Apollo Profit Soars Tenfold

Aug 8 2013 | 12:16pm ET

Apollo Global Management set all sorts of records in the second quarter, with profits rising tenfold and its highest-ever dividend.

The alternative investments firm said second-quarter earnings were $197.8 million, pushing economic net income after taxes to $1.10 per share, more than twice analysts' estimates. Under generally accepted accounting principles, Apollo's profit was $58.7 million, up from a $41.4 million loss in the year-earlier period.

The impressive earnings were driven by Apollo's success in the markets, with its investments producing $13.5 billion in returns during the quarter.

"Our results for the second quarter of 2013 reflect the continued strength of Apollo's integrated global platform and value-oriented investment approach," CEO Leon Black said. "During the quarter we raised nearly $7 billion of new capital across all of our business segments, and we generated more than $7 billion of realizations for our investors."

Apollo said it would pay a $1.32 per share distribution.

In spite of the big jump in profit, Apollo's assets under management actually fell slightly in the second quarter, to $113.1 billion from $114.3 billion three months earlier.

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