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The Toronto-Dominion Bank (NYSE:TD) FQ1 results are expected to benefit from segment earnings, which were strong across most Canadian banks.

TD Bank is scheduled to announce FQ1 earnings results on Thursday, March 2nd, before market open.

The consensus EPS estimate is CAD2.20 and the consensus revenue estimate is CAD11.99B.

Over the last 2 years, TD has beaten EPS estimates 100% of the time and revenue estimates 100% of the time.

Over the last 3 months, EPS estimates have seen 5 upward revisions and 0 downward. Revenue estimates have seen 1 upward revision and 0 downward.

Looking at the peer performance, Canadian banks have seen a solid quarter. Canadian Imperial Bank of Commerce posted a stronger-than-expected FQ1 earnings, helped by higher interest rates and a lower provision for credit losses.

Royal Bank of Canada also beat FQ1 analyst estimates driven by strong results in its Personal & Commercial Banking and Wealth Management units and a rebound in Capital Markets. Bank of Montreal also turned in better-than-expected adjusted EPS for the quarter ended Jan. 31.

Bank of Nova Scotia was an exception as FQ1 earnings missed consensus estimates. Net interest income slipped from the prior quarter while the bank set aside more for potential credit losses.

Here is a look at TD’s segment results last year:

Toronto-Dominion is going into the next earnings cycle with elevated concerns about its rate sensitivity and exposure to credit risk, but underlying earnings power looks stronger than for most peers, according to Seeking Alpha author Stephen Simpson.

Among the major five Canadian banks, Toronto-Dominion Bank could be the best pick right now, SA contributor Daniel Schönberger said.

The bank has closed the acquisition of Cowen (COWN), which will which will advance its long-term growth strategy in the U.S., and expects to close the First Horizon (FHN) acquisition later in 2023.

• Bank of Nova Scotia press release (NYSE:BNS): Q1 Non-GAAP EPS of C$1.85 misses by C$0.17.
• Revenue of C$7.98B (-0.9% Y/Y) misses by C$280M.
• Return on equity of 13.4%, compared to 15.9%
• The provision for credit losses was $638 million, compared to $222 million, an increase of $416 million.
• The provision for credit losses ratio increased 20 basis points to 33 basis points.

• Now Read: Scotiabank: Buy The Drop On This Value Stock

Bank of Montreal (NYSE:BMO) on Tuesday turned in better-than-expected adjusted EPS for the quarter ended Jan. 31, 2023, as revenue climbed both on Q/Q and Y/Y, helped by its Canadian and U.S. personal and commercial banking operations.

Q1 adjusted EPS of C$3.22 (US$2.37), vs. the C$3.16 consensus, rose from C$3.04 in the prior quarter and down from C$3.89 in the year-ago quarter.

Adjusted revenue, net of CCPB, of C$7.29B (US$5.37B), missing the C$7.35B consensus, increased from C$6.91B in Q4 2022 and from C$7.11B in Q1 2022.

“We had a very good start to the year, with continued strong operating performance in our Canadian and U.S. Personal and Commercial businesses and improving momentum in BMO Capital Markets, benefitting from our strategic investments in talent and technology,” said CEO Darryl White.

Total net loans and acceptances of C$559.9B rose from C$564.6B in Q4; customer deposits increased to C$545.1B from C$544.4B in the previous quarter.

Q1 provision for credit losses of C$217M fell from C$226M in the prior quarter and compared with a recovery of C$99M in the year-ago quarter.

Q1 net interest income of C$4.02B rose from C$3.77B in Q4 and was roughly even with Q1 2022.

Noninterest expense dropped to C$4.42B from C$4.78B in the prior quarter and increased from C$3.85B in the year-ago period.

Adjusted return on equity was 13.4% vs. 12.9% in the prior quarter and from 18.8% a year ago.

Canadian Personal & Commercial Banking adjusted net income of C$980M increased from C$917M in Q4 and declined from C$1.00B in Q1 2022.

U.S. P&C adjusted net income was C$699M climbed from $C662M in the prior quarter and from C$682M in the year-ago period.

BMO Wealth Management adjusted net income of C$278M vs. C$298M in the prior quarter and C$316M in the year-ago quarter.

BMO Capital Markets adjusted net income of C$510M rose from C$363M in Q4 and declined from C$712M in Q1 2022.

Adjusted results in Q1 2023 excluded: a loss of C$1.46B related to the management of the impact of interest rate changes between the announcement and closing of the Bank of the West acquisition on its fair value and goodwill, compared with revenue of C$413M in the prior year; acquisition and integration costs of C$181M vs. C$10M in the prior year; C$371M of tax expenses related to certain tax measures enacted by the Canadian government; and a $6M legal provision comprising of interest expense and legal fees related to a lawsuit associated with a predecessor bank, M&I Marshall and Ilsley Bank.

Earlier, Bank of Montreal (BMO) non-GAAP EPS of C$3.22 beats by C$0.06, revenue of C$6.47B misses by C$870M

• Now Read: Bank of Montreal (BMO) Q1 2023 Earnings Call Transcript

Magna announced it is investing more than $470M to expand its operations across Ontario, Canada. The growth includes a new battery enclosures facility in Brampton to support the Ford F-150 Lightning and future OEM programs. In addition to the Brampton facility, Magna is growing in its locations in Guelph, Belleville, Newmarket, Windsor, and Penetanguishene. These expansions follow new business awards from various automakers in key product areas. They are also supported by $23.6M in grants from the Ontario government to bring additional high-quality jobs to the region with ongoing training and development programs for employees. The new and expanded operations are expected to bring more than 1,000 new jobs to Ontario over the next few years.Details of the new and expanding facilities include: Brampton: A new 490,000 square-foot leased facility to manufacture battery enclosures for electric vehicles. Operations to begin in Q2 2023, roughly 560 new jobs are expected at full production. Guelph: Magna is adding e-coat, molding and welding capacity to its exteriors plant to support new electric vehicle production. The expansion will total 120,000 square-feet, and production is planned to begin in Q2 2023. Approximately 175 new jobs are expected. Belleville: Magna’s lighting plant is adding to its capabilities for printed circuit board assemblies and will start operations in Q4 2023. Up to 100 new jobs are expected. Newmarket: Magna’s mechatronics facility which produces vehicle access systems including side door latches, electronic control units, and power systems – is growing its business and expects approximately 75 new jobs. Windsor: Magna’s mechatronics plant adds new business for powered aluminum tonneau covers. The facility has recently started those operations and is planning to add roughly 110 new jobs. Penetanguishene: Magna’s mechatronics facility is growing its tailgate hinges production and more than 15 new jobs are planned.

Enbridge Inc. (ENB) on Friday reported a fourth-quarter loss of $786 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Calgary, Alberta-based company said it had a loss of 39 cents. Earnings, adjusted for non-recurring costs, came to 46 cents per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.

The oil and natural gas transportation and power transmission company posted revenue of $9.89 billion in the period.

For the year, the company reported profit of $2.31 billion, or 98 cents per share. Revenue was reported as $41 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ENB at https://www.zacks.com/ap/ENB

 Suncor Energy Inc. (SU) on Tuesday reported fourth-quarter earnings of $2.02 billion.

The Calgary, Alberta-based company said it had profit of $1.50 per share. Earnings, adjusted for non-recurring gains, were $1.33 per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.

The energy company posted revenue of $10.21 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $9.65 billion.

For the year, the company reported profit of $6.98 billion, or $5.02 per share. Revenue was reported as $44.97 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SU at https://www.zacks.com/ap/SU

 Magna International Inc. reported its fourth-quarter profit fell compared with a year earlier as its sales gained five per cent.

The auto parts company, which keeps its books in U.S. dollars, says it earned US$95 million or 33 cents per share in the quarter ended Dec. 31, down from US$464 million or US$1.54 per diluted share in the last three months of 2021.

Sales totalled US$9.57 billion, up from US$9.11 billion a year earlier.

Magna also raised its quarterly dividend by a penny to 46 cents per share.

On an adjusted basis, Magna says it earned 91 cents per diluted share in the fourth quarter of 2022, down from an adjusted profit of US$1.30 per diluted share in the same quarter a year earlier.

Analysts on average had expected a profit of US$1.02 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 10, 2023.

• The core personal consumption expenditures price index increased 0.6% for the month, and was up 4.7% from a year ago.
• Headline inflation increased 0.6% and 5.4% respectively. All the numbers were higher than estimates.
• The numbers suggest inflation accelerated to start the new year, putting the Fed in a position where it likely will continue to raise interest rates.

https://www.cnbc.com/2023/02/24/key-fed-inflation-measure-rose-0point6percent-in-january-more-than-expected.html

Monday February 27

Euro zone consumer and economic confidence

(8:30 a.m. ET) Canada’s current account balance of Q4.

(8:30 a.m. ET) U.S. durable and core orders for January. The Street is projecting month-over-month declines of 3.9 per cent and 0.1 per cent, respectively.

(10 a.m. ET) U.S. pending home sales for January. Consensus is an increase of 1.0 per cent from December.

(10:30 a.m. ET) U.S. Dallas Fed Manufacturing Activity for February.

Earnings include: Ivanhoe Mines Ltd.; Li Auto Inc.; MEG Energy Corp.; NexGen Energy Ltd.; Occidental Petroleum Corp.; Ovintiv Inc.; Workday Inc.

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Tuesday February 28

Japan industrial production and retail sales

(8:30 a.m. ET) Canadian real GDP for Q4. The Street expects an annualized rate rise of 1.5 per cent.

(8:30 a.m. ET) Canada’s monthly GDP for December. Consensus is flat from November.

(8:30 a.m. ET) U.S. goods trade deficit for January.

(8:30 a.m. ET) U.S. wholesale and retail inventories for January.

(9 a.m. ET) U.S. S&P CoreLogic Case-Shiller Home Price Index (20 city) for December. The Street is forecasting a decline of 0.5 per cent month-over-month and rise of 4.8 per cent year-over-year.

(9 a.m. ET) U.S. FHFA House Price Index for December. Consensus is a drop of 0.2 per cent from November but up 6.5 percent year-over-year.

(9:45 a.m. ET) U.S. Chicago PMI for February.

(10 a.m. ET) U.S. Conference Board Consumer Confidence Index for February.

Also: Alberta and B.C. budgets and Canada’s Capital Expenditures Survey for 2023.

Earnings include: Bank of Montreal; Bank of Nova Scotia; Canfor Corp.; First National Financial Corp.; George Weston Ltd.; Green Thumb Industries Inc.; Laurentian Bank of Canada; Target Corp.; Winpak Ltd.

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Wednesday March 1

China, Japan and Euro zone manufacturing PMI

(10 a.m. ET) U.S. ISM Manufacturing PMI for February.

(10 a.m. ET) U.S. construction spending for January.

Also: Canadian and U.S. auto sales for February.

Earnings include: Capital Power Corp.; Descartes Systems Group Inc.; Kinaxis Inc.; Lowe’s Companies Inc.; National Bank of Canada; Royal Bank of Canada; Salesforce Inc.; Tamarack Valley Energy Ltd.; Tricon Capital Group Inc.

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Thursday March 2

Japan capital spending and consumer confidence

Euro zone CPI and jobless rate

(8:30 a.m. ET) U.S. initial jobless claims for week of Feb. 25. Estimate is 197,000, up 5,000 from the previous week.

(8:30 a.m. ET) U.S. productivity for Q4. The Street expects an annualized rate rise of 2.6 per cent with unit labour costs up 1.4 per cent.

Earnings include: AltaGas Ltd.; Atco Ltd.; Broadcom Inc.; Canadian Natural Resources Ltd.; Canadian Utilities Ltd.; Canadian Western Bank; Chartwell Retirement Residences; Costco Wholesale Corp.; Crescent Point Energy Corp.; Curaleaf Holdings Inc.; E-L Financial Corp. Ltd.; Freehold Royalties Ltd.; Parkland Fuel Corp.; Secure Energy Services Inc.; Storage Vault Canada Inc.; Toronto-Dominion Bank

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Friday March 3

China, Japan and Euro zone services PMI

Germany trade surplus

(8:30 a.m. ET) Canadian labour productivity for Q4. Estimate is flat from Q3.

(8:30 a.m. ET) Canadian building permits for January. Estimate is a month-over-month increase of 1.0 per cent.

(10 a.m. ET) U.S. ISM Services PMI for February.

Earnings include: SNC-Lavalin Group Inc.