MONTREAL — Power Corp. says its net earnings more than doubled to a record $525 million in the first quarter.<\/p>\n
The Montreal-based holding company — whose assets include Power Financial, Sagard Investment Funds and China Asset Management Co. — beat expectations after earning $1.13 per share for the period ended March 31.<\/p>\n
That compared with $258 million or 56 cents per share in the prior year quarter.<\/p>\n
Excluding restructuring and other charges last year, adjusted profits were $269 million or 58 cents per share in the first quarter of 2017.<\/p>\n
Power was expected to earn 73 cents per share in adjusted profits or 80 cents per share in net earnings, according to analysts polled by Thomson Reuters Eikon.<\/p>\n
Ahead of its annual meeting, Power increased its quarterly dividend 6.6 per cent to 38.20 cents per share, payable June 29 to shareholders of record June 8.<\/p>\n
Earlier this week, Montreal-based La Presse news group said it plans to adopt a not-for-profit structure, if Quebec allows it to do so.<\/p>\n
The 130-year-old newspaper is owned by Square Victoria Communications Group, a subsidiary of Power, which plans to grant $50 million to the venture.<\/p>\n
Under the new structure, Power Corp. would no longer own the media company or have any ties with the not-for-profit structure.<\/p>\n
——<\/p>\n
Power Corp. holds an investment in The Canadian Press as part of a joint agreement with a subsidiary of the Globe and Mail and Torstar Corp.<\/p>\n
Companies in this story: (TSX:POW, TSX:PWF).<\/p>\n","protected":false},"excerpt":{"rendered":"
MONTREAL — Power Corp. says its net earnings more than doubled to a record $525 million in the first quarter. The Montreal-based holding company — whose assets include Power Financial, Sagard Investment Funds and China Asset Management Co. — beat expectations after earning $1.13 per share for the period ended March 31. That compared with […]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/9108"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=9108"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/9108\/revisions"}],"predecessor-version":[{"id":9109,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/9108\/revisions\/9109"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=9108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=9108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=9108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}