MONTREAL – Power Corp. beat expectations as its net income attributable to shareholders jumped nearly 47% to $ 741 million in its most recent quarter. The Montreal-based holding company claims to have made $ 1.
MONTREAL – Power Corp. beat expectations as its net income attributable to shareholders jumped nearly 47% to $ 741 million in its most recent quarter.
The Montreal-based holding company says it earned $ 1.09 per diluted share in the third quarter, down from 75 cents per share a year earlier, when net income was $ 505 million.
Excluding restructuring and other non-recurring items, adjusted earnings for the quarter ended September 30 were $ 748 million or $ 1.10 per share, compared to $ 483 million or 72 cents per share in the third quarter of 2020.
Power is expected to report 96 cents per share in adjusted earnings, according to financial data firm Refinitiv.
Great-West Lifeco Inc.’s contribution to adjusted earnings increased 27.7 percent to $ 580 million and IGM Financial Inc. increased 25.6 percent to $ 167 million.
Power holds full control of Power Financial and with that controlling interest in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp., as well as a minority interest in Pargesa Holding.
This report by The Canadian Press was first published on November 10, 2021.
Companies in this story: (TSX: POW)
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