Brookfield Corp (NYSE:BN) stock fell 1.63% (As on November 15, 11:22:35 AM UTC-4, Source: Google Finance) after the company’s earnings soared in the third quarter, boosted by strong results from its wealth solutions business as the company hunts for growth outside its home markets. Brookfield reported US$64-million or a penny US per share in net income attributable to its shareholders for its third quarter, down from US$230-million or 12 cents US per share in the same quarter last year. The company reported its third-quarter distributable earnings totalled US$1.33-billion, up from $1.15-billion in the same quarter a year ago.
Moreover, the asset management business delivered 14% growth in fee-related earnings compared to the prior year quarter, due to recent fundraising momentum across our diversified strategies, primarily from our credit funds and insurance inflows. Wealth solutions earnings doubled compared to the prior year quarter, benefiting from the acquisition of American Equity Life, increased annuity sales and strong investment performance. The operating businesses continue to deliver growing cash flows, backed by the resilient earnings of the renewable power and transition, infrastructure and private equity businesses and 4% growth in same-store net operating income (“NOI”) from the core real estate portfolio over the prior year quarter.
Furthermore, Fee-related earnings increased by 14% compared to the prior year quarter, driven by a 23% increase in fee-bearing capital over the LTM to $539 billion as at September 30, 2024. Inflows were $21 billion in the quarter and $135 billion for the LTM. During the quarter, the company closed on the previously announced strategic partnership with Castlelake, a global alternative investment manager specializing in asset-based private credit including aviation and specialty finance. The company has also completed the acquisition of SVB Capital through Pinegrove Capital Partners, our venture investment platform formed with Sequoia Heritage.
BN in the third quarter of FY 24 has reported the adjusted earnings per share of 84 cents, beating the analysts’ estimates for the adjusted earnings per share of 82 cents. The company had reported the adjusted revenue of $20.62 billion in the third quarter of FY 24, down from US$24.44-billion in the same quarter last year.
Additionally, the company has declared a quarterly dividend for Brookfield Corporation of $0.08 per share, payable on December 31, 2024 to shareholders of record as at the close of business on December 16, 2024. The company have over $150 billion of deployable capital, which includes $66 billion of cash, financial assets and undrawn credit lines at the Corporation.