Apollo Global Management Back In Black In Q3, But Revenue Drops; AUM Increases 21%

(RTTNews) - Apollo Global Management, Inc. (APO), a private equity firm, Wednesday reported profit of $660 million or or $1.10 per share for the third quarter, compared to loss of $563 million or $0.98 per share in the same quarter a year ago, primarily due to lower expenses in Retirement Services.

Loss on future policy and other policy benefits in Retirement Services were $368 million in the latest quarter, compared with $3.27 billion loss a year ago.

Excluding one-time items, earnings were $1.05 billion or $1.72 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $1.77 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter declined to $2.595 billion from $2.979 billion last year.

The company's total Assets Under Management increased 21% year-over-year to $631 billion.