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Mining & Metals
EQB Reports Q2 Adjusted Earnings Miss as Revenue Falls; Raises Dividend, Advances PC Financial Acquisition
EQB (EQB.TO), which is in the process of acquiring PC Financial from Loblaw (L.TO), on Wednesday after market close reported a 17% year-over-year drop in its fiscal second-quarter adjusted earnings, as lower revenue weighed on results and earnings missed analysts' estimates.Adjusted net income, excluding most one-time items, dropped to C$78.31 million, or $2.03 per share, from $94.21 million, or $2.31. Analysts polled by FactSet had expected $2.07 per share.Quarterly revenue contracted to $302.36 million, from $315.95 million, just below the $304.4 million forecast.The company also declared a dividend of $0.61 per common share payable on June 30, 2026, to shareholders of record as of June 15, 2026, representing 3% and 15% increases from the dividends paid in March 2026 and June 2025, respectively."The second quarter reflected solid performance during a persistently uncertain economic environment and our team performed well against this backdrop, continuing to demonstrate operating discipline, renewed focus, and financial resilience," said CEO Chadwick Westlake."As we look ahead to the second half of the year, our business will meaningfully shift with the anticipated July 1 close of our PC Financial transaction - positioning us to serve millions of Canadians as a challenger at scale. Through a new loyalty-linked banking ecosystem, we will provide Canadians with better value, better products, more rewards and new channels, putting real choice and control back into their hands and giving every Canadian the opportunity to get ahead, every day," added Westlake.EQB said it secured final approval for the acquisition of PC Financial from the Minister of Finance and National Revenue on May 5. Through the acquisition, the company aims to expand its customer base to 3.3 million Canadians, add approximately $5.8 billion in assets and $800 million in direct retail deposits.EQB's provision for credit losses were up 16% quarter-over-quarter, "reflecting higher performing and impaired provisions", the company said.The company said it purchased and cancelled 1,226,734 shares through its active Normal Course Issuer Bid, supporting a return of capital for shareholders.EQB shares closed down $3.23 to $114.09 on the Toronto Stock Exchange.
$EQB.TO
Mining & Metals
Flow Capital Names Matthew Gan Chief Financial Officer; Set to Move Listing From TSX Venture to CSE
Flow Capital (FW.V) after trade Wednesday said it appointed Matthew Gan as chief financial officer effective June 1, replacing Michael Denny, who is retiring after serving in the role since September 2023.Gan has over 13 years of experience across finance, investments, capital markets, and operating leadership, and he most recently served as managing director of credit and due diligence at the company, according to the statement."On behalf of the board and the entire Flow Capital team, I want to thank Michael for his meaningful contributions to the company. During his tenure, Michael played an important role in strengthening our finance function and helping guide the Company through significant operational enhancements," Chief Executive Alex Baluta said.The company also said its shares are expected to begin trading on the Canadian Securities Exchange on June 1. In connection with the move, Flow Capital plans to voluntarily delist from the TSX Venture Exchange effective May 29. "The company's trading symbol 'FW' will remain unchanged, and shareholders will not be required to take any action in connection with the CSE listing," it added.
$FW.CN$FW.V
Mining & Metals
Volatus Aerospace Raising $30 Million in a Bought-Deal Share Offering
Volatus Aerospace (FLT.TO) on Wednesday said it is raising $30 million in a bought-deal share offering.The company is selling underwriters 46.2-million shares priced at $$0.65 each. The underwriters also have an over-allotment option to acquire 15% more of the company's shares, should demand warrant."Volatus expects the net proceeds of the Offering will be used to advance the Company's long-term strategy, including: (1) investing in expanded facilities and manufacturing capacity to fulfill increased demand internationally; (2) product development of further enhanced capabilities for remotely piloted aircraft systems for the defence industry; (3) enhancing the ability to consider larger acquisitions of complementary technologies and businesses; (4) increasing the Company's attractiveness as a stable and reliable long-term supplier and strengthening the Company's balance sheet to demonstrate additional working capital when bidding for larger governmental and commercial contracts; and (5) for general corporate purposes," the company said.Volatus shares closed down $0.01 to $0.72 on the Toronto Stock Exchange.
$FLT.TO