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1 Defensive TSX Stock to Buy in October

The S&P/TSX Composite Index dropped 135 points on Wednesday, October 5. North American markets
have slipped after a fantastic start in the first two trading days of this new month. There is still
tremendous uncertainty in this market and global economy. Today, I want to zero-in on a top TSX
defensive stock that can provide some dependability in this environment.

Alimentation Couche Tard (TSX:ATD) is a Laval-based company that operates and licenses convenience
stores. Shares of this TSX stock have climbed 10% in 2022 as of close on October. The stock is up 19%
year over year at the time of this writing. Investors can trust these retailers that have proven robust in
any economic environment.

This company unveiled its first quarter fiscal 2023 earnings on August 30. It delivered adjusted net
earnings of $875 million in Q1 FY2023 – up from $758 million in the previous year. Meanwhile, adjusted
diluted net earnings per share climbed 19% year-over-year to $0.85. Total gross profit rose to $2.88
billion compared to $2.60 billion in the first quarter of fiscal 2022.

Revenues came in at $18.7 billion – up 37% from the previous year. It was bolstered by higher average
road transportation fuel and other fuel products selling prices. Moreover, it achieved organic growth on
merchandise and service revenues.

Shares of this defensive stock currently possess a favourable price-to-earnings ratio of 15. It offers better
value than the industry average. Moreover, Alimentation is on track for strong earnings growth going
forward.