Magna International Q3 Profit Tops Estimates – Quick Facts

Magna International Inc. (MGA,MG.TO) reported third quarter adjusted earnings per share of $1.95, 38% higher than a year ago. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $1.35, for the quarter. Analysts’ estimates typically exclude special items. Adjusted EBIT increased to $778 million from $558 million, a year ago. The company said the increase mainly reflected higher margin earned on sales, the benefit of COVID-19 related government employee support programs, and the negative impact of the labour strike at General Motors that was reflected in results in the third quarter of 2019.

Third quarter sales were $9.13 billion, down 2% from prior year. Analysts expected revenue of $9.08 billion, for the quarter.

For fiscal 2020, the company now projects total sales of $31.5 billion – $32.5 billion, revised from its previous guidance range of $30.0 billion – $32.0 billion. Adjusted EBIT Margin is now expected in a range of 4.0% – 4.4%, up from prior guidance range of 2.9% – 3.3%.

The Board declared a third quarter dividend of $0.40 per common share, payable on December 4, 2020 to shareholders of record as of the close of business on November 20, 2020.

The Board approved a new Normal Course Issuer Bid to purchase up to 29.6 million of common shares, representing approximately 10% of public float of common shares. The NCIB is expected to commence on or about November 15, 2020 and will terminate one year later.

What’s Left to Count in a Possible Day of Decision for Biden

He now leads in Georgia and Pennsylvania, and it seems just a matter of time before the race in Pennsylvania is put out of reach.

By Nate Cohn

The Great State of Pennsylvania? No. The Greatest State. Also, Not a State.

It’s a commonwealth, thank you for caring and wanting to know more.

By Caity Weaver

Pfizer Reports Positive Phase 3 Study Results For Tofacitinib In Ankylosing Spondylitis

Pfizer Inc. (PFE) announced positive results from a phase 3 investigational study evaluating the safety and efficacy of tofacitinib in adults with active ankylosing spondylitis. The study met its primary endpoint showing that at week 16, the percentage
of patients achieving an ASAS20 response was significantly greater with tofacitinib versus placebo. The percentage of ASAS40 response was significantly greater with tofacitinib versus placebo, a key secondary endpoint of the study.

The FDA has accepted the company’s application for the ankylosing spondylitis indication and the PDUFA goal date is in second quarter of 2021.

CANADA STOCKS-TSX opens higher on job additions, strong earnings

Nov 6 (Reuters) – Canada’s main stock index opened higher on Friday boosted by data showing the country added more jobs in October and strong earnings from Magna International Inc and Enbridge Inc.

* At 9:30 a.m. ET (1430 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 69.73 points, or 0.43%, at 16,367.9.

California Water Service Group Q3 Profit Rises – Quick Facts

California Water Service Group (CWT) reported third-quarter net income of $96.4 million or $1.94 per share up from $42.4 million or $0.88 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share. Analysts’ estimates typically exclude special items.

The $54.0 million increase in net income was due to our determination that the October 14, 2020 proposed decision in the California 2018 General Rate Case was sufficient evidence to record regulatory assets and associated revenues for interim rate recovery as well as benefits balancing accounts and the decoupling mechanisms.

Total operating revenue increased to $304.1 million from $232.5 million last year. Analysts expected revenues of $286.6 million for the quarter.

Sean Hannity Rants At ‘Absolute Disgrace’ Of An Election Turning Against Trump

While President Donald Trump filed lawsuits, cried fraud and baselessly claimed that mail-in votes ― especially for Joe Biden ― were cast after the polls closed, Sean Hannity defended the election process.

Just kidding!

The Fox News host actually did on Wednesday what he often does on his show ― acting as a campaign minister for the incumbent, who’s locked in a nail-biter as votes continue to be counted in battleground states. (See the video below.)

“And tonight what we’re really witnessing, we’re going to be honest, and take a good hard look at what’s happening is an absolute disgrace that’s unfolding right before our eyes,” Hannity fumed.

Hannity claimed the election was the culmination of a four-year “all out assault against a duly elected president” and cited disinformation and conspiracy theories being spread by Trump and his other allies. The prime time personality also seemed to reference false internet chatter about 100,000 votes that Biden picked up in Wisconsin through corruption.

Watch him carry on here:

H/T Media Matters

Where the Election Fight Is Playing Out in the Courts

The Trump campaign has intensified its efforts to stop vote counting and to question the validity of ballots, with nearly a dozen lawsuits in Nevada, Pennsylvania, Michigan and Georgia.

By Jim Rutenberg, Alan Feuer, Nick Corasaniti and Reid J. Epstein