Brookfield Reports Third-Quarter Profit up From Year Ago
Brookfield cited stronger distributable earnings and $25 billion in fundraising, but shares slipped as investors weighed valuation and a planned corporate simplification.
- On Thursday, Brookfield Corp reported a third-quarter profit of $1.31 billion, up significantly from $219 million a year ago, with consolidated revenue rising to $20.69 billion.
- Distributable earnings reached $1.718 billion, or $0.73 per share, as the Wealth business generated $511 million in earnings and originated $4 billion in retail and institutional annuity sales.
- Asset management teams raised $25 billion during the quarter, bringing year-to-date fundraising to $123 billion, while fee-bearing capital reached $682 billion, supporting a 15% increase in fee-related earnings.
- Despite stronger earnings, Brookfield Corporation shares traded down 0.69% to $41.77 on Thursday, though a J.P. Morgan assessment raised its price target to $65 from $56 on November 10.
- A corporate simplification scheduled for December 1 will position Brookfield Corporation Ltd. shares to trade under BN starting December 3, with investors receiving a $0.07 per share distribution on December 31.
17 Articles
17 Articles
Brookfield (NYSE:BN) Announces Quarterly Earnings Results
Brookfield (NYSE:BN - Get Free Report) announced its quarterly earnings data on Thursday. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.05. Brookfield had a return on equity of 3.93% and a net margin of 1.85%.
Brookfield stock slips despite stronger distributable earnings - FINCHANNEL
(The FINANCIAL) — Brookfield stock traded lower during the November 12 US session despite stronger third-quarter distributable earnings, as the investment group reported continued fundraising and growth in its wealth-solutions business. The results bring the durability of recurring earnings into focus ahead of a planned corporate simplification in December. Brookfield Corporation (NYSE: BN; TSX: BN) […]
The Toronto Star
Brookfield reports third-quarter profit up from year ago
TORONTO - Brookfield Corp. reported a profit attributable to shareholders of US$1.31 billion for its latest quarter, up from US$219 million in the same quarter last year.
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