KKR Misses Expectations As Q2 Income Drops 27%

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.

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