Pursuits
Apollo Fourth-Quarter Profit Falls 69% as Asset Sales Drop
- Firm plans to buy back as much as $250 million of stock
- Credit business boosted by two acquisitions in the quarter
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Apollo Global Management LLC said fourth-quarter profit fell 69 percent as asset sales slid and energy declines drove depreciation in its private equity portfolio. The company also announced its first share buyback program.
Economic net income, a measure of earnings reflecting both realized and unrealized investment gains, decreased to $32.9 million, or 8 cents a share, from $106.1 million, or 26 cents a share, a year earlier, New York-based Apollo said in a statement Wednesday. Analysts expected earnings of 26 cents a share, according to the average of 17 estimates in a Bloomberg survey.