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It was good news, bad news Tuesday for maple leaf stocks Bank of Montreal (NYSE: BMO) and Canadian Solar Inc. (NYSE: CSIQ). While both reported better than expected quarterly results, Bank of Montreal reported lower second-quarter earnings and said it would lay off 1,100 employees, and Canadian Solar posted a first-quarter loss due to plunging revenues.
Bank of Montreal, Canada's fourth-largest bank, reported its profit declined to C$358 million (US$317 million), or 61 Canadian cents per share, in the quarter that ended April 30. Results included one-time charges of C$80 million for losses in BMO's backup financing operations and C$80 million in severance costs for job cuts. Adjusted earnings came to 93 Canadian cents per share, just above analysts' expectations.
The bank's provisions for bad loans were less than some analysts had expected, indicating that Canada's banking sector remains far healthier than its global peers.
BMO also declared a quarterly dividend of 70 cents per share.
Shares rose 7.4%, or $2.71, to close at $39.28 Tuesday. The share price is 20.0% lower than a year ago.
Canadian Solar, which is actually headquartered in China, reported a loss of $4.8 million, or 13 cents a share, compared to a profit of $18.6 million, or 57 cents a share, in the year-ago quarter. Excluding items, the solar cell maker reported a loss of 10 cents a share.
The company also said revenue fell 71% to $49.5 million.
Canadian Solar said it expects shipments in the second quarter to be higher than the current quarter, reflecting increased demand for its products.
Shares rose 10.2%, or $1.02, to close at $11.03 Tuesday. The share price is 71.3% lower than a year ago.
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