Winnipeg Free Press - PRINT EDITION

Business Watch

  • Print

Winpak's earnings drop

Plastic-packaging manufacturer Winpak Ltd. has reported a 5.1 per cent drop in net earnings for the final three months of 2013.

The Winnipeg-based firm, which owns and operates eight production plants in Canada and the United States, said Wednesday it had earnings of $21 million, or 32 cents per share, for the quarter, compared with $22.1 million, or 34 cents per share, for the fourth quarter of 2012.

The company said while it's disappointed earnings didn't exceed 2012's total, it was still the second-best quarter in the company's history.

With the fourth-quarter decline, net earnings for the year finished only 0.2 per cent ahead of 2012's year-end total -- $71.4 million versus $71.3 million. Earning per share for both years was $1.10.

The company attributed the Q4 earnings decline to lower gross-profit margins and a greater allocation of earnings to non-controlling interests in the company. It noted fourth-quarter revenues rose by 8.5 per cent to $188.0 million, while revenues for the year were up 6.7 per cent to $714.9 million.

Winpak's operations include two production plants in Winnipeg.

 

U.S. Safeway on block?

 

NEW YORK -- Safeway says it's in talks to possibly put itself up for sale.

The Pleasanton, Calif.-based supermarket operator says discussions are ongoing but it hasn't yet reached an agreement. It added it isn't certain the talks will end in a deal.

The company, which has more than 1,300 U.S. locations, says it's postponing its investor conference that had been scheduled for early March.

For the fourth quarter, Safeway earned $100 million, or 35 cents per share, from continuing operations. Excluding one-time items, it earned 53 cents per share, above the 47 cents per share Wall Street expected.

A year earlier, it earned $170.7 million, or 71 cents per share.

Revenue was $11.31 billion, short of the $11.49 billion analysts expected.

In Canada, Safeway sold its 213 stores to Sobeys for $5.8 billion last year. To satisfy a Competition Bureau ruling, Sobeys was required to sell 23 of those stores -- including five in Winnipeg.

 

-- from the wire services

Republished from the Winnipeg Free Press print edition February 20, 2014 B10

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Red River flooding north of Selkik at McIvor Lane

View more like this

Photo Store Gallery

  • MIKE.DEAL@FREEPRESS.MB.CA 100615 - Tuesday, June 15th, 2010 The Mane Attraction - Lions are back at the Assiniboine Park Zoo. Xerxes a 3-year-old male African Lion rests in the shade of a tree in his new enclosure at the old Giant Panda building.  MIKE DEAL / WINNIPEG FREE PRESS
  • BORIS MINKEVICH / WINNIPEG FREE PRESS  070527 The 21st Annual Teddy Bears' Picnic at Assiniboine Park. The Orlan Ukrainian Dancers perform on stage.

View More Gallery Photos

Poll

Do you agree with the suspensions levied against three bantam hockey players for abusing game officials?

View Results

View Related Story

Ads by Google