Canadian Q3 corporate profits +14.0% q/q vs -3.4% prior

Quarterly profit numbers from Statistics Canada

• Companies earned $80.7 billion in profits in Q3


• Profits down 1.1% y/y


• The increase was led by a $6.5 billion gain in profits in finance and insurance industries


• Profits were up in 11 of 17 non-financial industries


• Operating profits were up 27.1% to $12.7 billion in manufacturing (which includes refining)


• Excluding petroleum and coal products manufacturing, operating profits rose 6.8% to $11.5 billion


• Retail operating profits were down 4.4% q/q

Food and soft drink manufacturing profits were solid, and to a lesser extent so were machinery and equipment wholesalers.

Oil and gas extraction contracted for the seventh consecutive quarter and each of the quarterly losses in 2016 have been larger than in 2015.

The only real winners are finance in the Canadian economy with financial industries earning $26.1 billion in Q3, or 32.3% of all corporate profits.

Canadian Q3 corporate profits +14.0% q/q vs -3.4% prior
Canadian Q3 corporate profits +14.0% q/q vs -3.4% prior
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