Interfor selling Quebec operations for $30M, closing Montreal corporate office

TORONTO – TD Bank Group says The Charles Schwab Corp.’s third-quarter results are expected to translate into about $178 million of reported equity in net income for the Canadian bank’s fourth quarter.

TD says that excluding about $2 million after-tax in acquisition-related charges and $27 million after-tax in amortization of acquired intangibles, its adjusted equity in net income from its investment in Schwab will be $207 million.

TD is expected to release its full fourth-quarter results on Dec. 5.

Schwab, which keeps its books in U.S. dollars, reported Tuesday a third-quarter profit of US$1.41 billion, up from US$1.13 billion a year earlier.

On an adjusted basis, Schwab says it earned US$1.53 billion in its latest quarter compared with US$1.52 billion in the same quarter last year.

TD announced in August that it had sold 40.5 million Schwab shares. The sale reduced its interest in Schwab to 10.1 per cent from 12.3 per cent.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:TD)

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MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.

The restaurant franchisor and operator says its net income attributable to owners totalled $34.9 million in its third quarter, compared with $38.9 million a year earlier.

The results for the period ended Aug. 31 amounted to $1.46 per diluted share, down from $1.59 per diluted share a year prior.

The company behind 90 brands including Manchu Wok and Mr. Sub attributed the fall to impairment charges on property, plants and equipment along with intangibles assets.

Its revenue decreased slightly to $292.8 million in the quarter from $298 million a year ago.

While CEO Eric Lefebvre saw the quarter as a sign that the company’s ongoing restructuring is starting to bear fruits, he said the business was also hampered by significant delays in construction and permitting that resulted in fewer locations opening.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:MTY)

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Taiga Motors Corp. says the Superior Court of Québec has approved its sale to a British electric boat entrepreneur.

The Montreal-based maker of snowmobiles and watercraft says it will be purchased by Stewart Wilkinson.

Wilkinson’s family office is behind marine electrification brands that include Vita, Evoy, and Aqua superPower.

Wilkinson and Taiga did not reveal the terms or value of the deal but say Wilkinson will assume Taiga’s debt to Export Development Canada and has committed to funding Taiga’s business plan.

The companies say the transaction will allow them to achieve greater economies of scale and deliver high-performance products at compelling prices to accelerate the electric transition.

The sale comes months after Taiga sought bankruptcy protection under the Companies’ Creditors Arrangement Act to cope with a cash crunch.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:TAIG)

The Canadian Press. All rights reserved.