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TechnologyHigher margins, gasoline prices help Canadian Tire beat profit estimates

19:31  08 november  2018
19:31  08 november  2018 Source:   reuters.com

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Oct 26 (Reuters) - Higher prices for gasoline and diesel in the aftermath of Hurricane Harvey drove up margins for two big U.S. refiners, and led them 30, Marathon earned .77 per share, easily topping analysts' expectations by 29 cents, while Valero's profit of .91 per share beat estimates of .83

Higher margins, gasoline prices help Canadian Tire beat profit estimates© Reuters/Mark Blinch People stand in front of a large Canadian Tire Corp logo during their annual general meeting for shareholders in Toronto.

(Reuters) - Retailer Canadian Tire Corp Ltd reported a better-than-expected third-quarter profit on Thursday, driven by higher demand for its home, kitchen and personal care products, along with a rise in gasoline prices.

The company, which sells products ranging from automotive spare parts to kitchen appliances, said its total comparable same-store sales in its retail unit rose 2.5 percent in the quarter, beating analysts' average estimate of 1.6 percent.

Revenue from its petroleum business rose 15.7 percent in the quarter ended Sept. 30.

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Margins were boosted by a discount on crude prices in Midland, Texas, which widened by nearly a barrel against the benchmark during the second Lower tax rates also helped . Strong crack spreads - the margin on turning crude oil into diesel, gasoline and other products - also spurred utilization rates

(Reuters) - Higher prices for gasoline and diesel in the aftermath of Hurricane Harvey drove up margins for two big U.S. refiners, and led them to post quarterly profits that flew past Wall Street estimates . Marathon Petroleum Corp said refining and marketing gross margins rose to

Canada's homegrown retailers have been trying to find ways to win back market share from larger rivals, including Amazon.com Inc and Walmart Inc .

Toronto-based Canadian Tire has been focusing on expanding its online presence, increasing private label brands in its brick and mortar stores, as well as spending more on marketing.

The company has launched home delivery services and upgraded some of its stores to allow faster check-outs, which helped the company's results in the third quarter.

Gross margins were up 53 basis points, Canadian Tire said.

Helly Hansen, the Norway-based sportswear brand that was acquired by Canadian Tire in July this year, contributed C$181.7 million ($138.68 million) in revenue, while revenue from its retail unit surged 11.4 percent to C$3.31 billion.

Canada's inflation rate slowed down to 2.2% last month

Canada's inflation rate slowed down to 2.2% last month The annual pace of inflation slowed more than expected in September as increases in the price of gasoline eased compared with August. Statistics Canada said Friday the consumer price index in September was up 2.2 per cent from a year ago compared with a year-over-year increase of 2.8 per cent in August. Economists had expected the September figure to come in at 2.7 per cent, according to Thomson Reuters Eikon. Statistics Canada said prices were up in all eight major components for the 12 months to September. The transportation index, which includes gasoline, was up 3.9 per cent in September compared with a 7.

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Net income rose to C$231.3 million, or C$3.15 per share, in the third quarter ended Sept. 30, from C$198.5 million, or C$2.59 per share, a year earlier.

Excluding one-time items, Canadian Tire earned C$3.47 per share, topping analysts' average estimate of C$2.85, according to IBES data from Refinitiv.

Revenue rose to C$3.63 billion from C$3.27 billion.

($1 = 1.3103 Canadian dollars)

(Reporting by Debroop Roy in Bengaluru; Editing by James Emmanuel)

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