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Here's why the Bank of Canada could be done cutting interest rates for now

Here's why the Bank of Canada could be done cutting interest rates for now

Global News5 days ago
The Bank of Canada has largely kept to the sidelines as it tries to get a sense of how U.S. tariffs will impact the economy — and some economists think it might just stay there.
After a quarter-point cut in March, the central bank held its benchmark interest rate steady at 2.75 per cent in April and June.
With last month's jobs figures showing a surprise gain and core inflation levels holding steady at around three per cent, economists now broadly expect the central bank will continue its holding pattern at its next decision on July 30.
The central bank lowers its policy rate when it wants to encourage spending and boost the economy but keeps borrowing costs elevated when there are concerns inflation could pick up steam.
Most economists expect the Bank of Canada will deliver at least one or two more quarter-point cuts in the months ahead.
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Lower rates would help shore up the economy in the trade war, the argument goes.
RBC is among a small group making the case for no more interest rate cuts from the Bank of Canada for the time being.
Frances Donald, RBC's chief economist, said the central bank could opt to cut again amid 'pockets' of weakness in the economy — a soft housing market and a sharp slowdown in tariff-struck sectors like manufacturing, to name a few.
'On the flip side,' she said in an interview, 'it's worth considering, would Bank of Canada rate cuts actually help what's hurting the Canadian economy?'
The policy rate is a broad tool that affects every Canadian — and every market — regardless of their need for support, Donald noted.
That means that tariff-sensitive Windsor, Ont., where the unemployment rate now tops 11 per cent, would see the same stimulus from a rate cut as Victoria, B.C., where the jobless rate currently sits at just 3.9 per cent.
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'Rate cuts would probably be inappropriate in an economy like that,' Donald said.
Instead, RBC argues that markets like Windsor need the precision of fiscal policy support from the government.
The Bank of Canada has already delivered 2.25 percentage points of interest rate cuts over the past year, and that support is only now starting to filter into the economy, Donald said.
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The central bank can now hand the baton to the federal government without having to provide much more support for the economy, she said, unless signs of a broader downturn start to materialize.
Donald said RBC has a more optimistic view of the economy than some other forecasters, expecting growth to pick up through the rest of the year thanks to resilient consumer spending and an expected rebound in business confidence.
But Oxford Economics, which expects Canada is already in a recession that will persist through the rest of the year, also expects no further interest rate cuts from the central bank.
The firm said in an updated outlook this week that while it expects job losses to pick up steam in the months ahead, it also sees inflation rising to three per cent by mid-2026 thanks to tariffs and related supply-chain strain.
The Bank of Canada will want to lean against any potential rise in prices and will keep its policy rate on hold even as the trade war stymies growth, Oxford Economics argued.
Donald said that after inflation surged over the pandemic, consumers are likely feeling 'scarred' as new price pressures bubble up around them.
'Canadians have been through a very serious affordability crisis and this is a Bank of Canada that's likely going to lean on the side of wanting to prevent a second round,' she said.
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BMO, meanwhile, has three more interest rate cuts in its forecast currently, with the final coming in March of next year.
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Business Matters: Young adults and low-income households more likely to report financial stress
But BMO chief economist Doug Porter acknowledged the arguments are growing for fewer, if any, cuts.
'If you look at what the financial markets are expecting, and they're often a very good judge, at this point they're really only looking for one more cut,' he said in an interview after Tuesday's inflation release.
Porter said the federal government is expected to rapidly ramp up spending, particularly on defence and infrastructure, in the coming months, taking some of the pressure off the Bank of Canada to cut rates.
Stephen Brown, deputy chief North America economist at Capital Economics, believes it's not reasonable to expect the central bank is done cutting with the unemployment rate holding near seven per cent and the economy's output well below potential.
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'I think it's quite unlikely that we're in a position where the economy doesn't need any cuts at all,' he said.
At 2.75 per cent, the Bank of Canada's benchmark interest rate is at the middle of its so-called 'neutral range,' where monetary policy is neither boosting nor stifling economic growth.
Brown said he expects the policy rate will likely drop to 2.25 per cent before the central bank's easing cycle is done, giving the economy some tailwinds through the trade uncertainty.
Donald believes the Bank of Canada is well positioned at the middle of its neutral range — able to pivot lower with a couple of interest rate cuts as needed or keep rates elevated if inflation proves stubborn in the months ahead.
She said she doesn't expect interest rate hikes will be in the cards anytime soon, but argues the Bank of Canada maintains overall flexibility by keeping its policy rate on hold until the data tells it which way to move.
'They could choose to stay at this level for the next one to two years waiting for the next shock, which could go in one direction or the next.'
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Winpak Reports 2025 Second Quarter Results
Winpak Reports 2025 Second Quarter Results

Cision Canada

time11 minutes ago

  • Cision Canada

Winpak Reports 2025 Second Quarter Results

WINNIPEG, MB, July 24, 2025 /CNW/ - Winpak Ltd. (WPK) today reports consolidated results in US dollars for the second quarter of 2025, which ended on June 29, 2025. Winpak Ltd. manufactures and distributes high-quality packaging materials and related packaging machines. The Company's products are used primarily for the packaging of perishable foods, beverages and in healthcare applications. 1 EBITDA is not a recognized measure under IFRS Accounting Standards (IFRS). Management believes that in addition to net income, this measure provides useful supplemental information to investors including an indication of cash available for distribution prior to debt service, capital expenditures, payment of lease liabilities and income taxes. Investors should be cautioned, however, that this measure should not be construed as an alternative to net income, determined in accordance with IFRS, as an indicator of the Company's performance. The Company's method of calculating this measure may differ from other companies and, accordingly, the results may not be comparable. (presented in US dollars) Forward-looking statements: Certain statements made in the following Management's Discussion and Analysis contain forward-looking statements including, but not limited to, statements concerning possible or assumed future results of operations of the Company. Forward-looking statements represent the Company's intentions, plans, expectations and beliefs, and are not guarantees of future performance. Such forward-looking statements represent Winpak's current views based on information as at the date of this report. They involve risks, uncertainties and assumptions and the Company's actual results could differ, which in some cases may be material, from those anticipated in these forward-looking statements. Factors that could cause results to differ from those expected include, but are not limited to: the terms, availability and costs of acquiring raw materials and the ability to pass on price increases to customers; ability to negotiate contracts with new customers or renew existing customer contracts with less favorable terms; timely response to changes in customer product needs and market acceptance of our products; the potential loss of business or increased costs due to customer or vendor consolidation; competitive pressures, including new product development; industry capacity, and changes in competitors' pricing; ability to maintain or increase productivity levels; ability to contain or reduce costs; foreign currency exchange rate fluctuations; changes in governmental regulations, including environmental, health and safety; changes in Canadian and foreign tariff rates; changes in Canadian and foreign income tax rates, income tax laws and regulations. Unless otherwise required by applicable securities law, Winpak disclaims any intention or obligation to publicly update or revise this information, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance upon forward-looking statements. Financial Performance Net income attributable to equity holders of the Company (Earnings) for the second quarter of 2025 of $30.2 million declined by 22.2 percent from the $38.8 million recorded in the corresponding quarter in 2024. The deterioration in gross profit was a key factor, lowering Earnings by $6.6 million. In addition, net finance income led to a contraction in Earnings of $2.4 million. Furthermore, operating expenses subtracted $2.1 million from Earnings. Conversely, foreign exchange elevated Earnings by $2.3 million. In combination, all other factors raised Earnings by $0.2 million. For the six months ended June 29, 2025, Earnings amounted to $64.8 million, a decrease of 12.9 percent compared to the 2024 first half result of $74.3 million. The sizeable contraction in gross profit reduced Earnings by $6.5 million. Additionally, net finance income dampened Earnings by $4.9 million. Earnings declined by $1.9 million due to higher operating expenses. Foreign exchange added $2.1 million to Earnings. In total, all remaining items boosted Earnings by $1.7 million. Operating Segments and Product Groups The Company provides three distinct types of packaging technologies: a) flexible packaging, b) rigid packaging and flexible lidding and c) packaging machinery. Each is deemed to be a separate operating segment. The flexible packaging segment includes the modified atmosphere packaging, specialty films and biaxially oriented nylon product groups. Modified atmosphere packaging extends the shelf life of perishable foods, while at the same time maintains or improves the quality of the product. The packaging is used for a wide range of markets and applications, including fresh and processed meats, poultry, cheese, medical device packaging, high performance pouch applications and high-barrier films for converting applications. Specialty films include a full line of barrier and non-barrier films which are ideal for converting applications such as printing, laminating and bag making, including shrink bags. Biaxially oriented nylon film is stretched by length and width to add stability for further conversion using printing, metalizing or laminating processes and is ideal for food packaging applications such as cheese, fluid and viscous liquids, and industrial applications such as book covers and balloons. The rigid packaging and flexible lidding segment includes the rigid containers, lidding and specialized printed packaging product groups. Rigid containers include portion control and single-serve containers, as well as plastic sheet, custom and retort trays, which are used for applications such as food, pet food, beverage, dairy, industrial and healthcare. Lidding products are available in die-cut, daisy chain and rollstock formats and are used for applications such as food, dairy, beverage, pet food, industrial and healthcare. Specialized printed packaging provides packaging solutions to the pharmaceutical, healthcare, nutraceutical, cosmetic and personal care markets. Packaging machinery includes a full line of horizontal fill/seal machines for preformed containers and vertical form/fill/seal pouch machines for pumpable liquid and semi-liquid products and certain dry products. Revenue in the second quarter of 2025 was $272.8 million, $10.7 million or 3.8 percent less than the second quarter of 2024. Volumes receded by 3.1 percent when compared to the second quarter of 2024. Muted customer demand within certain product categories contributed to the result. No significant customer loss has been experienced thus far in 2025. The flexible packaging operating segment recorded an expansion in volumes of 4 percent. Volume growth of 5 percent was attained by the modified atmosphere packaging product group, reflecting healthy gains with meat and dairy applications. Within the rigid packaging and flexible lidding operating segment, volumes dropped by 10 percent. The rigid container product group experienced an 8 percent decline in volumes stemming from lower snack food and juice container shipments. For the lidding product group, volumes fell by 10 percent because of weaker specialty beverage and retort pet food activity. Packaging machinery volumes decreased by 23 percent as a greater number of machines were delivered to customers in the second quarter of 2024. In the current year, several customers withheld order placement due to economic uncertainty. Selling price and mix changes had a negative effect on revenue of $1.0 million. Foreign exchange lowered revenue by an additional $0.7 million. For the first six months of 2025, revenue fell by 0.5 percent to $557.6 million from $560.3 million in the comparable prior year period. Volumes were virtually unchanged. Within the flexible packaging operating segment, volume gains amounted to 4 percent. For the modified atmosphere packaging product group, solid volume growth of 6 percent reflected the inroads made with meat and dairy accounts. Biaxially oriented nylon product group volumes retreated by 8 percent as machine operating performance negatively impacted available capacity. The rigid packaging and flexible lidding operating segment's volumes narrowed by 5 percent. Rigid container volumes decreased by 3 percent due to a reduction in snack food, applesauce and juice container shipments. For the lidding product group, volumes declined by 8 percent. The contraction in specialty beverage and applesauce lidding volumes accounted for the negative variance. Packaging machinery volumes recorded a modest downturn of 3 percent. Selling price and mix changes raised revenue by 0.4 percent while foreign exchange lowered revenue by 0.6 percent. Gross Profit Margins Gross profit margins in the current quarter of 29.4 percent of revenue declined by 3.1 percentage points from the 2024 second quarter result of 32.5 percent of revenue. Raw material cost reductions were accompanied by a similar magnitude of selling price decreases, which included concessions stemming from heightened competitive pressures in the modified atmosphere packaging market. The Company's cost structure was adversely affected by higher personnel and quality related expenses. Personnel expenses included an aggregate of $2.3 million in one-time payments made to every employee to commemorate the 50th anniversary of Winpak's incorporation. Additionally, elevated production waste and diminished output levels increased the effective cost of production. Gross profit margins in the first six months of 2025 contracted by 1.5 percentage points to 30.3 percent of revenue from the 31.8 percent recorded in the 2024 year-to-date comparative period. Higher selling prices, resulting from the change in product mix, combined with a decline in raw material costs, raised Earnings by $5.5 million. Other factors combined to reduce Earnings by $12.0 million, the most notable were production waste and expenses related to inventory disposals on account of quality issues. Also influential were the one-time employee payments and the substantial accumulation of finished goods inventories in the prior year which lowered the overall cost of production in that year. During the second quarter of 2025, the raw material purchase price index was unchanged compared to the first quarter of 2025. Polypropylene resin increased by 5 percent while nylon resin experienced a decrease of 7 percent. Over the past 12 months, the index dropped by 6 percent. Expenses and Other Operating expenses in the second quarter of 2025, exclusive of foreign exchange, progressed at a rate of 3.7 percent whereas sales volumes decreased by 3.1 percent, resulting in a reduction in Earnings of $2.1 million. One-time employee payments amounted to $0.8 million. Furthermore, the continued inflationary impact on personnel expenses was unfavorable. Foreign exchange had a positive effect on Earnings of $2.3 million due to the favorable translation differences recorded on the revaluation of monetary assets and liabilities in comparison to the unfavorable translation differences recorded in the same quarter in 2024. Net finance income dampened Earnings by $2.4 million as the magnitude of cash invested in short-term deposits and money market accounts was much lower than a year earlier. The lower balance was largely a result of the share buyback program as well as the special dividend paid in early 2025. On a year-to-date basis, operating expenses, adjusted for foreign exchange, advanced at a rate of 2.8 percent in comparison to the 0.3 percent reduction in sales volumes, thereby having an unfavorable impact on Earnings of $1.9 million. This was attributed to the rise in personnel expenses. Foreign exchange elevated Earnings by $2.1 million. The positive translation differences recorded on the revaluation of monetary assets and liabilities denominated in Canadian dollars was in contrast to the negative translation differences recorded in the first six months of 2024. Due to the substantial decrease in the balance of cash invested in short-term deposits and money market accounts, net finance income tempered Earnings by $4.9 million. On March 24, 2025, the Toronto Stock Exchange (the "TSX") accepted a notice filed by Winpak of its intention to renew its normal course issuer bid (the "NCIB") with respect to its outstanding common shares. The notice provided that Winpak may, during the 12-month period commencing March 26, 2025 and ending no later than March 25, 2026, purchase through the facilities of the TSX and other alternative Canadian trading systems up to a maximum of 3,087,500 common shares in total, being 5.0 percent of the issued and outstanding shares of Winpak as of March 18, 2025. The price which Winpak will pay for any common shares will be the market price at the time of acquisition. Daily purchases under the NCIB will be generally limited to 13,761 common shares, other than block purchases. All shares purchased will be canceled. In connection with the NCIB, Winpak has entered into an automatic share purchase plan with CIBC World Markets Inc. to facilitate the purchase of common shares under the NCIB, including at times when Winpak would ordinarily not be permitted to purchase its common shares due to regulatory restrictions or self-imposed blackout periods. As at June 29, 2025, the Company had purchased 235,649 common shares under its current NCIB. The Company's cash and cash equivalents balance ended the second quarter of 2025 at $356.0 million, a decrease of $0.4 million from the end of the prior quarter. Winpak generated strong cash flows from operating activities before changes in working capital of $50.8 million. The net investment in working capital increased by $1.9 million. In order to limit the impact of potential, upcoming tariffs, the Company continued to accumulate inventories within the United States. Cash was used for property, plant and equipment additions of $26.5 million, income tax payments of $15.9 million, common share repurchases of $5.5 million, dividend payments of $2.2 million and other items totaling $1.9 million. Net finance income provided cash of $2.7 million. For the first half of 2025, the cash and cash equivalents balance declined by $141.2 million. Cash flows generated from operating activities before changes in working capital were solid at $109.2 million. Working capital consumed $21.7 million in cash. The $20.3 million build up of inventories was largely due to the measures taken since early 2025 to minimize the effect of cross-border import tariffs. Cash outflows included: dividend payments of $135.4 million (including special dividend of $131.1 million), property, plant and equipment expenditures of $45.9 million, income tax payments of $30.9 million, common share repurchases of $19.2 million and other items amounting to $2.5 million. Net finance income produced incremental cash of $5.2 million. Looking Forward Despite the challenges and uncertainties relating to the current trade environment, Winpak remains optimistic about the profitability level for the second half of the year. However, modifications to the currently enacted tariffs could have a sizeable impact on the Company's growth aspirations and manufacturing costs. With the exception of foil-based products, the Company's entire product portfolio is presently exempt from tariffs under the United States-Mexico-Canada Agreement (USMCA). Furthermore, nearly all raw materials sourced within North America are exempt from tariffs. The Company has implemented and will continue to implement an assortment of counter measures to minimize the impact of tariffs in both the short and long-term. In addition, the Company is reevaluating the overall strategic roadmap in order to augment its resilience to a more protectionist trade environment. For the balance of 2025, onboarding new business opportunities will be the key to achieving sales volume growth. Recently added extrusion capacity within the modified atmosphere packaging facility will continue to be a key contributor, targeting the dairy market. In addition, the initiation of recently awarded pet food and healthcare business will expand volumes. Based on the preceding factors, sales volume growth for the remainder of 2025 should reflect a modest improvement over relatively flat volume growth posted for the first half of 2025. Raw material costs have moved within a narrow range over the past six months. Market expectations are that overall resin and foil prices will be relatively stable for the balance of the year. The Company is optimistic that the majority of the foil import tariffs will be passed along to customers. Going forward, the additional manufacturing costs relating to waste and quality should be curtailed significantly. Winpak expects gross profit margins for the second half of 2025 to be within the range of 30 to 32 percent. Capital expenditures of approximately $100 to $110 million are forecast for 2025, highlighted by the completion of the extensive expansion of the Winnipeg, Manitoba modified atmosphere packaging facility. Concurrently, Winpak will assess prospective acquisition opportunities that align strategically with the Company's core strengths, especially those that are focused on medical and pharmaceutical applications. Winpak Ltd. These interim condensed consolidated financial statements have not been audited or reviewed by the Company's independent external auditors, KPMG LLP. For a complete set of notes to the condensed consolidated financial statements, refer to or the Company's website, Winpak Ltd. Condensed Consolidated Statements of Income (thousands of US dollars, except per share amounts) (unaudited) Quarter Ended Year-To-Date Ended June 29 June 30 June 29 June 30 2025 2024 2025 2024 Revenue 272,800 283,496 557,602 560,279 Cost of sales (192,594) (191,431) (388,851) (382,022) Gross profit 80,206 92,065 168,751 178,257 Sales, marketing and distribution expenses (23,992) (24,418) (48,315) (49,067) General and administrative expenses (13,646) (12,414) (26,235) (25,134) Research and technical expenses (5,764) (5,435) (11,342) (10,731) Pre-production expenses (127) - (280) - Other income (expenses) 1,056 (1,730) (312) (2,009) Income from operations 37,733 48,068 82,267 91,316 Finance income 3,754 7,094 7,889 14,628 Finance expense (1,074) (1,162) (2,449) (2,522) Income before income taxes 40,413 54,000 87,707 103,422 Income tax expense (10,474) (14,981) (23,323) (28,628) Net income for the period 29,939 39,019 64,384 74,794 Attributable to: Equity holders of the Company 30,205 38,825 64,781 74,347 Non-controlling interests (266) 194 (397) 447 29,939 39,019 64,384 74,794 Basic and diluted earnings per share - cents 49 61 105 116 Condensed Consolidated Statements of Comprehensive Income (thousands of US dollars) (unaudited) Quarter Ended Year-To-Date Ended June 29 June 30 June 29 June 30 2025 2024 2025 2024 Net income for the period 29,939 39,019 64,384 74,794 Items that will not be reclassified to the statements of income: Cash flow hedge (losses) gains recognized - (354) 57 (1,160) Cash flow hedge losses transferred to property, plant and equipment - 115 378 64 - (239) 435 (1,096) Items that are or may be reclassified subsequently to the statements of income: Cash flow hedge gains (losses) recognized 2,540 (508) 2,832 (1,563) Cash flow hedge losses transferred to the statements of income 734 344 1,580 352 Income tax effect (876) 44 (1,181) 324 2,398 (120) 3,231 (887) Other comprehensive income (loss) for the period - net of income tax 2,398 (359) 3,666 (1,983) Comprehensive income for the period 32,337 38,660 68,050 72,811 Attributable to: Equity holders of the Company 32,603 38,466 68,447 72,364 Non-controlling interests (266) 194 (397) 447 32,337 38,660 68,050 72,811 Winpak Ltd. Condensed Consolidated Statements of Changes in Equity (thousands of US dollars) (unaudited) Attributable to equity holders of the Company Non- Share Retained controlling capital Reserves earnings Total interests Total equity Balance at January 1, 2024 29,195 1,361 1,319,491 1,350,047 33,602 1,383,649 Comprehensive (loss) income for the period Cash flow hedge losses, net of tax - (2,305) - (2,305) - (2,305) Cash flow hedge losses transferred to the statements of income, net of tax - 258 - 258 - 258 Cash flow hedge losses transferred to property, plant and equipment - 64 - 64 - 64 Other comprehensive loss - (1,983) - (1,983) - (1,983) Net income for the period - - 74,347 74,347 447 74,794 Comprehensive (loss) income for the period - (1,983) 74,347 72,364 447 72,811 Dividends - - (2,818) (2,818) - (2,818) Repurchase of common shares (876) - (63,250) (64,126) - (64,126) Balance at June 30, 2024 28,319 (622) 1,327,770 1,355,467 34,049 1,389,516 Balance at December 30, 2024 27,735 (3,174) 1,224,097 1,248,658 35,216 1,283,874 Comprehensive income (loss) for the period Cash flow hedge gains, net of tax - 2,131 - 2,131 - 2,131 Cash flow hedge losses transferred to the statements of income, net of tax - 1,157 - 1,157 - 1,157 Cash flow hedge losses transferred to property, plant and equipment - 378 - 378 - 378 Other comprehensive income - 3,666 - 3,666 - 3,666 Net income (loss) for the period - - 64,781 64,781 (397) 64,384 Comprehensive income (loss) for the period - 3,666 64,781 68,447 (397) 68,050 Dividends - - (4,400) (4,400) - (4,400) Repurchase of common shares (320) - (20,106) (20,426) - (20,426) Balance at June 29, 2025 27,415 492 1,264,372 1,292,279 34,819 1,327,098 Winpak Ltd. Condensed Consolidated Statements of Cash Flows (thousands of US dollars) (unaudited) Quarter Ended Year-To-Date Ended June 29 June 30 June 29 June 30 2025 2024 2025 2024 Cash provided by (used in): Operating activities: Net income for the period 29,939 39,019 64,384 74,794 Items not involving cash: Depreciation 13,507 13,086 27,193 25,766 Amortization - deferred income (499) (426) (965) (844) Amortization - intangible assets 346 387 696 778 Employee defined benefit plan expenses 676 697 1,357 1,356 Net finance income (2,680) (5,932) (5,440) (12,106) Income tax expense 10,474 14,981 23,323 28,628 Other (949) (652) (1,311) (1,017) Cash flow from operating activities before the following 50,814 61,160 109,237 117,355 Change in working capital: Trade and other receivables 5,747 (12,509) 6,801 (7,131) Inventories (10,153) (9,951) (20,335) (7,320) Prepaid expenses (346) 1,754 (2,879) 159 Trade payables and other liabilities 2,443 (1,180) (5,140) 10,995 Contract liabilities 370 391 (181) (528) Employee defined benefit plan contributions (1,220) (19) (1,238) (1,174) Income tax paid (15,921) (23,803) (30,900) (34,598) Interest received 3,637 6,686 7,443 14,078 Interest paid (973) (1,062) (2,204) (2,328) Net cash from operating activities 34,398 21,467 60,604 89,508 Investing activities: Acquisition of property, plant and equipment - net (26,537) (27,086) (45,934) (74,429) Acquisition of intangible assets (151) (9) (419) (32) (26,688) (27,095) (46,353) (74,461) Financing activities: Payment of lease liabilities (509) (402) (911) (799) Dividends paid (2,155) (1,436) (135,399) (2,907) Repurchase of common shares (5,474) (56,567) (19,172) (62,878) (8,138) (58,405) (155,482) (66,584) Change in cash and cash equivalents (428) (64,033) (141,231) (51,537) Cash and cash equivalents, beginning of period 356,458 554,366 497,261 541,870 Cash and cash equivalents, end of period 356,030 490,333 356,030 490,333 SOURCE Winpak Ltd.

Dynacor Group Declares August 2025 Dividend
Dynacor Group Declares August 2025 Dividend

Toronto Star

timean hour ago

  • Toronto Star

Dynacor Group Declares August 2025 Dividend

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Crowe Soberman LLP Recognized in Chambers High Net Worth Guide 2025 for Ninth Consecutive Year
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Cision Canada

timean hour ago

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Crowe Soberman LLP Recognized in Chambers High Net Worth Guide 2025 for Ninth Consecutive Year

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