KKR Swings to a Profit, Bolstered by Credit and Energy Gains
October 25 2016 - 8:40AM
Dow Jones News
KKR & Co. swung to a third-quarter profit on gains in the
value of its private-equity, credit and energy holdings.
For the period ended Sept. 30, the New York private-equity firm
reported net income of $352.2 million, or 73 cents a share, versus
a loss of $190.6 million, or 42 cents a share, the same period a
year earlier.
Economic profit—a closely watched performance metric that
includes changes in the value of unrealized investments—was $598.2
million, or 71 cents a share, compared with a loss of $314.8
million, or 37 cents a share, in the year-earlier period. The
latest result topped the 69-cent per-share average estimate of
analysts polled by FactSet.
The value of KKR's private-equity portfolio rose, following a
decline in the year-earlier period. Shares of payment processor
First Data Corp., the firm's largest holding, gained 19% during the
period. Specialty insurance provider WMIH Corp.'s stock increased
5.4%.
Distributable earnings, a measure of cash gains, rose to $461.5
million, or 57 cents a share, from $331.1 million, or 40 cents a
share, a year earlier.
During the period, KKR sold its remaining stake in Zimmer Biomet
Holdings Inc. and a slug of stock in drugstore operator Walgreens
Boots Alliance Inc.
KKR's assets under management rose to $131.1 billion from $112.4
billion a year earlier and $131 billion on June 30.
The company's shares closed Monday at $14.48, up 3.3% but down
7.1% year-to-date.
Write to Matt Jarzemsky at matthew.jarzemsky@wsj.com
(END) Dow Jones Newswires
October 25, 2016 08:25 ET (12:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Mar 2024 to Apr 2024
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Apr 2023 to Apr 2024
