Onex Corp

Latest Results (07.08.2024):

Net Earnings

Onex Corp reported net earnings of $10 million for the first quarter of 2024, a significant improvement compared to a net loss of $232 million in the same period of 2023. This translates to net earnings per diluted share of $0.13, up from a loss of $2.87 per diluted share in the first quarter of 2023.

Segment Performance

In the first quarter of 2024, Onex Corp's investing segment net earnings were $54 million, while the asset management segment reported a net loss of $26 million. This resulted in total segment net earnings of $28 million, or $0.33 per fully diluted share, compared to a total segment net loss of $25 million, or $0.32 per fully diluted share, in the first quarter of 2023.

Distributable Earnings

Onex Corp's distributable earnings for the first quarter of 2024 were $45 million, down from $68 million in the same period of 2023. The asset management fee-related earnings showed a loss of $4 million, an improvement from a loss of $8 million in the first quarter of 2023.

Fee-Generating Capital

Onex Corp raised approximately $1.8 billion in fee-generating capital across its Private Equity and Credit platforms in the first quarter of 2024. This includes significant contributions from the Onex Partners Opportunities Fund and ONCAP V, which have raised aggregate commitments of $735 million and $795 million, respectively.

Share Repurchase

During the first four months of 2024, Onex Corp repurchased 598,708 Subordinate Voting Shares for a total cost of $44 million, averaging $73.13 per share. Additionally, Onex renewed its normal course issuer bid, allowing the company to purchase up to 10% of the public float in its Subordinate Voting Shares for cancellation.