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Q4: Canadian Factories Show Improving Profitability

ByThe National Bank of Canada
Published 02/28/2013, 06:47 AM
Updated 05/14/2017, 06:45 AM
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Despite a huge $1.1B decrease (-27%) In Q4 in profits of petroleum & coal products manufacturers, operating profits from domestic operations of Canadian nonfinancial corporations rose 2.1% (+$1.075B), more than offsetting a 0.4% (-$0.1B) decline for financials. In manufacturing, other than petroleum & coal products, profits were up $1.15B (+14%), a first in 4 quarters. The improvement was broad based with 9 out of the 12 major industries registering improved profitability. The largest contributions came from motor vehicles and parts, chemicals, rubber & plastics, food and soft drinks, primary metals and computer & electronic products. Today’s Hot Chart shows that Canadian factory profits (excluding petroleum and coal products) in Q4, were comparable to those generated between 2004 and 2006. This has occurred despite revenues that were markedly lower. It means that operating margins have increased noticeably since the middle of the last decade. This is a tribute to how much Canadian factories have adjusted to changing trade patterns, a loonie now close to par with the greenback and high commodity prices.
Canadian factories show improving profitability in Q4

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