Q2 2024 Power Corporation of Canada Earnings Call Transcript
Key Points
- Power Corporation of Canada (PWCDF) reported strong financial results for Q2 2024, with Great-West Life achieving record earnings exceeding $1 billion.
- IGM Financial showed year-over-year earnings growth across its wealth management and asset management segments.
- Power Corporation's Board of Directors declared a quarterly dividend of $56.25 per share, up 7.1% from Q2 2023.
- The company successfully integrated acquisitions such as Personal Capital, Mass Mutual, and Prudential, contributing to growth.
- Power Corporation has been active in share buybacks, purchasing $189 million year-to-date, enhancing shareholder value.
- Adjusted net earnings from continuing operations decreased to $761 million from $842 million in the same quarter last year.
- Adjusted NAV per share decreased from $53.10 at March 31 to $50.48 at June 30, primarily due to share price decreases in Great-West Life and GBL.
- High inflation and higher mortgage rates are negatively impacting client bases, affecting business flows.
- The macroeconomic environment remains challenging, with high interest rates and inflation impacting overall business performance.
- Lion Electric, one of Power Corporation's investments, is facing significant challenges, including a 30% workforce reduction and delays in federal funding for electric buses.
Good morning, ladies and gentlemen, and welcome to the Power Corporation second-quarter 2024 earnings conference call. (Operator Instructions) I would like to remind everyone that this call is being recorded on Friday, August 9, 2024.
I would now like to turn the conference over to Mr. Jeffrey Orr, President and Chief Executive Officer of Power Corporation. Please go ahead, sir.
Thank you, operator. Welcome everyone to our call. Thanks for being with us this morning. I will dive right into the presentation to go through our perspectives on the second quarter and overall commentary on how we are thinking about the business.
Before I do so, I'll remind you on pages two and three of the cautionary disclaimer statements regarding forward-looking information and non-IFRS measures. On page 4, you have the happy mugshots of myself and Jake Lawrence, who is here with us today for your second call as CFO. So we're happy to be with you. And we've got some other
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