Brookfield Business Partners announced robust financial results for the third quarter ended September 30, 2024. The company reported net income attributable to Unitholders of $301 million, or $1.39 per unit, a significant improvement from a net loss of $44 million in the prior period. Adjusted EBITDA for the quarter increased to $844 million, up from $655 million in the same period of 2023.
A key contributor to the strong performance was a $296 million benefit at its advanced energy storage operation, Clarios, under the U.S. Inflation Reduction Act. The Industrials segment generated $500 million in Adjusted EBITDA, benefiting from this tax credit and growing contributions from water and wastewater services. This growth was partially offset by reduced performance in engineered components manufacturing due to market softness.
The Business Services segment's Adjusted EBITDA was $228 million, slightly down from $238 million, impacted by higher technology upgrade costs at its dealer software and technology services operation. Infrastructure Services Adjusted EBITDA declined to $146 million, primarily due to the sale of its nuclear technology services operation in November 2023. The company ended the quarter with approximately $1.5 billion of corporate liquidity.
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