Toronto-Dominion Bank stock dips on earnings growth warning

Toronto-Dominion Bank stock TD CA:TD is down 1.5% in premarket trading on Thursday after the Canadian bank with a sizeable U.S. presence said it does not expect to meet its medium-term adjusted earnings per share growth target of 7% to 10%. The bank blamed the mutual termination of its deal to buy First Horizon Corp. FHN as announced on May 4, as well as “deterioration in the macroeconomic environment.” TD’s second-quarter profit fell to C$3.35 billion, or C$1.72 a share, from C$3.

S. presence said it does not expect to meet its medium-term adjusted earnings per share growth target of 7% to 10%. The bank blamed the mutual termination of its deal to buy First Horizon Corp. FHN as announced on May 4, as well as “deterioration in the macroeconomic environment.” TD’s second-quarter profit fell to C$3.35 billion, or C$1.72 a share, from C$3.81 billion, or C$2.07 a share, in the year-ago quarter. Adjusted profit of C$1.94 a share missed the analyst estimate of C$2.08 a share.

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Bank earnings drag Toronto market to eight-week lowCanada's main stock market fell to its lowest closing level in nearly two months on Wednesday as two major banks reported quarterly earnings that missed analysts' estimates and U.S. debt deal uncertainty weighed on investor sentiment.
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