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A few weeks before the holidays, it’s time to do some shopping. In addition to freebies, you may want to buy stocks for your TFSA.
The best part? By holding stocks in your TFSA, you can grow these investments tax-free.
Loblaw Companies (TSX: L), High Liner Foods (TSX: HLF), and Galaxy digital backgrounds (TSX: GLXY) are three Canadian stocks that would make great buys for your TFSA. They published strong quarterly results.
Canada’s largest grocer beat expectations in the third quarter, supported by strong demand in its stores and online.
Revenue for the third quarter of 2021 was $ 16.05 billion, an increase of 2.4% from the revenue of $ 15.67 billion recorded in the third quarter of 2020.
The food and drugstore company made earnings of $ 431 million ($ 1.27 per diluted share) available to common shareholders, an increase of 26% from the third quarter of 2020.
On an adjusted basis, Loblaw earned $ 1.59 per diluted share in the quarter, an increase of 24.2% from the third quarter of 2020.
Loblaw said demand for the back-to-school and Thanksgiving season was strong, signaling a return to pre-pandemic routines.
Online sales remained above pre-pandemic levels and are expected to exceed $ 3 billion in 2021, which would be higher than the $ 2.8 billion recorded a year earlier.
As a result, Loblaw now expects adjusted earnings per share to rise in the low to mid range of 30% from an earlier forecast of low to mid growth of 20%.
As Canadians buy more groceries this holiday season, Loblaw will see sales increase in December.
High Liner Foods
High Liner saw higher sales, adjusted EBITDA and profit in the third quarter of 2021 than a year ago, driven by the recovery in foodservice.
The company’s restaurant business has seen its sales volume increase due to the significantly reduced restrictions from COVID-19. However, the gains were partially offset by its retail business, where demand was weaker than a year ago due to changes in consumer behavior during the pandemic.
Sales volume increased 0.2% to 54.8 million pounds, while sales increased 10.1% to $ 214.3 million. Adjusted EBITDA increased 17.3% to reach $ 22.4 million.
Net income increased 137.2% to $ 8 million in the quarter ended July 3, 2021. Diluted EPS increased to $ 0.23 per share from $ 0.10 per share in the same quarter l last year.
On an adjusted basis, net income increased 142.1%, from $ 3.8 million ($ 0.11 per diluted share) to $ 9.2 million ($ 0.26 per diluted share).
High Liner is on track to generate Adjusted EBITDA growth this year thanks to the company’s third quarter performance.
The frozen seafood company increased its quarterly dividend to $ 0.10 per share, an increase of 43% from the $ 0.07 dividend paid in the third quarter.
Galaxy digital backgrounds
Galaxy Digital is an asset management company operating in the digital assets, cryptocurrency and blockchain technology industry. The company posted a strong profit increase in the third quarter.
Comprehensive net income reached $ 517 million in the third quarter of 2021, an increase of 1,146% from $ 41.5 million in the third quarter of 2020.
Galaxy Digital Asset Management announced preliminary assets under management (AUM) of $ 2.2 billion as of September 30, an increase of 57% from the quarter ended June 30 and a 175% increase since September 30.
Galaxy Digital Founder and CEO Michael Novogratz said, “As the crypto economy continues to mature and adoption trends accelerate, leading to both increases in asset prices and larger quantities. of institutional capital in space, I have never been so optimistic about the future of our company. “
Novogratz added that it looks forward to the company’s listing in the United States and the closing of its BitGo acquisition, which is expected to take place in the first quarter of 2022.
Galaxy Digital’s stock is up more than 220% since the start of the year. Owning these stocks in your TFSA saves you a lot of money without paying taxes.