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

The Toronto-based firm says its insurance revenue reached $6.75 billion during the quarter ended June 30, up year-over-year from $6.62 billion.       

Earlier this month, Intact Financial updated its guidance for the second quarter, announcing it had higher catastrophe losses and large losses than it initially predicted.   

It said its combined catastrophe and large losses were $247 million above its expectations for the second quarter on a pre-tax and net of reinsurance basis.

Intact Financial CEO Charles Brindamour says the company’s resilient performance and balance sheet strength position it to continue to pursue growth initiatives in a constructive mergers and acquisitions environment.   

First Quantum reports Q2 net earnings of US$136M, up from US$18M last year

First Quantum Minerals Ltd. reported net earnings attributable to shareholders of the company of US$136 million in the second quarter, rising from US$18 million during the same period last year. That amounted to diluted net earnings per share of 16 cents US, compared with two cents during the prior-year quarter. 

The Toronto-based company, which keeps its books in U.S. dollars, says sales revenue amounted to US$1.5 billion, rising year-over-year from US$1.22 billion.

First Quantum says its total copper production for the second quarter was 100,487 tonnes, compared with 91,069 tonnes during last year’s second quarter.   

CEO Tristan Pascall says site preparation for the processing of stockpiled ore advanced well during the quarter at the Cobre Panama copper mine.   

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In April, the government of Panama approved the removal, processing and export of stockpiled ore at the contentious mine that had been shuttered.

CGI reports $465.2M Q3 profit, up from $408.6M a year earlier

CGI Inc. says it earned $465.2 million in its third quarter compared with a profit of $408.6 million a year earlier. The business and technology consulting firm says the profit amounted to $2.23 per diluted share for the quarter ended June 30, up from $1.82 per diluted share in the same quarter last year.

On an adjusted basis, CGI says it earned $2.29 per diluted share in its latest quarter, up from an adjusted profit of $2.10 per diluted share a year earlier.

Revenue for the quarter totalled $4.19 billion, up from $4.09 billion in the same quarter last year.

Bookings for the quarter totalled $4.20 billion, while CGI’s backlog stood at $31.79 billion at June 30.

CGI has 94,000 consultants and professionals across the globe that provide business and technology consulting services.

Algoma Steel reports Q2 loss of $96M, compared with $110.6M loss last year

Algoma Steel Group Inc. reported a net loss of $96 million during the second quarter, compared with a net loss of $110.6 million during the prior-year quarter. That amounted to a net loss per diluted share of 88 cents, compared to a net loss of $1.02 per diluted share during last year’s second quarter.   

The Sault Ste. Marie, Ont.-based steel producer says its consolidated revenue reached $267.5 million during the period, falling year-over-year from $589.7 million.