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May 14, 2021

Onex reports US415M Q1 profit compared with loss a year ago

Onex

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TORONTO - Onex Corp. reported a net profit of US$415 million in its latest quarter compared with a net loss of US$997 million in the same quarter last year.

The private equity investment firm, which keeps its books in U.S. dollars, says the profit amounted to US$4.59 per diluted share for the quarter ended March 31 compared with a loss of US$9.97 per diluted share in the first three months of 2020.

Onex says its segment net earnings, which excludes certain items, totalled US$472 million or US$5.23 per diluted share, up from a segment net loss of $1.05 billion or US$10.34 per diluted share a year ago.

The company's investing segment earnings grew to US$324 million compared with a loss of US$985 million a year ago, while its asset and wealth management segment earned US$148 million compared with a loss of US$67 million in the same quarter last year.

Onex chairman and CEO Gerry Schwartz says the company reported another quarter of good results across its platforms.

Schwartz says its private equity investments continued to generate strong value and its credit platform is saw momentum with its new strategies.