Algonquin Power & Utilities Corp (TSX: AQN, OTC: AQUNF) reported second-quarter revenues of $222.8 million, compared to $196.2 million during the second quarter in 2015. The increase was primarily due to contributions from its new facilities and new rates at its regulated utility operations.
The company’s adjusted earnings came in at $30.9 million, or $0.11 per share, compared to $22.2 million, or $0.08 per share last year. Adjusted Funds from Operations (FFO) were $77.5 million, or $0.28 per share, up from $55.2 million, or $0.22 per share, last year.
The company recently announced it received approval from the Missouri Public Service Commission for its acquisition of Empire District. APUC expects the merger to complete in the first quarter of 2017.
Bank of Nova Scotia (TSX: BNS, NYSE: BNS) announced third-quarter net income of C$1.96 billion, or C$1.54 per share, compared to C$1.85 billion, or C$1.45 per share, in 2015.
The bank generated return on equity of 14.8%, an improvement from 14.7% last year. Provisions for credit losses fell C$181 million from the last quarter, due mainly to lower losses incurred from the energy sector.
Management announced it increased its quarterly dividend by two cents, or 6%, to C$0.74 per share.
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Keyera Corp (TSX: KEY, OTC: KEYUF) reported second-quarter adjusted EBITDA of $157 million, flat with the prior year. Earnings for the period were $60 million, or $0.34 per share, up from $16 million, or $0.09 per share, due to net foreign currency non-cash gain and lower current income taxes.
Distributable cash flow increased 49% to $138 million, or $0.78 per share, generating a payout ratio of 49%.
Keyera announced it is increasing its cash dividend by 6% from C$0.125 per share, to C$0.1325 per share, or C$1.59 annually. The dividend increase is payable on September 15, 2016 to shareholders of record on August 22, 2016.
Magna International (TSX: MG, NYSE: MGA) reported second-quarter revenues of $9.4 billion, up 16% from $8.3 billion in 2015.
The company benefited from growth in light vehicle production in North American and Europe, which increased 2% to 6%, respectively. Magna’s complete vehicle assembly sales increased 7% during the quarter. Adjusted earnings before interest and taxes came in at $789 million, up from $677 million during the prior year’s quarter. Diluted earnings per share from continuing operations was $1.41 , compared to $1.29 per share in 2015.
New Flyer Industries (TSX: NFI, OTC: NFYEF) reported second-quarter revenues rose 56.5% to $586.9 million, due to strong market for its Transit Buses and Coaches and its acquisition of Motor Coach Industries last year. The company’s total equivalent units (EUs) delivered during the quarter increased by 71.4% to 1,018, with an average selling price increase of 6.6% per unit.
Adjusted EBITDA more than doubled to $80.3 million, compared to $39.2 million in 2015. Net earnings surged 180.9% to $34.7 million or $0.58 per share. Free cash flow was C$60.8 million, up 130.3% compared to last year.
Year-to-date Free Cash Flow payout ratio improved to a strong 20.2% compared to 42.7% during the same period in 2015, despite the company’s recent 33% dividend hike last quarter.
Management expects to deliver 3,450 equivalent units EU’s for fiscal 2016, up from 3,265 EU’s in 2015.