Written by Amy Legate-Wolfe at The Motley Fool Canada

Earnings continue to flood in and investors have seen some positive performance from a few Canadian companies. These include three growth stocks that took off after earnings. That being said, there’s still room to run for the three growth stocks I’ll discuss today. So with just $1,000, let’s see what you could bring in.

Loblaw

Shares of Loblaw (TSX:L) climbed this week as the company reported growth in both profit and sales during the fourth quarter. Canada’s largest grocer reported net earnings of $541 million or $1.72 per share for the quarter, compared to $529 million or $1.62 per share last year. Revenue also increased 3.7% to $14.5 billion, with same-store sales up 2%.

However, everything hasn’t been perfect for the company. Loblaw stock has been under pressure given the ongoing high prices for grocery items. Inflation may be coming down, but prices remain quite high. However, the company combated this by stating its prices were lower than the food price growth identified by Statistics Canada.

And it looks like the grocery retailer should be able to continue attracting customers in the future. It’s now renovating 700 of its locations over the next year. Meanwhile, shares are up 17% in the last year as of writing. So when inflation comes down even more, Loblaw stock is looking for even more room to run.

Nutrien

Nutrien (TSX:NTR) stock was another company seeing a jump after earnings this week. The fertilizer company earned US$176 million during the fourth quarter, which was a decrease from the year before. The company also reported its results included a US$76 million non-cash impairment charge. On an adjusted basis, it earned US$1.1 billion for the quarter, or US$0.37 per share.

While its results were down from record highs achieved in 2022, the company still remained confident in the future. So confident, in fact, that it reported an increase in dividends and its buyback program. This led to a share price increase of 5% after earnings came out.

So even though sales were down from lower selling prices, demand remains high, and will likely continue to do so. Meanwhile, you can grab Nutrien stock while it recently increased the dividend by 2%, and plans to purchase 5% of outstanding shares over the next year.

Teck stock

Another company seeing a share jump was Teck Resources (TSX:TECK.B). The Canadian miner reported fourth-quarter results that came in above market estimates, but that wasn’t what had investors so excited. Instead, they were pleased with a huge increase in its steelmaking coal sales, as well as an investment from Glencore.

The company reported adjusted profit of $1.40 per share, higher than the $1.33 expected. What’s more, it produced a record amount of copper, and ramped up operations at its Quebrada Blanca mine. It then reported earning a profit of $483 million or $0.92 per share, up from $266 million the year before.

So while revenue may have hit $4.1 billion, that was also a huge increase from the $3.1 billion before, showing there is more room for growth. Teck stock clearly has even more growth ahead of it among growth stocks, especially as such a diversified basic materials company. And while shares jumped, they’re still down 6% in the last year, offering a deal while it climbs back to all-time highs.

The post Got $1,000? Buy These Hot Growth Stocks Before They Take Off appeared first on The Motley Fool Canada.

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Fool contributor Amy Legate-Wolfe has no positions in any of the stocks mentioned. The Motley Fool recommends Nutrien. The Motley Fool has a disclosure policy.

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