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Restructuring Charge

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TD Bank's Q4 Profit Falls Below Expectations Due to Job Cuts and Credit Provisions

Originally Published 2 years ago — by Bloomberg

Toronto-Dominion Bank reported lower-than-expected earnings in the fiscal fourth quarter due to higher provisions for potentially souring loans and a restructuring charge related to a planned 3% reduction in its workforce. The bank's provisions for credit losses amounted to C$878 million, exceeding analysts' expectations of C$844.5 million. Adjusted earnings per share were C$1.83, falling short of the average estimate of C$1.90 from analysts.

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Suncor Energy's Q2 Profit Drops Amid Lower Oil Prices

Originally Published 2 years ago — by Reuters

Suncor Energy, Canada's second-largest oil producer, reported a 50% decrease in quarterly profit due to lower oil and gas prices. The company also took a C$275 million restructuring charge related to job cuts. However, Suncor's total upstream production increased by 3% in the quarter, aided by lower maintenance activities. The company's refinery utilization averaged 85% and its crude throughput climbed 1.3%. Suncor's adjusted operating earnings exceeded analysts' expectations. Peer companies, Imperial Oil and Cenovus Energy, also reported a decline in their quarterly profits.

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