Canadian Tire reports Q3 profit down from year ago, raises dividend

TORONTO — Canadian Tire Corp., Ltd. raised its dividend as it reported its third-quarter profit fell compared with a year ago.

The retailer says it will now pay a quarterly dividend of $1.725 per share, up from $1.625 per share.

The increased payment to shareholders came as Canadian Tire says its net income attributable to shareholders amounted to $184.9 million or $3.14 per diluted share for the quarter ended Oct. 1, down from a profit of $243.7 million or $3.97 per diluted share in the same quarter a year earlier.

Revenue totalled $4.23 billion, up from $3.91 billion in its third quarter last year.

Canadian Tire says on a normalized basis it earned $3.34 per diluted share in its latest quarter, down from a normalized profit of $4.20 per diluted share a year earlier.

Analysts on average had expected a profit of $3.92 per share and $4.23 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 10, 2022.

Companies in this story: (TSX:CTC.A, TSX:CTC)

The Canadian Press