Research Alerts

RDS announced Q4 results that missed consensus by roughly 5%. Net income was $4.85 billion vs. consensus of $5.1 billion. Results were hurt by weak refining margins that offset decent results from the upstream. Refining margins were down in most global markets in the fourth quarter but have rallied strongly in Q1 thanks to a number of refinery closures.


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Chartwell Seniors Housing REIT is one of the largest participants in the seniors housing business in North America. It owns and operates seniors housing communities ranging from independent supportive living to assisted living to long-term care. It operates over 25,000 suites located in key markets throughout North America (approximately ¾ in Canada and the rest in the U.S.).

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Q1 2012: Metro started fiscal 2012 with a strong Q1. Net earnings rose 8.6% to $103.7 million or to $1.01 per share from $0.91. Results for both years are under IFRS accounting with the Q1 2011 results being restated upwards by $0.03 per share. EPS were slightly above expectations. The quarterly dividend was raised 11.7% to $0.215 per share.


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Dundee International REIT allows investors to participate in the growth of international commercial real estate and diversify their real estate holdings all the while remaining within the Canadian tax advantaged REIT structure. Currently, the company’s assets are exclusively in Germany and consist of over 290 properties for a total of 12.3 million square feet.


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Apple reported extremely strong Q1 f2012 results with nearly all metrics well above Street estimates. Revenue of $46.3 billion grew 73.3% Y/Y beating consensus estimates of $38.9 billion. EPS of $13.87 rose 115.7% Y/Y, also widely ahead of Street forecasts of $10.08.  Gross margin of 44.7% hit an all-time high for the company and easily beat both Street estimates and management’s guidance. The large 620 bps Y/Y expansion in gross margin was largely the result of a shift in product mix towards iPhones, although favourable component and other product costs were also a factor. Management expects the favourable component pricing environment to continue throughout Q2, although gross margin is guided lower Q/Q on a higher U.S. dollar and seasonally weaker iPhone sales.

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Despite market uneasiness centered on the potential impact that lower PC growth could have on Microsoft going into the quarter, the company reported Q2 f2012 results in line with Street expectations.  Revenue of $20.9 billion (+4.7% Y/Y) was dead-on analysts' consensus forecasts, while EPS of $0.78 (+1.3% Y/Y) beat Street expectations by $0.02.


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Q3 2012: The Jean Coutu Group’s results remained at the upper end of expectations in Q3 2012 with net earnings up 5.9% to $51.7 million. EPS rose to $0.23 from $0.21 in the quarter and to $0.64 (pre unusual) from $0.58 for the 39 weeks ended November 26, 2011. The earnings growth primarily reflected improved operating performance in its core distribution business and was achieved despite lower prices for generic drugs.


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Telus issued its annual financial outlook updating both its 2011 guidance and its forecast for 2012. Guidance ranges for 2011 were all maintained, with consolidated revenue now expected to be at the top-end of the previously guided range. Management expects both consolidated EBITDA and EPS to be in the middle of the guided ranges, despite chatter that Q4 EBITDA could be pressured by subsidies associated with strong iPhone 4S sales in the quarter.


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PPY announced Q3 results and its 2012 budget recently. CFPS was $0.15, in-line with consensus. Most of the key results from the quarter were pre-announced including impressive drilling results on the company’s Montney shale gas resource play.


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Q1 2012: Costco maintained its strong revenue growth in Q1 2012 but two non recurring items held the gain in net earnings to 2.6%. Diluted EPS of $0.73 were modestly above the $0.71 earned in Q1 2011 but exclusive of two special items, EPS rose 12.7% to $0.80. The special charges were an unfavorable tax audit in its 50% owned Mexican joint venture and a $17 million contribution to a campaign to reform alcoholic beverage laws in its home State of Washington.


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Q3 2011: Another flat quarter as food sales remained strong, particularly in northern markets, while general merchandise was weak in both Giant Tiger and Cost-U-Less. EPS declined to $0.35 from $0.46 but on a pre-tax basis earnings rose 0.8%.


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