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George Weston profit misses consensus by 46.9% in Q4

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George Weston profit misses consensus by 46.9% in Q4

George Weston Ltd said its normalized net income for the fourth quarter was 80 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of C$1.50 per share.

EPS declined 30.3% year over year from C$1.14.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$102.0 million, a decrease of 30.3% from C$146.3 million in the year-earlier period.

The normalized profit margin fell to 1.1% from 1.2% in the year-earlier period.

Total revenue fell year over year to C$11.25 billion from C$11.73 billion, and total operating expenses declined on an annual basis to C$10.84 billion from C$11.06 billion.

Reported net income decreased 9.3% from the prior-year period to C$137.0 million, or C$1.07 per share, from C$151.0 million, or C$1.18 per share.

For the year, the company's normalized net income totaled C$4.13 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of C$5.67.

EPS declined 10.7% from C$4.63 in the prior year.

Normalized net income was C$529.9 million, a decrease of 10.7% from C$593.3 million in the prior year.

Full-year total revenue increased 6.8% year over year to C$46.89 billion from C$43.92 billion, and total operating expenses grew 6.4% on an annual basis to C$44.84 billion from C$42.15 billion.

The company said reported net income grew year over year to C$480.0 million, or C$3.74 per share, in the full year, from C$82.0 million, or 64 cents per share.