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Update on Overnight Stocks To Watch: Interfor Up More Than 4%, Hits Fresh 52 Week Highs. And Genworth Up 0.4%

· 02/05/2021 04:54

09:43 AM EST, 02/05/2021 (MT Newswires) -- Genworth MI Canada (MIC.TO) -- in the process of being taken over by Brookfield Business Partners L.P. (BBU and BBU-UN.TO) -- was up about 0.4% on the TSX early Frida after overnight reporting Q4 fully diluted EPS 1.43 versus forecast EPS Normalized of 1.22 and last year 1.30. "We were very pleased with our fourth quarter and full year results, including strong top line momentum, a relatively low loss ratio and 13% operating return on equity," said Stuart Levings, President and CEO. "While the economic environment continues to evolve in line with our expectations, there remains a high degree of uncertainty, especially as we manage through the second wave of COVID-19. That said, the proactive government measures, improved employment levels and strength of the housing market should help us manage through this period even as the mortgage deferral program winds down."

Meanwhile, Interfor (IFP.TO), a forest products company with operations in Canada and the United States that rose 4% to fresh 52 week highs yesterday, has added another 4% and hit more 52 week highs early Friday. Overnight it reported Q4 Adjusted Net EPS Basic of $2.47 versus a forecast EPS Normalized of 1.93 and last year (0.26). It recorded revenues of $662.3 million versus a forecast $660.54 Million. On Outlook, IFP said North American lumber markets over the near term are expected to "remain robust and above historical trends, albeit volatile, as relatively low levels of lumber inventories industry wide combined with demand ahead of the 2021 home building and renovation season put pressure on available lumber supply from manufacturers." Interfor expects lumber demand to continue to grow over the mid-term, as repair and renovation activities and U.S. housing starts benefit from favourable underlying economic fundamentals and trends. Interfor said its strategy of maintaining a diversified portfolio of operations allows the company to both reduce risk and maximize returns on invested capital over the business cycle. "While uncertainty remains as to the duration and extent of the economic impact from the COVID-19 pandemic, Interfor is well positioned with its strong balance sheet and significant available liquidity.

Price: 27.75, Change: +1.22, Percent Change: +4.60