By Will Feuer
KKR posted lower asset-management revenues, but topped analysts’ expectations despite the sluggish market for deals.
The investment firm posted a profit of $1.47 billion, or $1.64 a share, compared with $32.6 million, or 4 cents a share, in the same period last year.
After-tax distributable earnings, or profit that can be returned to shareholders, fell almost 7% to $779.7 million, or 88 cents a share. Analysts surveyed by FactSet had expected 83 cents a share.
Revenue rose to $3.32 billion. Asset-management revenue slipped to $1.46 billion, topping the $1.43 billion that analysts had expected.
Assets under management rose 6% from a year earlier to $528 billion.
“We are raising and deploying capital across all our businesses and regions,” co-Chief Executives Joseph Bae and Scott Nuttall said in a joint statement.
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