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November 20, 2020QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, Q3 2020 In Q3 2020, Canadian enterprise net income before taxes (seasonally adjusted) increased 44.9% compared to the previous quarter. The increase of $25.1 billion elevated corporate net income before taxes to $81.0 billion in Q3 2020. Operating revenue rose 10.2% to $1,058.8 billion for the quarter. The resurgence of activity after health restrictions lifted pushed net income before taxes in the non-financial sector up 64.0% (+$18.6 billion) to $47.6 billion.
The manufacturing industry led the overall increase for non-financial industries, with net income before taxes increasing 205.9% (+$7.9 billion) to $11.8 billion. There were notable increases in income for food, soft drink and ice manufacturing, petroleum and coal product manufacturing, motor vehicle and parts manufacturing, and wood product and paper manufacturing. Motor vehicle and trailer manufacturing (+$1.2 billion) and motor vehicle parts manufacturing (+1.0 billion) posted increases in net income primarily on higher exports. Wood product and paper manufacturing net income increased 59.5% (+$859 million) to $2.3 billion, with revenues up on higher prices.
While still operating at a loss of $6.5 billion before taxes, net income for the oil/gas extraction and support services industry improved by $4.5 billion in the third quarter, with increases in oil prices and volumes. Net income before taxes for mining, quarrying and support activities increased to $1.8 billion (+$2.1 billion) mainly on higher commodity prices.
Net income before taxes in the retail trade sector increased 126.4% (+$2.4 billion) to $4.3 billion with the easing of COVID-19 restrictions. Net income before taxes in the arts, entertainment and recreation, and accommodation and food services industry increased to $157 million (+$1.7 billion), from a loss of $1.5 billion in the second quarter.
Sectors down compared to the previous quarter include Wholesale trade (-31.1%, -2.9 billion) at $6.5 billion in net income before taxes in Q3 2020, and Transportation and warehousing (-32.9%, -1.0 billion) at $2.0 billion.
Net income before taxes for financial corporations increased 24.3% (+$6.5 billion) to $33.4 billion in the third quarter. Banking and other depository credit intermediation was up 31.0% (+$2.3 billion), while securities, commodity contracts, other financial investments increased 18.6% (+3.0 billion) compared to Q2 2020.
Source: Quarterly financial statistics for enterprises, third quarter 2020
Statistics Canada. Table 33-10-0226-01 Quarterly balance sheet and income statement, by industry, seasonally adjusted (x 1,000,000)
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