Brookfield Business Partners (TSE: BBU.UN) (NYSE: BBU) announced Friday its financial results for the year ended December 31, 2021.
Brookfield Business Partners is a global business and industrial services company.
Year-End Results
Revenues came in at $46.6 billion for the full year, up 23.8% from ~$37.6 billion in 2020.
Net income attributable to unitholders for the year ended December 31, 2021, was $643 million ($3.28 per unit), compared to a net loss of $169 million (-$1.13 per unit) in the prior year.
Adjusted EBITDA for FY2021 was $1,761 million, compared to $1,384 million for FY2020, reflecting the increased contribution from Business Services, Industrials, and Infrastructure Services segments.
CEO Commentary
Brookfield Business Partners CEO Cyrus Madon said, “We had a successful 2021, generating strong financial performance and committing $2.2 billion of capital to acquire six new businesses. Our focus is on onboarding our recent acquisitions and executing our business improvement plans. We are well positioned to continue building value and expect 2022 to be another active year for our business.”
Wall Street’s Take
Last month, RBC Capital analyst Geoffrey Kwan kept a Buy rating on BBU.UN, with a price target of $61.00 (C$77.34). This implies 30.4% upside potential.
BBU.UN stock comes in as a Moderate Buy consensus rating based on just two Buys.
The average Brookfield Business Partners price target of C$75.44 implies 27% potential from current levels.
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