Apollo Global Management LLC (APO) Friday reported a much lower profit for the fourth quarter, due mainly to steep declines in gains from equities and other investments. Following the news, Apollo Global shares shed nearly 7 percent in morning trade on the New York Stock Exchange.
The New York-based investment manager reported fourth-quarter net income of $11 million or $0.05 per unit, compared to $206 million or $1.77 per unit last year.
Excluding items, economic net income for the quarter was $302 million or $0.80 per share, compared to $882 million or $2.52 per share last year, reflecting lower earnings from the company's Incentive Business.
On average, 11 analysts polled by Thomson Reuters expected earnings of $1.41 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter plunged to $646 million from $1.35 billion last year.
Analysts expected revenues of $1.07 billion for the quarter.
The decline in revenues was due to a sharp drop in carried interest income from affiliates of $498 million from $1.2 million last year. Results were also impacted by other income that slid to $90 million from $342.7 million last year, due to lower gains on investment activities and equity method investments.
The company had assets under management of $75 billion as at December 31, 2011, up 11 percent from $68 billion a year ago.
Apollo declared a distribution of $0.46 per Class A share for the fourth quarter, payable on February 29 to holders on February 23.
Last December, Apollo agreed to merge credit manager Stone Tower Capital LLC into Apollo's capital markets business. The transaction is expected to close in April. Apollo said the transaction will bolster its position as a diverse credit manager by adding scale and several new credit product capabilities. Stone Tower has about $18 billion of assets under management.
APO is trading on the NYSE at $14.31, down $1.03 or 6.71%.
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