Prof. Fournier Press Review: November 22 – November 26
By Pierre Fournier
Agenda: CAE, Siemens, Rogers, CGI, Schlumberger, Corus.
Profit for CAE for its most recent quarter. The Montreal-based company specializing in commercial flight simulators announced a profit for its last quarter. Still, results are slightly below analysts' expectations. According to CAE's press release, CAE had recorded a loss for the same period last year. Recently, CAE announced the purchase of the AirCentre air operations division for more than $390 million. This acquisition thus enables CAE to strengthen its business in the software sector used by airlines, which will help them with crew and flight management as well as increase the efficiency of their airport management.
New high-speed trains from Siemens for Russia. According to Tass Russian News agency, the German-born Siemens company announced a partnership with Russia. This partnership concerns the development of high-speed trains, which will allow passengers to travel between Moscow and Saint Petersburg at an average speed of nearly 350 km/h. The commissioning of this high-speed corridor is scheduled for 2028. This partnership concerns the Siemens subsidiary in Russia and the Russian company Sinara.
Third-quarter result for Rogers. Canadian telecommunications company Rogers announced third-quarter profits of $490 million. According to Rogers' press release, this result is down from $512 million for the same period last year. Rogers saw higher revenues for its wireless and cable services but suffered lower revenues for media and wireless equipment divisions. Rogers announced earlier this year its intention to acquire Shaw Communications in a transaction evaluated at approximately $26 billion.
Acquisition for Montreal-based CGI. The Montreal-based company specializing in information technology consulting services has signed an agreement to acquire the Spanish company Cognicase Management Consulting (CMC). According to Yahoo, CMC was founded in 1993 and it provides technology and management consulting services to clients located in Spain, Italy, Portugal, Colombia and Mexico. According to CGI, this acquisition will strengthen its service portfolio considerably, especially in Spain.
Photo: Kosuke Okahara/Bloomberg
Profit for the Schlumberger company. According to Investor Center, the oil services company Schlumberger, which was hit very hard in 2020 by the COVID-19 crisis, has returned to profit in the third quarter and expects an exceptional growth cycle thanks to the current rising demand for and the increase in oil prices. The multinational, based in Houston, Texas, recorded a profit of $550 million US for the last quarter. In comparison, for the same period in 2020, Schlumberger has been strongly affected by the low oil price and reported a net loss of $82 million.
Profits down for Corus Entertainment. According to the Coruc press release, Corus Entertainment posted a profit of 19.9 million for its fourth quarter. But that's down from the profit of $30 million for the same period last year. Corus is the company behind Global Television, W Network, HGTV Canada, Food Network and other specialty channels, radio stations and conventional television stations. The company calls this drop in revenue temporary and is confident for the remainder of 2021 and into 2022.