Apollo Global Management Swings to a Q3 Profit

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By Trey Thoelcke Published
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Apollo Global Management LLC (NYSE: APO) this morning said it swung to a third-quarter profit from a year-ago net loss as its total assets under management rose 69%. The company also announced a per-share distribution.

The New York-based investment manager posted adjusted earnings per share (EPS) of $0.98 on revenues of $712.3 million for the quarter. In the same period a year ago, it reported a net loss of $2.89 per share on negative revenue of $1.48 billion. This quarter’s results also compare with the Thomson Reuters estimates for adjusted EPS of $0.73 and $614.6 million in revenues.

Chairman and Chief Executive Officer Leon Black said:

Our total assets under management reached $110 billion at the end of the third quarter, reinforcing our leadership position as a multi-product, solutions-driven provider of alternative investment strategies.

The private equity firm also declared a third quarter 2012 cash distribution of $0.40 per Class A share.

Apollo did not offer any guidance, but the Thomson Reuters full-year 2012 forecast calls for $2.45 per share earnings on $2.30 billion in revenues. That would represent 1,241.3% year-over-year growth in revenues.

Shares are inactive in premarket trading after ending yesterday at $14.05. The 52-week range is $10.42 to $15.48. Before this morning’s report, the mean price target was $18.08.

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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