Canadian Tire Announces Lower Third Quarter Earnings From A Year Ago, Increases Dividend

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TORONTO—Canadian Tire Corp., Ltd. increased its dividend as it reported lower third-quarter earnings from a year ago.

The retailer says it will now pay a quarterly dividend of $1.725 per share, down from $1.625 per share.

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The increased payout to shareholders came as Canadian Tire said its net income attributable to shareholders was $184.9 million or $3.14 per diluted share for the quarter ended Oct. 1, down compared to earnings of $243.7 million or $3.97 per diluted share in the same quarter a year earlier.

Revenue totaled $4.23 billion, compared to $3.91 billion in the third quarter of last year.

Canadian Tire said on a normalized basis it earned $3.34 per diluted share in its most recent quarter, down from normalized earnings of $4.20 per diluted share a year earlier.

Analysts on average had expected earnings of $3.92 per share and $4.23 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

This report from The Canadian Press was first published on November 10, 2022.

Companies in this story: (TSX: CTC.A, TSX: CTC)