Brookfield Corporation Reports Strong Earnings for 2023

Financial Results

Brookfield Corporation (ticker: BRC) announced strong financial results for the year 2023, with a 12% increase in distributable earnings before realizations, reaching $4.2 billion. The company also reported a net income of $5.1 billion, highlighting a successful fundraising year.

Fundraising and Investments

Brookfield Corporation raised approximately $143 billion in capital and invested over $55 billion across various sectors. With high expectations for positive outcomes, the company aims to buy back an additional $1 billion of its shares and has declared a 14% increase in its quarterly dividend.

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Key Takeaways

• Distributable earnings before realizations increased by 12% to reach $4.2 billion.
• The company reported a net income of $5.1 billion for the year.
• Raised approximately $143 billion in capital, with over $55 billion invested across various sectors.
• Financed around $100 billion of assets and businesses in 2023.
• Plans to accelerate share repurchase with an additional $1 billion in buybacks.
• Experienced high occupancy levels and growth in net operating income in the real estate business.
• Monetized over $30 billion in assets at values higher than carrying values.
• Strong balance sheet with over $120 billion in deployable capital.
• Announced a 14% increase in quarterly dividend.

Company Outlook

• Anticipates strong fundraising momentum to continue into 2024.
• Insurance solutions business set to exceed $100 billion in assets with annualized earnings over $1.3 billion.
• Targets 15% plus per share returns for shareholders over the long term.

Bearish Highlights

• Reduced transaction activity in the market, though the company maintains strong access to capital.

Bullish Highlights

• Operating businesses generated nearly $3 billion in distributable earnings.
• Real estate business outperformed the market with high occupancy and NOI growth.
• Successful refinancing of all debt maturities in 2023, with plans to continue in 2024.

Misses

• No specific misses were noted from the earnings call summary provided.

Brookfield Corporation’s robust financial performance and strategic capital deployment in 2023 have set a solid foundation for its future prospects, showcasing a Market Cap of $63.03B USD and notable Revenue Growth of 4.52% over the last twelve months as of Q1 2023. The company’s robust return over the last three months, amounting to a 26.2% Price Total Return, reflects resilience and growth potential.

Brookfield Corporation is recognized as a prominent player in the Capital Markets industry, offering confidence in its industry standing and expertise. Furthermore, the company has maintained consistent dividend payments for 27 consecutive years, reflecting its commitment to shareholder returns and financial discipline.

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Full Transcript – Brookfield (BN) Q4 2023:

Hello, and welcome to the Brookfield Corporation Fourth Quarter 2023 Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. I would now like to hand the conference call over to our first speaker, Ms. Angela Yulo, Vice President. Please go ahead.

Thank you for your continued support and interest in Brookfield. Have a great day!