Brookfield Business Partners reports Q2 2024 financial results with net loss, decreased Adjusted EBITDA.

From GlobeNewswire: 2024-08-02 06:45:00

Brookfield Business Partners reported financial results for Q2 2024, with net income attributable to Unitholders of $(20) million and Adjusted EBITDA of $524 million. The Industrials segment generated $213 million in Adjusted EBITDA, Business Services segment generated $182 million, and Infrastructure Services segment generated $157 million.

Compared to Q2 2023, the net loss attributable to Unitholders decreased, and Adjusted EBITDA decreased to $524 million. The Business Services segment saw a decrease in contribution due to a cybersecurity incident, while the Infrastructure Services segment included increased contribution from offshore oil services.

Adjusted EFO for Q2 2024 showed increased contribution from the Industrials segment, partially offset by reduced contribution from Business Services. Infrastructure Services Adjusted EFO was impacted by the sale of the nuclear technology services operation. Strategic initiatives included the sale of the Canadian aggregates production operation and significant debt refinancings.

Brookfield Corporation repurchased 252,635 units of Brookfield Business Partners L.P. Liquidity at the corporate level was approximately $1.6 billion, with $1.5 billion available on corporate credit facilities. The Board declared a quarterly distribution of $0.0625 per unit, payable on September 27, 2024. Detailed financial statements are available on their website.



Read more at GlobeNewswire:: Brookfield Business Partners Reports Second Quarter 2024