Investment manager Apollo Global Management, LLC (APO) reported a surge in profit for the third quarter despite lower revenues. Total assets under management at quarter-end were $161.8 billion.
Third-quarter net income to company was $41.05 million, up from $2.21 million a year ago. Net income available to Class A share was $0.20, compared to net loss of $0.05 per share in the year-ago period. Economic net income was $104.0 million or $0.26 per share for the quarter.
On average, 15 analysts polled by Thomson Reuters expected the company to report loss of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues decreased to $193.27 million from $221.14 million a year ago. Analysts expected revenue of negative $8.18 million for the quarter.
Apollo has declared a third-quarter 2015 cash distribution of $0.35 per Class A share. The distribution will be paid on November 30, 2015 to holders of record at the close of business on November 20, 2015.
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