The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
Last updated 12 hours ago
Oct 24 2013 | 10:23am ET
Kohlberg Kravis Roberts' third-quarter profit topped analysts' estimates with a 20% gain and better returns than its private-equity rivals.
New York-based KKR said its economic net income for the quarter was $613.7 million, up from $509.9 million in the year-earlier period. The figure was enough to easily top expectations, which called for a per-share adjusted profit of 59 cents, rather than the 84 cents the firm actually posted.
KKR said its private-equity funds returned 5.9% in the quarter, well ahead of both the Blackstone Group and the Carlyle Group. The firm invested $1.8 billion during the quarter, its most active in almost two years. Assets under management rose 8% to $90.2 billion.
Credit proved the one black mark on the quarter, with the business' economic net income falling 19% on the quarter. KKR blamed lower fee revenue, weaker returns and high fundraising costs.
KKR said it would pay a 23-cent third-quarter dividend.