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TSX Today: North West Company, Quarterhill, Dollarama

TSXV Venture 50

It’s the first hour of trading for the TSX on Wednesday, September 13. The TSX is currently down 16.04 points to 20,207.04. The exchange today is being led by North West Company (North West Company Stock Quote, Chart, News, Analysts, Financials TSX:NWC).

After struggling all summer the company’s share price had bottomed near $30, but yesterday’s Q2 results and the announcement that it would increase its quarterly dividend have boosted the stock.

NWC posted consolidated sales that were up 6.8 per cent to $618.1-million. At the same time the company declared a quarterly dividend of $0.39, an increase of $0.01 or 2.6% per share, to shareholders of record on September 29, 2023. The dividend will be paid on October 13, 2023.

“I am pleased with our second quarter results as we continue to take a balanced approach to managing cost inflation pressures while focusing on finding cost efficiencies and productivity gains within our business,” said CEO Dan McConnell. “I am optimistic about the progress we are making on our operational excellence priorities and the growth potential of our business. I also want to acknowledge the many people whose lives have been so negatively affected by the wild fires in northern Canada and I want to thank our front-line associates, the fire fighters and community leaders for their commitment to supporting these impacted communities.”

At press time, shares of NWC were up 14.1 per cent to $34.49.

In tech, Quarterhill (Quarterhill Stock Quote, Chart, News, Analysts, Financials TSX:QTRH) today announced that its International Road Dynamics subsidiary has won a traffic collection contract with the State of Hawaii Department of Transportation. The five-year contract is worth $13.7-million.

“This contract highlights continued momentum at IRD, our enforcement solutions unit, which has had a strong year so far in 2023,” said CEO Chuck Myers. “Long-term relationships, such as the one we have with HDOT, provide us with a solid base from which we can introduce new enforcement solutions that further help customers meet their transportation management goals.”

At press time, shares of QTRH were up 2.6 per cent to $1.55.

And shares of Dollarama (Dollarama Stock Quote, Chart, News, Analysts, Financials  TSX:DOL) are up 2.6 per cent after the company posted second quarter results that saw sales increase 19.6 per cent to $1.46-billion.

“Once again this quarter, we delivered excellent operational and financial results, including notable growth in comparable store sales, EBITDA and earnings per share, CEO Neil Rossy said. “Our performance year to date for this fiscal year reflects our differentiated ability to provide compelling value across our broad product mix and a consistent shopping experience. Dollarama continues to deliver unparalleled value to a growing number of consumers seeking affordable everyday products at low price points, and we expect this strong demand to persist through the second half of the year in the current macro-economic context.”

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