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Onex's profit spikes from asset sales Add to ...

Onex Corp. says it earned $1.8-billion (U.S.) in its second-quarter, but the vast majority of the increase came from one-time gains on the sale of two key assets.

The Toronto-based investment and private equity firm said Wednesday its profit amounted to $14.09 per share, compared with profit of $174-million or 83 cents a year ago.

The results included a $1.7-billion gain from the sale of injection equipment maker Husky International and EMSC, a U.S. ambulance operator.

Stripping out discontinued operations and income taxes, earnings actually fell to $131-million from $240-million a year earlier, the company said.

Revenue increased 27 per cent to $6.2-billion from $4.89-billion a year ago.

“We had a very busy second-quarter with three acquisitions and two large realizations,” said Gerald Schwartz, chairman and chief executive officer.

“The sales of Husky International and EMSC are both excellent examples of how we create value at our businesses and ultimately generate strong returns on invested capital.”

Onex’ businesses – which include the Celestica contract electronics maker and Hawker Beechcraft and Spirit Aerosystems aircraft industry companies – generate $35-billion of annual revenue and employ 210,000 people around the world.

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