Research Alerts

Thomson Reuters Corporation(TRI-TSX)

2nd Quarter Results - written by Ian Nakamoto, CFA

July 29th, 2010
The company reported adjusted earnings of $0.47 US a share versus consensus estimates of $0.47 a share and last year of $0.58 a share. Though the year over year comparisons look poor the company has hit its guidance and continues to point to an improvement in net sales and earnings during the balance of the year.

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FirstService Corporation(FSV-TSX/FSRV-NASDAQ)

Commercial Real Estate Now Driving Earnings Growth - written by William J. Chisholm, CFA

July 29th, 2010
Q2 2010: A sharp recovery in Commercial Real Estate (CRE) more than offset a decline in Property Services and higher corporate expenses so that Q2 adjusted EBITDA rose 8.2% to $44.6 million and adjusted EPS rose 4% to $0.48 from $0.46. First half adjusted EPS rose 14.5% to $0.63 from $0.55.

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Mylan Inc.(MYL-NASDAQ)

Mylan Prevails Despite Strong Currency and European Pricing Headwinds - written by Troy Crandall

July 29th, 2010
Mylan reported solid Q2 2010 results with revenue of $1.37 billion (+8.0% Y/Y), beating Street expectations of $1.34 billion. Adjusted EPS were in-line with analysts’ forecasts of $0.37. Higher revenue and lower R&D expenses more than offset lower gross margins and helped deliver an in-line EPS quarter for Mylan.

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RioCan Real Estate Investment Trust(REI.UN-TSX)

Q2 Ahead of Street Expectations, Outlook Positive - written by P. Christopher Sears

July 29th, 2010
RioCan reported an increase in Q2 funds from operation (FFO) of 37% to $92.8 million versus $67.9 million last year. On a per share basis, the figure was $0.38 versus $0.30, an increase of 38%. FFO for the six-month period rose 29% to $179.0 million versus $138.5 million last year. The per unit figure was up 19% to $0.74 from $0.62. Adjusted FFO (AFFO) came in at $0.34 versus $0.27. The strength came from acquisitions, organic growth (same-store sales) and the completion of greenfield developments. The company currently has 11 properties under development that will add 3.3 million square feet upon completion.

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Teck Resources Ltd.(TCK.B-TSX)

2nd Quarter Results - written by Ian Nakamoto, CFA

July 28th, 2010
The company reported adjusted net earnings (removing foreign exchange gains/losses, derivatives, asset sales) of $0.55 a share versus $0.44 a share last year. Including provisional pricing adjustment (base metal concentrates sold in prior quarters but realized prices are adjusted in later quarters.) the company reported $0.64 a share versus $0.37 a share last year. Thomson Reuters consensus estimates are $0.66. We believe the $0.66 a share reported by Thomson Reuters is comparable to the $0.64 a share the company reported, therefore a slight miss appears to have occurred.

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Rogers Communications Inc.(RCI.B-TSX)

Rogers Reports a Solid Q2, but the Remainder of 2010 is Likely to be More Challenging - written by Troy Crandall

July 28th, 2010
Rogers reported Q2 2010 results with revenue of $3.03 billion (+4.8% Y/Y), in-line with Street expectations, while EBITDA of $1.20 billion (+10.8% Y/Y) was above consensus estimates of $1.17 billion. Adjusted EPS of $0.80 strongly beat Street expectations of $0.69 and last year’s $0.65 EPS. This quarter’s EPS beat was driven primarily by stronger than expected EBITDA within Rogers’ wireless and media divisions, lower than anticipated amortization expenses and a lower share count. Rogers bought back 9 million shares in the quarter for a total of $328 million or $630 million year-to-date.

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PepsiCo Inc.(PEP-NYSE)

“Solid Q2; Remainder of Year Seems on Track with Forecast” - written by P. Christopher Sears

July 23rd, 2010
Pepsi reported core Q2 EPS of $1.10 versus Street expectations of $1.08. Reported net revenues grew 40%. There are a lot of moving pieces in this quarter as the acquisition of the bottling operations skewed results. In general, the results were encouraging and seem to lead us into the guidance of a stronger second half of 2010 for the company.

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Johnson & Johnson(JNJ-NYSE)

Drug Recalls, Pricing Pressure and Currency Temper our Outlook; Reducing Target Price Modestly - written by Troy Crandall

July 23rd, 2010
JNJ reported Q2 2010 results with revenue of $15.3 billion, missing Street consensus estimates of $15.7 billion. Adjusted EPS of $1.21 was in-line with analysts’ forecasts. 

Revenue growth of 0.6% Y/Y was almost entirely the result of currency gains. Excluding currency, total revenue grew 0.1% Y/Y. Domestically, sales declined 2.8% Y/Y, while international sales (ex-FX impact) grew 3.0% Y/Y.

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Canadian National Railway(CNR-TSX)

“Solid Q2; Guidance Raised” - written by P. Christopher Sears

July 23rd, 2010
CN Rail reported Q2 after the close of markets yesterday with EPS of $1.13 versus $0.82 on an 18% increase in revenues. The consensus estimate for EPS was $1.00. For the six-month period, EPS rose by 29% to $2.21 from $1.72. Every segment of the market was stronger with the exception of Grain & Fertilizers, which was essentially flat.

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Microsoft Corporation(MSFT-NASDAQ)

An Upturn in the Enterprise Segment Helps Deliver a Record Quarter for Microsoft - written by Troy Crandall

July 23rd, 2010
Microsoft reported record Q4 f2010 results with revenue of $16.0 billion (up 22.4% Y/Y) beating Street expectations of $15.2 billion. Adjusted EPS of $0.51 (+41.7% Y/Y) were also above analysts’ consensus forecasts of $0.46. Currency provided a 2.0% lift to revenue this quarter.

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Apple Inc.(AAPL-NASDAQ)

Apple Re-defines and Dominates another Technology Segment - written by Troy Crandall

July 21st, 2010
Apple reported a record quarter with Q3 f2010 revenue, EPS and gross margin all beating Street estimates. Revenue of $15.7 billion grew 61.3% Y/Y, while EPS of $3.51 rose 74.6% Y/Y.
 
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General Electric Company(GE-NYSE)

Momentum Building in Q2 - written by P. Christopher Sears

July 19th, 2010
General Electric reported fully diluted Q2 EPS from continuing operations of $0.30 versus $0.25 on revenues of $37.4 billion, a 4% decline from the same period last year. The drop in revenues stemmed from lower GE Capital assets and lower equipment sales and was not a surprise. These results were achieved in an environment that can be described as encouraging, as the economy continues to improve.

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Apple Inc.(AAPL-NASDAQ)

Details from iPhone 4 Media Conference - written by Troy Crandall

July 16th, 2010
Apple held its media press conference this afternoon to address the iPhone 4 antenna issues that have been widely reported in the media. 

The company announced that it has sold 3 million iPhone 4 handsets since the device was launched 3 weeks ago. Of the iPhone 4’s sold to date, only 1.7% have been returned versus a 6.0% return rate for the previous version of the iPhone (the 3GS model) following its launch last year.

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Absolute Software Corporation(ABT-TSX)

CFO Promoted to the Position of COO - written by Troy Crandall

July 16th, 2010
Absolute Software announced a somewhat minor, but positive management change this morning. Rob Chase, the company’s Chief Financial Officer (CFO) has now been promoted to the role of Chief Operating Officer (COO). The role of CFO will be filled by Errol Olsen, who joins Absolute from Inetco Systems, a Burnaby-based maker of business transaction management software, where he also held the position of CFO.

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