Brookfield Business Partners Reports Second Quarter 2024 Results

Brookfield Business Partners
Brookfield Business Partners

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BROOKFIELD, NEWS, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended June 30, 2024.

“Our business fundamentals remain sound and we are pleased with the performance of many of our larger operations,” said Anuj Ranjan, CEO of Brookfield Business Partners. “Financial results were strong but impacted by a couple of one-time events this quarter. We continue to build value across our operations which will drive earnings as these one-time items pass. Our strong access to capital differentiates our franchise and enabled us to refinance a significant amount of debt at attractive rates during the quarter. We also continue to progress our capital recycling initiatives.”

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

US$ millions (except per unit amounts), unaudited

 

2024

 

 

2023

 

 

 

2024

 

2023

Net income (loss) attributable to Unitholders1

$

(20

)

$

(48

)

 

$

28

$

26

Net income (loss) per limited partnership unit2

$

(0.10

)

$

(0.22

)

 

$

0.13

$

0.12

 

 

 

 

 

 

Adjusted EBITDA3

$

524

 

$

606

 

 

$

1,068

$

1,228


Net loss attributable to Unitholders for the three months ended June 30, 2024 was $20 million ($0.10 loss per limited partnership unit) compared to net loss of $48 million ($0.22 loss per limited partnership unit) in the prior period.

Adjusted EBITDA for the three months ended June 30, 2024 was $524 million compared to $606 million in the prior period. Prior period results included contribution from our nuclear technology services operation which was sold in November 2023.

Operational Update

The following table presents Adjusted EBITDA by segment:

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

US$ millions, unaudited

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

Industrials

$

213

 

$

196

 

 

$

441

 

$

415

 

Business Services

 

182

 

 

223

 

 

 

387

 

 

435

 

Infrastructure Services

 

157

 

 

216

 

 

 

300

 

 

441

 

Corporate and Other

 

(28

)

 

(29

)

 

 

(60

)

 

(63

)

Adjusted EBITDA

$

524

 

$

606

 

 

$

1,068

 

$

1,228

 


Our Industrials segment generated Adjusted EBITDA of $213 million for the three months ended June 30, 2024, compared to $196 million during the same period in 2023. Strong performance at our advanced energy storage operation was partially offset by reduced contribution from engineered components manufacturing due to the impact of lower volumes.