TORONTO, Nov. 07, 2024 (GLOBE NEWSWIRE) --
All per share figures disclosed below are stated on a diluted basis.
| For the periods ended September 30, | Three months | Nine months | ||||||
| ($ in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
| Net revenue | $ | 98,128 | $ | 62,611 | $ | 224,789 | $ | 178,937 |
| Operating earnings | 3,594 | 18,474 | 30,245 | 46,752 | ||||
| Net gains (losses) | 39,999 | (17,358) | 13,575 | (2,960) | ||||
| Net earnings (loss) from continuing operations | 39,069 | (2,270) | 37,780 | 34,514 | ||||
| Net earnings (loss) from discontinued operations | -- | -- | -- | 554,933 | ||||
| Net earnings (loss) | 39,069 | (2,270) | 37,780 | 589,447 | ||||
| EBITDA (1) | $ | 14,120 | $ | 24,611 | $ | 54,402 | $ | 65,181 |
| Adjusted cash flow from operations (1) | 13,979 | 21,568 | 43,928 | 55,568 | ||||
| Attributable to shareholders: | ||||||||
| Net earnings (loss) from continuing operations | $ | 38,633 | $ | (2,506) | $ | 36,663 | $ | 33,563 |
| Net earnings (loss) | 38,633 | (2,506) | 36,663 | 496,242 | ||||
| EBITDA(1) | 13,407 | 23,986 | 52,428 | 62,683 | ||||
| Adjusted cash flow from operations (1) | 13,328 | 20,971 | 41,876 | 53,051 | ||||
| Per share amounts (diluted): | ||||||||
| Net earnings (loss) from continuing operations | $ | 1.58 | $ | (0.11) | $ | 1.49 | $ | 1.40 |
| Net earnings (loss) | 1.58 | (0.11) | 1.49 | 19.40 | ||||
| EBITDA(1) | 0.56 | 1.02 | 2.12 | 2.49 | ||||
| Adjusted cash flow from operations (1) | 0.56 | 0.89 | 1.70 | 2.12 | ||||
| As at | 2024 | 2023 | 2023 | |||
| ($ in millions, except per share amounts) | September 30 | December 31 | September 30 | |||
| Total client assets | $ | 165,061 | $ | 58,774 | $ | 56,215 |
| Shareholders' equity | 1,244 | 1,241 | 1,201 | |||
| Securities | 1,168 | 1,318 | 1,276 | |||
| Per share amounts (diluted): | ||||||
| Shareholders' equity (1) | $ | 50.35 | $ | 49.39 | $ | 47.54 |
| Securities (1) | 47.27 | 52.44 | 50.49 | |||
Guardian is reporting Total Client Assets of $165.1 billion as at September 30, 2024, which includes $105 billion of additions from the two acquired businesses.
Guardian's Net revenue for the current quarter was $98.1 million, compared to $62.6 million in the same quarter in the prior year, with $37.4 million being contributed by the two acquired businesses.
Guardian's Operating earnings and EBITDA(1) were $3.6 million and $14.1 million, respectively, for the quarter ended September 30, 2024, compared to $18.5 million and $24.6 million, respectively, in the same quarter in the prior year. Included in the current results were $10.1 million of Transitional costs described above.
Net gains in the current quarter were $40.0 million, compared to Net losses of $17.4 million in the same quarter in the prior year, which largely reflect the changes in fair values of Guardian's Securities portfolio.
Net earnings attributable to shareholders were $38.6 million in the current quarter, compared to a loss of $2.5 million in the comparative period, resulting largely from the Net gains described above.
Adjusted cash flow from operations attributable to shareholders(1) for the current quarter was $13.3 million, compared to $21.0 million in the comparative period. The decrease of $7.6 million was due largely to decrease in Operating earnings as described above.
During the current quarter, Guardian returned to shareholders $9.1 million in dividends and $3.9 million in share buybacks.
Guardian's Shareholders' equity as at September 30, 2024 was $1,244 million, or $50.35 per share(1), compared to $1,241 million, or $49.39 per share(1) as at December 31, 2023. Guardian's Securities as at September 30, 2024 had a fair value of $1,168 million, or $47.27 per share(1), compared to $1,318 million, or $52.44 per share(1) as at December 31, 2023.
The Board of Directors is pleased to have declared a quarterly eligible dividend of $0.37 per share, payable on January 17, 2025, to shareholders of record on January 10, 2025.
The Company's financial results for the past eight quarters are summarized in the following table.
| Sep 30, 2024 | Jun 30,
2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30,
2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||
| As at ($ in millions) | ||||||||||||||||
| Total client assets | $ | 165,061 | $ | 58,628 | $ | 61,316 | $ | 58,774 | $ | 56,215 | $ | 56,527 | $ | 56,326 | $ | 53,303 |
| For the three months ended ($ in thousands) | ||||||||||||||||
| Net revenue | $ | 98,128 | $ | 64,164 | $ | 62,497 | $ | 62,245 | $ | 62,611 | $ | 61,833 | $ | 54,493 | $ | 50,681 |
| Operating earnings | 3,594 | 14,333 | 12,318 | 13,097 | 18,474 | 17,038 | 11,240 | 8,790 | ||||||||
| Net gains (losses) | 39,999 | (39,161) | 12,737 | 60,747 | (17,358) | (3,736) | 18,134 | 18,225 | ||||||||
| Net earnings (losses) from continuing operations | 39,069 | (22,730) | 21,441 | 68,048 | (2,270) | 11,532 | 24,852 | 25,249 | ||||||||
| Net earnings from discontinued operations | -- | -- | -- | -- | -- | -- | 554,933 | 6,386 | ||||||||
| Net earnings (losses) | 39,069 | (22,730) | 21,441 | 68,048 | (2,270) | 11,532 | 579,785 | 31,635 | ||||||||
| Net earnings (loss) from continuing operations attributable to shareholders | 38,633 | (23,137) | 21,167 | 67,087 | (2,506) | 11,145 | 24,524 | 24,679 | ||||||||
| Net earnings (loss) attributable to shareholders | 38,633 | (23,137) | 21,167 | 67,087 | (2,506) | 11,145 | 487,203 | 29,961 | ||||||||
| Per share amounts (in $) | ||||||||||||||||
| Net earnings (loss) from continuing operations attributable to shareholders | ||||||||||||||||
| Basic | $ | 1.66 | $ | (0.99) | $ | 0.90 | $ | 2.85 | $ | (0.11) | $ | 0.47 | $ | 1.04 |
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