Saturday, 23 July 2016
Last updated 7 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.