new vehicle for October 2021 is 70 months and likewise the average loan term on a used vehicle is also 70 months.   Total Unit Sales Manufacturer Oct 2021 Forecast Oct 2020 Actual Sep 2021 Actual YoY % Change YoY % Change (Daily Selling Rate) MoM % Change MoM % Change(Daily Selling Rate) BMW 27,666 31,040 26,031 -10.9% -7.6% 6.3% -1.6% Daimler 19,676 29,082 18,419 -32.3% -29.8% 6.8% -1.1% Ford 165,523 181,820 155,384 -9.0% -5.6% 6.5% -1.4% GM 144,921 259,493 111,046 -44.2% -42.1% 30.5% 20.8% Honda 97,565 126,987 95,716 -23.2% -20.3% 1.9% -5.6% Hyundai 69,669 58,449 58,667 19.2% 23.6% 18.8% 10.0% Kia 52,514 56,094 52,906 -6.4% -2.9% -0.7% -8.1% Nissan 54,511 71,679 51,182 -24.0% -21.1% 6.5% -1.4% Stellantis 131,570 159,147 130,926 -17.3% -14.3% 0.5% -7.0% Subaru 35,236 61,411 42,054 -42.6% -40.5% -16.2% -22.4% Tesla 28,394 19,600 26,291 44.9% 50.2% 8.0% 0.0% Toyota 136,547 203,936 151,378 -33.0% -30.6% -9.8% -16.5% Volkswagen Group 45,627 51,607 38,821 -11.6% -8.3% 17.5% 8.8% Industry 1,054,312 1,361,858 1,006,931 -22.6% -19.7% 4.7% -3.1%   Retail Unit Sales Manufacturer Oct 2021 Forecast Oct 2020 Actual Sep 2021 Actual YoY % Change YoY % Change (Daily Selling Rate) MoM % Change MoM % Change(Daily Selling Rate) BMW 27,101 30,527 25,563 -11.2% -7.9% 6.0% -1.8% Daimler 18,630 28,152 18,042 -33.8% -31.4% 3.3% -4.4% Ford 130,808 145,598 126,366 -10.2% -6.8% 3.5% -4.2% GM 131,311 221,495 96,906 -40.7% -38.5% 35.5% 25.5% Honda 96,538 126,385 95,314 -23.6% -20.8% 1.3% -6.2% Hyundai 65,719 50,603 54,276 29.9% 34.7% 21.1% 12.1% Kia 47,284 51,078 50,938 -7.4% -4.0% -7.2% -14.0% Nissan 49,584 67,585 42,214 -26.6% -23.9% 17.5% 8.8% Stellantis 109,296 134,124 110,891 -18.5% -15.5% -1.4% -8.7% Subaru 35,031 60,582 40,486 -42.2% -40.0% -13.5% -19.9% Tesla 28,229 19,600 26,282 44.0%.....»»

Category: earningsSource: BENZINGA4 hr. 39 min. ago Related News