Grocery chain Metro hikes dividend: Quebec-based grocery chain Metro Inc. posted quarterly results before the bell this morning. Sales came in at $5.12 billion, an increase of 2.9 per cent and in line with expectations. Adjusted earnings per share came in at $1.10, up from $1.02 last year and slightly ahead of the $1.09 cents that analysts were expecting. The company boosted its quarterly dividend by 10.4 per cent to 37 cents per share. In a release the company said, “we are pleased with our first quarter results which were driven by solid revenue growth and good expense control.”
Here are five things you need to know this morning
Grocery chain Metro hikes dividend: Quebec-based grocery chain Metro Inc. posted quarterly results before the bell this morning. Sales came in at $5.12 billion, an increase of 2.9 per cent and in line with expectations. Adjusted earnings per share came in at $1.10, up from $1.02 last year and slightly ahead of the $1.09 cents that analysts were expecting. The company boosted its quarterly dividend by 10.4 per cent to 37 cents per share. In a release the company said, “we are pleased with our first quarter results which were driven by solid revenue growth and good expense control.”
CN Rail reaches union deal: CN Rail has struck an 11th hour deal with its electricians’ union, hammering out the basics of a new work pact just hours before a strike deadline was to pass this morning. No details are out yet, but the proposed deal is for four years. The current one expired last month. Workers were looking for higher wages and a better work life balance.
Ex-Stelco head pushes U.S. Steel for changes: Former Stelco CEO Alan Kestenbaum says he is willing to invest a significant amount of his personal fortune into U.S. Steel Corp if it abandons a proposed merger with Nippon Steel Corp. and they name him CEO. “If I get the chance to run the show, I’ll invest in it myself,” the long-time steel industry veteran told Bloomberg in an interview. His comments come after activist investor Ancora Holdings said it also intends to force U.S. Steel to abandon its Nippon plan.
AIMCO scraps 19 exec roles including DEI head: Months after being ordered to make changes to its management by the province, Alberta Investment Management Corp. has eliminated 19 jobs in non-investment areas, Bloomberg is reporting. After sacking its CEO and board last fall, the pension plan is not finished with shakeups. According to Bloomberg, the head of AIMCO’s diversity, equity and inclusion program is one of 19 executives who have recently been shown the door. The investment team that manages the fund’s roughly $169 billion in assets was left untouched.