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Recommendation Changes
ACR.UN, CUF.UN, BLX, EMA, KWH.UN, more...

Fed In Transition - Earnings: NFI, EIF, CHP, BTE, BNE, EOG

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This coming Thursday's US Consumer Price Index report will arrive just as leadership at the central bank is in transition. This would normally provide an opportunity for a statement from members of the central bank monetary policy committee. If the CPI numbers surprise either way however, the central bank may not be in a position to comment since the incoming chairperson has not been confirmed. Comments this week consider how this could increase market volatility.

Earnings updates include New Flyer Industries Inc. (NFI), Exchange Income Corp. (EIF), Choice Properties REIT(CHP.UN), Baytex Energy Corp. (BTE), Bonavista Energy Corp.(BNE) and revenue and cost data for EOG Resources Inc. EOG Resources (EOG-NYSE), one of the largest shale oil producers in North America so serves as a benchmark for comparison to Canadian and Saudi producers.

Following the Global Financial Crisis New Flyer's strategy was to buy out weakened competitors becoming the largest transit and intercity bus manufacturer in North America. The large fleet of busses already in service is the basis for their parts and service segment that contributes 16% of revenues. They operate mainly in the US where 90% of revenues are earned. Financial statements are issued in US dollars, dividends are paid in Canadian dollars. Having achieved a dominant market position, they are now responding to new carbon emission requirements by developing electric propulsion systems and refining existing diesel and gas motors. This has increased capital costs to date in 2017, with similar spending planned for 2018. In the short term this has reduced AFFO per share and is expected to limit the upside for share prices from what has been experienced since the Global Financial Crisis, longer term they are expected to remain the dominant North American manufacturer with potential to grow internationally.

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