Shopify profit surged to US$1.5B, Suncor earnings tripled to $3.7B, while Telus swung to a loss. Thomson Reuters raised its full-year outlook.
Canada’s second-quarter earnings season brought sharp divergence across sectors. Shopify Inc. posted a US$1.5 billion profit, Suncor Energy Inc. tripled its net earnings to $3.7 billion, and Thomson Reuters Corp. raised its full-year outlook. Telus Corp., by contrast, swung to a loss of $1.8 billion, dragged by a writedown in its media and international businesses.
Telus reported a net loss attributable to common shareholders of $1.17 per share for the quarter ended June 30, compared with a profit of $7 million a year earlier. Operating revenue and other income slipped to $4.92 billion from $5.08 billion. On an adjusted basis, the telecom earned 16 cents a share, down from 22 cents. The company maintained its quarterly dividend at 18 cents a share, payable Oct. 1.
Shopify’s net profit rose 66% to US$1.5 billion from US$906 million a year earlier. Revenue hit US$3.58 billion, up 34%, driven by a 37% jump in merchant solutions revenue to US$2.78 billion and a 22% increase in subscription solutions to US$802 million. Operating income climbed to US$488 million from US$291 million. The company guided for third-quarter revenue growth in the low-thirties percentage range year over year.
Suncor posted net earnings of $3.7 billion, or $3.17 per share, versus $1.13 billion, or 93 cents, a year ago. Adjusted operating earnings, which the company calls a better gauge of underlying performance, rose to $3.8 billion, or $3.23 per share, from $873 million, or 71 cents. Operating revenues, net of royalties, reached $7.8 billion, up from $5.8 billion. Total upstream production fell to 760,900 barrels a day from 808,000, reflecting planned maintenance.
Thomson Reuters reported second-quarter profit of US$448 million, or US$1.02 per diluted share, up from US$313 million, or 69 cents. Adjusted profit came in at 99 cents, beating the year-ago 87 cents. Revenue rose 9% to US$1.95 billion. The company lifted its full-year organic revenue growth forecast to about 8%, up from the prior 7.5–8% range.
Among the companies covered, AlphaScala’s proprietary scoring system gives Shopify a 53/100 (Mixed) rating, Telus a 36/100 (Mixed), and BCE (not reporting this quarter) a 62/100 (Moderate). For more on these stocks, see the Shopify stock page, Telus stock page, and BCE stock page. Broader stock market analysis is also available.
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