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.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.