Thursday, 30 October 2014
Last updated 9 hours ago
Aug 3 2011 | 2:14pm ET
Kohlberg Kravis Roberts' second-quarter profit dropped by more than a quarter on lower appreciation of its investments.
The New York-based private equity giant said its economic net income on the quarter was just $315 million, down from $433 million in the second quarter of last year. The numbers missed analysts' expectations and sent KKR's stock tumbling.
Profit excluding some costs fell 25% to $245.3 million year-on-year.
The firm added that its investment income on the quarter was less than half that of the first quarter, $239.8 million compared to $617.9 million. Fee-related earnings, by contrast, rose 20% to $76.1 million and distributable earnings rose 34% to $103.2 million.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.