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• Adjusted EBITDA: Increased to $2.6 billion from $2.5 billion in 2023.

• Net Loss: $109 million in 2024, primarily due to impairments in health care services and natural gas producer.

• Adjusted EFO: $1.5 billion, including $306 million of net gains during the year.

• Industrial Segment EBITDA: $1.2 billion, up from $855 million in 2023.

• Business Services Segment EBITDA: $832 million, down from $900 million in 2023.

• Infrastructure Services Segment EBITDA: $606 million, down from $853 million in 2023.

• Pro Forma Liquidity: $2.7 billion at the corporate level.

• Share Buyback Program: Announced a new $250 million share buyback program.

• Capital Recycling Initiatives: Generated more than $2 billion, including $1 billion from monetizations and distributions.

• Clarios Distribution: $1.2 billion share of a $4.5 billion distribution.

• Chemelex Acquisition: BBU's share of the equity investment was approximately $210 million.

• Warning! GuruFocus has detected 8 Warning Signs with BBU.

Release Date: January 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Brookfield Business Partners LP (NYSE:BBU) achieved a record full-year adjusted EBITDA of $2.6 billion, reflecting strong operational performance and increased margins.

• The company generated over $2 billion from capital recycling initiatives, including $1 billion from monetizations and distributions.

• BBU completed a successful financing at Clarios, raising $4.5 billion, with BBU's share amounting to $1.2 billion, representing a 1.5 times multiple of their investment.

• A new $250 million share buyback program was announced, aimed at increasing the per-unit value of BBU.

• BBU acquired Chemelex, a leading manufacturer of electric heat tracing systems, for $210 million, which is expected to generate durable cash flows and leverage Brookfield's platform for growth.

Negative Points

• BBU reported a net loss of $109 million in 2024, primarily due to impairments in healthcare services and natural gas production.

• The company's infrastructure services segment saw a decline in full-year adjusted EBITDA from $853 million in 2023 to $606 million in 2024.

• The business services segment experienced a decrease in full-year adjusted EBITDA from $900 million in 2023 to $832 million in 2024.

• Healthscope, a healthcare business, continues to face challenges with a mismatch between revenue growth and cost escalation.

• CDK, a dealer software and technology services operation, is experiencing higher costs due to planned modernization and technology upgrades, impacting profitability.