Apollo Global Management Swings to a Q3 Profit
Nov 9th 2012 7:58AM
Apollo Global Management LLC (NYSE: APO) this morning said it swung to a third-quarter profit from a year-ago net loss as its total assets under management rose 69%. The company also announced a per-share distribution.
The New York-based investment manager posted adjusted earnings per share (EPS) of $0.98 on revenues of $712.3 million for the quarter. In the same period a year ago, it reported a net loss of $2.89 per share on negative revenue of $1.48 billion. This quarter's results also compare with the Thomson Reuters estimates for adjusted EPS of $0.73 and $614.6 million in revenues.
Chairman and Chief Executive Officer Leon Black said:
Our total assets under management reached $110 billion at the end of the third quarter, reinforcing our leadership position as a multi-product, solutions-driven provider of alternative investment strategies.
The private equity firm also declared a third quarter 2012 cash distribution of $0.40 per Class A share.
Apollo did not offer any guidance, but the Thomson Reuters full-year 2012 forecast calls for $2.45 per share earnings on $2.30 billion in revenues. That would represent 1,241.3% year-over-year growth in revenues.
Shares are inactive in premarket trading after ending yesterday at $14.05. The 52-week range is $10.42 to $15.48. Before this morning's report, the mean price target was $18.08.
Filed under: 24/7 Wall St. Wire, Earnings, Private Equity Tagged: APO