Stock news for investors: First Quantum profit jumps, Intact earnings fall

First Quantum Minerals net earnings surged to US$136 million in the second quarter, up from US$18 million a year earlier. Diluted earnings per share hit 16 cents US, compared with two cents in the prior-year period. The Toronto-based miner said sales revenue rose to US$1.5 billion from US$1.22 billion, helped by a 10% increase in copper production to 100,487 tonnes.

CEO Tristan Pascall said site preparation for processing stockpiled ore at the Cobre Panama mine advanced well during the quarter. The government of Panama approved the removal, processing and export of that stockpiled ore in April, more than a year after the mine was shuttered.

Intact Financial reported insurance revenue of $6.75 billion in the quarter ended June 30, up from $6.62 billion a year earlier. Earlier this month the company updated its guidance, saying combined catastrophe and large losses were $247 million above its expectations on a pre-tax, net-of-reinsurance basis. CEO Charles Brindamour said the company's resilient performance and balance sheet strength position it to pursue growth initiatives in a constructive mergers and acquisitions environment.

CGI Inc. posted a third-quarter profit of $465.2 million, up from $408.6 million. Adjusted diluted earnings per share came in at $2.29, compared with $2.10 a year earlier. Revenue rose to $4.19 billion from $4.09 billion. Bookings for the quarter totalled $4.20 billion, and the backlog stood at $31.79 billion at June 30. CGI's Alpha Score is 51 out of 100, a Mixed rating, reflecting its steady revenue growth and large backlog. The company has 94,000 consultants worldwide.

Algoma Steel Group reported a net loss of $96 million in its second quarter, narrower than the $110.6 million loss in the same period last year. Per-share loss was 88 cents, compared with a $1.02 loss. Revenue fell sharply to $267.5 million from $589.7 million, reflecting weaker steel prices and lower shipments.