(Toronto) Canadian Tire raised its dividend, but saw lower third-quarter earnings from a year ago.
Posted at 9:44 a.m.
The retailer says it will now pay a quarterly dividend of $1.725 per share, down from $1.625 per share.
The increased payout to shareholders came as Canadian Tire reported net income attributable to shareholders was $184.9 million or $3.14 per share for the quarter ended May 1.er October, down from a profit of 243.7 million or $3.97 per 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.
On a normalized basis, Canadian Tire said it earned $3.34 per share in its most recent quarter, down from normalized earnings of $4.20 per 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.
Company quoted in this dispatch: (TSX: CTC. A, TSX: CTC)