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February 23, 2023CANADA FINANCIAL STATISTICS FOR ENTERPRISES, Q3 2022 In Q4 2022, Canadian enterprise net income before taxes (seasonally adjusted) rebounded by $9.8 billion from the previous quarter to $143.61 billion. Net income before taxes was up $6.25 billion for non-financial corporations to $101.79 billion and was up $3.55 billion to $41.82 billion in finance and insurance corporations.
Among resource extraction industries, agriculture/forestry/fishing net income before taxes increased while oil and gas extraction net income declined slightly. Mining net income increased.
Construction net income before taxes edged up while utility net income declined.
Within manufacturing industries, food and soft drink manufacturing net income before taxes rose, as did net income for alcohol/tobacco/cannabis manufacturers. Net income for alcohol, tobacco and cannabis manufacturing industries remains substantially lower than at the same time in 2021.
Among primary processing manufacturers, net income was little changed in forest products and up substantially for petroleum and coal product manfaucturing. Net income also increased for primary/fabricated metal manufacturers.
In Q3 2022, there was a sharp decline in net income before taxes for pharmaceutical/soap/agricultural chemical manufacturers. There was a large gain in net income before taxes for chemical manufacturers. Plastic and rubber product manufacturers reported a rise in net income before taxes while non-metallic mineral product manufatureres reported a small decline.
Net income before taxes rebounded sharply for motor vehicle manufacturers, along with more modest gains for motor vehcile parts manufacturers and other transportation equipment manufacturing industries.
Net income were up among Canada's computer/electronics manufacturers and clothing/textile/furniture manufacturers.
Net income increased in Q3 for the range of Canadian wholesale businesses.
Retail net income was up modestly for all categories with motor vehicles/parts dealers and food/beverage stores posting the largest gains.
Net income for transportation and warehousing businesses were up, but this was more than offset by declines in net incomes for pipelines.
Net incomes were up for both broadcasting/content creation as well as for telecommunications providers.
Net incomes before tax in real estate declined last quarter while incomes in rentals/leasing were up slightly.
Net incomes continue to fall for professional/technical service industries - down for the 3rd consecutive quarter. Net incomes edged down for administrative/support/waste management services and increased slightly in personal/repair service industries.
Net incomes were up slightly for businesses in health, education and social assistance. Net incomes in arts/recreation/accommodation/food services were also up slightly, but remain substantially lower than in Q1 2020.
Banking reported the strongest rebound among financial industries (among all industries in fact) with a gain of $3.70 billion to a net income of $16.66 billion. Credit unions also reported higher net income before taxes.
Net incomes were down sharply for credit card/consumer, more than offsetting modest rises in other non-depository credit intermediation activities and financial transactions processing and loan brokers.
Net incomes continued to decline for miscellaneous financial intermediation activities.
Net incomes expanded for life, health and medical insurance carriers, but not for the rest of the insurance sector.
Source: Statistics Canada. Table 33-10-0226-01 Quarterly balance sheet and income statement, by industry, seasonally adjusted (x 1,000,000)
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