Consumer Durables News

Toronto Stocks Creep Up; Bombardier Jumps on Better-Than-Expected 2022 Outlook


By Adriano Marchese

Canadian stocks were nearly flat mid-trading Tuesday. In the session, materials, consumer durables and process industries were the main laggards, offset slightly by gains primarily in tech. Energy and utilities posted minor gains as well. Shares in Bombardier Inc. were higher at midday after the company said it expects to report higher revenue and earnings for 2022 after delivering more aircraft than it originally anticipated.

Canada’s S&P/TSX Composite Index rose by 0.11% to 20411.95 and the blue-chip S&P/TSX 60 was 0.15% higher at 1230.21.

Bombardier shares were up 5.9% at 60.28 Canadian dollars ($44.96) after it said it delivered 123 aircraft in 2022, generating a revenue of $6.9 billion, better than expectations of $6.5 billion. Adjusted earnings before interest, taxes, depreciation and amortization is now expected to come in at $930 million, up from a previous forecast of $825 million.

Other market movers:

Shares in Rubellite Energy Inc. jumped 21% to C$2.17 after the company reported average oil sales production in the fourth quarter that came in on the high-end of its guidance.

Torex Gold Resources Ltd. shares were down 4.2% to C$17.18 after the company said 2023 production is expected to remain at the same levels of 2022, but inflation and other costs are forecasted to bring expenses slightly higher.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

01-17-23 1221ET



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