TD Declines on Q2 Figures
TD Bank Group (TSX:TD) found its shares lurching downward at the outset Thursday, following financial results for the second quarter ended April 30, 2023. Reported earnings were $3.4 billion, down 12% compared with the second quarter last year, and adjusted earnings were $3.8 billion, up 1%.
Over the last two years, as experts have pointed out, TD has beaten EPS and revenue estimates 100% of the time.
Over the last three months, EPS estimates have seen three upward revisions and 10 downward revisions. Revenue estimates have seen 2 upward revisions and 4 downward revisions.
The company's returns have been in negative YTD amid a failed $13B acquisition of First Horizon. TD also faces lawsuits over the unrealized takeover attempt.
During Q1, TD's provision for credit losses had come in at $690 Million, compared with $617 Million in Q4 and $72 Million in Q1 2022.
TD shares gave way $2.01, or 2.5%, to $79.17.
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