Markets

Sector Update: Industrials; Cargojet Reports Q2 Results, SNC-Lavalin Selling 21% Interest in Astoria

Industrial stocks were generally advancing in afternoon trading. The S&P/TSX Industrials index was up 1.1%.

Bombardier (BBD-B.TO): +1.1%

SNC-Lavalin (SNC.TO): +1.3%

Cargojet (CJT.TO): -1.1%

Canadian Pacific Railway (CP.TO): +1.0%

Air Canada (AC-B.TO): -0.4%

In corporate news, Cargojet Monday reported revenues of $44.3 million for Q2 ended June 30, up 3.7% compared to last year. EBITDA was $2 million, a decrease of $2.2 million or 52.4% versus the previous year.

Gross Margin was $5.2 million, a decrease of $1.1 million or 17.5% versus the previous year.

The board of directors announced a cash dividend of $0.1491 per share, payable on or before October 3 to all shareholders of record as at the close of business on September 19.

On the other hand, SNC-Lavalin Monday said, following a competitive process, it has reached an agreement to sell its 21% percent interest (economic) in Astoria Project Partners LLC (Astoria I) .

It said in a statement this transaction is subject to customary adjustments, closing conditions, regulatory approvals and the provisions of the Astoria I governing documents. Astoria Project Partners LLC, through its wholly owned subsidiary, owns and operates a gas-fired combined-cycle power plant in Queens, New York City.

It added the agreement to sell SNC-Lavalin's interest in Astoria I is "another significant step in the execution" of the company's Strategic Plan.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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