CIBC logs $836M profit in Q4, cautiously optimistic about next year AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO, Cananda – Executives at CIBC (TSX:CM) say they’re cautiously optimistic about what next year holds for the bank amid uncertainty about the direction of Canada’s housing market and interest rates.“Our outlook for 2014 is one of cautious optimism,” chief executive Gerry McCaughey told analysts on a conference call Thursday as the bank reported a fourth-quarter profit of $836 million.“The forecast for an improving economic and business environment is encouraging, somewhat offsetting an expected moderation in consumer lending volumes as well as a cooling of the Canadian housing market.”McCaughey’s outlook came as the bank wrapped up its financial year year with a tepid four per cent growth over 2012, and a fourth quarter that was characterized by numerous smaller expenses. Included were charges for a rejig of its banking operations in the Caribbean and the marketing of its new credit card.CIBC said net income fell two per cent to $836 million, a decrease from $852 million in the same period last year. On a per share basis the results improved to $2.05 from $2.02 a year ago.The bank delivered adjusted earnings per share of $2.22, which was seven cents higher than analysts expected according to a survey by Thomson Reuters.Overall revenue held steady at $3.2 billion from $3.16 billion a year earlier.National Bank analyst Peter Routledge said he considered the quarter generally “in line” with his expectations.“They’re showing strength in their retail and business banking line of business, which is almost two-thirds of the bank,” he said.One of the bigger surprises was CIBC’s decision not to raise its dividend, something many had expected.The bank’s retail and business banking division earned $610 million in net income during the quarter compared to $569 million in the same quarter a year ago. Revenue grew nearly four per cent to $2.1 billion.The wealth management division posted net income of $104 million, up from $84 million during the same quarter a year ago last year.During the quarter, CIBC’s results were impacted in part by a $39-million restructuring charge relating to FirstCaribbean International Bank.“The restructuring is designed to reduce costs and to put a break on the growth in costs,” said Richard Nesbitt, chief operating officer of the bank.“It still remains tough in a number of islands like Barbados and Bahamas but we do expect revenues to start to increase over the next 12-18 months.”Nesbitt said the bank will cut its FirstCaribbean staff by about 10 per cent across the 17 islands where it has a presence.Other expenses included a $24-million charge from the development and marketing of its Aventura travellers loyalty program and other changes related to a decision by rewards operator Aimia (TSX:AIM) to pick TD Bank (TSX:TD) as the primary issuer of Visa credit cards for its flagship Aeroplan program.CIBC also booked a $35-million impairment of an equity position tied to its U.S. leveraged finance portfolio.Wholesale banking net income edged higher at $210 million.For the year, the bank reported net income growth of three per cent to $3.4 billion compared to $3.34 billion in 2012.Shares of CIBC closed down $1.23 or 1.37 per cent to $88.82 on the Toronto Stock Exchange. by David Friend, The Canadian Press Posted Dec 5, 2013 3:47 am MDT
At MINExpo 2012, Liebherr will introduce two diesel-electric haul trucks in Las Vegas: the new T 284 as the follow-up to the successful T 282 C in the 400 short-ton class, and the newly-designed T 264 aiming to move Liebherr into the 240 short-ton payload class. Liebherr will also introduce two new large hydraulic excavators: a face shovel version of the 386-t R 9400 as well as the brand new 140-t R 9150. The exhibit space also shows large earthmoving and lifting equipment used for supporting work on mining equipment. Liebherr will also be displaying and demonstrating various customer support solutions.Millions of operating hours and years of design experience have come together to create Liebherr’s newest ultra-class mining truck: the T 284. Liebherr says the T 284 offers the highest payload in the industry and features the latest generation of the Litronic Plus AC drive system. Built with many Liebherr-designed systems and components, the T 284 serves as the platform for future advances in mining truck technology. Developed and built by Liebherr, the proven Litronic Plus drive system determines the optimal way to extract power from the diesel engine. With this system more power is available to accelerate the truck and climb grades. This system also conserves fuel when the engine is idling. In this way the Litronic Plus system minimises fuel consumption and maximises performance. Liebherr’s goal is to use as much of the truck’s load-carrying capacity as possible for payload.Backed by 30 years of proven design and operational experience, Liebherr re-enters the 240 ton payload class with the T 264. This fuel-efficient mining truck is built for safety and reliability, and is sized to match the Liebherr R 996 B and R 9800 hydraulic excavators, as well as electric shovels and wheel loaders for optimal performance.In order to maintain a safe working environment, the T 264 features payload and overload warnings. An anti-rollback feature keeps the truck stationary when stopped on grades in either forward or reverse. The advanced Traction Control System with four-wheel speed sensing capability automatically adjusts torque to the rear wheels in order to maximise traction when cornering, accelerating from a standstill, or travelling down wet or icy roads. Developed by Liebherr exclusively for mining trucks, this system enables operators to consistently maintain steering control and truck stability. The integrated electronic system monitors, records, and outputs vital truck health and performance data. Data is stored and available for download to perform detailed analysis. This system supports predictive maintenance strategies to minimize unscheduled downtime.The brand new R 9150 hydraulic mining excavator is ideal for loading 50-t trucks and offers a wide array of uses. The advanced R 9150 is the successor of the Liebherr R 984 C. Offering the largest bucket capacity in its class combined with its high digging forces and optimal cycle time, the R 9150 is the most powerful excavator in the small class mining market, the company says.The R 9150’s new, modern cab design offers ideal working conditions and optimal operator comfort. Its one-piece windscreen provides a panoramic view over the entire machine and loading area. The R 9150 is equipped with a new monitoring system also used on the R 9800. By providing complete monitoring functionality and textual maintenance information, this system enables easy machine operation management and quick dysfunction diagnostics.The R 9150 is equipped with the same Liebherr V12 diesel engine as the R 9100, specifically designed to withstand extreme exterior temperatures and fluctuations in atmospheric pressure. Integrating the latest engine management system, the R 9150 complies with USA/EPA Tier 2 emission limits.The R 9400 is built for performance in the medium class mining market andis the ideal machine to load 150-t trucks. Available in two configurations, either diesel or electric, the R 9400 offers the flexibility to perform in any application. The R 9400 is powered by the Cummins QSK50 diesel engine which complies with the USA/EPA Tier 2 emissions limits. The electric drive version is an efficient alternative for applications that do not require frequent machine relocation. The power system makes the R 9400 cost effective without compromising productivity whilst reducing the machines impact on the environment.The production-tailored attachment kinematics combined with a mining-optimised bucket shape ensure the highest crowd and breakout forces. Even under tough conditions the R 9400’s high digging force allows easy bucket penetration and high bucket fill factors to achieve high productivity. The machine is available with a wide range of buckets and Liebherr Ground Engaging Tools to cover all mining applications.Optimising electrical, mechanical and hydraulic power distribution, the Litronic Plus System allows for easy control even when simultaneous movements are required. Every attachment cylinder is fitted with the patented Liebherr Electronic Damping System which provides controlled end-cushioning for fast and smooth machine’s motions. In addition, the R 9400 is equipped with the ‘Pressureless Boom Down Function’ to enable fast cylinder retraction without the need for pump energy. Intelligent and power-oriented energy management diverts the pump flow during boom lowering, allowing other cylinder motions to operate unimpeded.