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    IGM   CA4495861060

IGM FINANCIAL INC.

(IGM)
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Power Financial profit falls, misses expectations

03/13/2013 | 11:59am EDT

TORONTO (Reuters) - Power Financial Corp said on Wednesday that fourth-quarter profit fell as earnings at its IGM Financial (>> IGM Financial Inc.) mutual funds unit dipped and income at its Great-West Lifeco (>> Great-West Lifeco Inc.) insurance operation dropped.

TORONTO (Reuters) - Power Financial Corp said on Wednesday that fourth-quarter profit fell as earnings at its IGM Financial (>> IGM Financial Inc.) mutual funds unit dipped and income at its Great-West Lifeco (>> Great-West Lifeco Inc.) insurance operation dropped.

The Montreal-based company said operating earnings fell to C$406 million ($396 million), or 57 Canadian cents a share, from C$422 million, or 52 Canadian cents, in the same quarter a year earlier.

Analysts had expected, on average, a profit of 58 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Power Financial, controlled by Montreal's Desmarais family through its Power Corp (>> Power Corporation of Canada) holding company, also owns a major stake in Swiss-based Pargesa Holding SA (>> Pargesa Holding SA).

On an operating basis, Great-West contributed C$337 million to Power Financial's profit, down from C$342 million, while IGM contributed C$106 million, down from C$113 million.

Shares of Power Corp were down 58 Canadian cents to C$26.85 on the Toronto Stock Exchange.

(Reporting by Andrea Hopkins; Editing by Frank McGurty and Jeffrey Benkoe)


ę Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
FIRST FINANCIAL CORPORATION -1.28% 42.34 Delayed Quote.10.40%
GREAT-WEST LIFECO INC. 1.01% 36.99 Delayed Quote.20.00%
IGM FINANCIAL INC. 0.16% 44.75 Delayed Quote.29.47%
PARGESA HOLDING 0.12% 80.9 End-of-day quote.0.56%
POWER CORPORATION OF CANADA 0.88% 40.18 Delayed Quote.36.26%
POWER FINANCIAL CORPORATION 0.00%End-of-day quote.3.92%
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Financials
Sales 2021 3 288 M 2 670 M 2 670 M
Net income 2021 899 M 730 M 730 M
Net Debt 2021 - - -
P/E ratio 2021 11,8x
Yield 2021 5,04%
Capitalization 10 654 M 8 613 M 8 653 M
Capi. / Sales 2021 3,24x
Capi. / Sales 2022 3,11x
Nbr of Employees 3 300
Free-Float 34,0%
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Technical analysis trends IGM FINANCIAL INC.
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 44,68 CAD
Average target price 47,80 CAD
Spread / Average Target 6,98%
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Managers and Directors
NameTitle
James O'Sullivan President, Chief Executive Officer & Director
J. Luke Gould Chief Financial Officer & Executive Vice President
Robert Jeffrey Orr Chairman
Nancy McCuaig Senior VP, Chief Technology & Data Officer
Michael Dibden Chief Operating Officer
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