KKR & Co. L.P. (KKR) reported that its first-quarter net income attributable to company increased to $193.44 million, from $190.44 million last year. Net Income attributable to KKR & Co. L.P. per unit was $0.69, compared to $0.80 prior year. The company said the increase was primarily due to higher fees and a decrease in compensation and benefits expense, partially offset by a lower level of investment appreciation, which is recorded in net gains/losses from investment activities for the quarter ended March 31, 2013 compared to the quarter ended March 31, 2012.
Economic net income was $647.7 million, down from $727.2 million last year. Economic net income after taxes per adjusted unit was $0.88, compared to $0.99 prior year. Revenues rose to $151.24 million from $116.31 million last year.
On average, 13 analysts polled by Thomson Reuters expected the company to report profit of $0.79 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $230.02 million for the quarter.
KKR & Co. L.P. declared a first-quarter distribution of $0.27 per common unit, which includes $0.09 per common unit of net realized principal investment income.
For comments and feedback: editorial@rttnews.com