George Weston Profit Falls in 3Q

Dow Jones11-19 20:34

By Adriano Marchese

George Weston profit fell in the third quarter due to a fair value adjustment weighing in the quarter.

The Toronto-based holding company, which is made up of the Choice Properties Real Estate Investment Trust and Canadian supermarket retailer Loblaw, on Tuesday posted a lower net income of 15 million Canadian dollars ($10.7 million), or C$0.08 a share, down from C$610 million, or C$4.41 a share, in the comparable quarter a year ago.

George Weston was hit by an unfavorable year-over-year impact of the fair value adjustment of the trust unit liability thanks to an increase of Choice Properties' unit price in the quarter. When the trust unit price increases, this negatively affects the company's financial performance, it noted, while when the trust unit price falls, the effect is inverted.

Adjusted earnings, which would exclude such exceptional items and one-off costs, were C$3.57 a share. According to FactSet, analysts were expecting C$3.44 a share.

Revenue rose 1.5% to C$18.69 billion, just shy of expectations of a rise to C$18.71 billion.

Loblaw generated the lion's share of the revenue and growth, rising to C$18.54 billion from C$18.27 billion. Choice properties rose to C$340 million from C$325 million.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

November 19, 2024 07:34 ET (12:34 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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