Power Corporation of Canada ends record year with stable fourth quarter earnings
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Power Corporation of Canada POW-T says it made record profits last year, with net profit flat in the fourth quarter.
The Montreal-based holding company said its earnings attributable to shareholders reached $2.92 billion last year, up from $1.99 billion in 2020, while adjusted earnings rose 55% to $4.77 per diluted share.
In the three months ended Dec. 31, Power earned $626 million or 93 cents per share, compared with $623 million or 92 cents per share in the year-ago quarter.
Adjusted earnings for the quarter were $676 million or $1 per share, in line with analysts’ expectations and up from $627 million or 93 cents per share in the fourth quarter of 2020.
The company says it has achieved its targeted cost reductions of $50 million following its reorganization completed in February 2020 in which it acquired the minority stakes of Power Financial.
Power has full control of Power Financial and therefore majority interests in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp., as well as a minority interest in Pargesa Holding.
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