Apollo Global Management Q3 Profit Climbs; Shares Up In Pre-market

(RTTNews) - Apollo Global Management, Inc. (APO) Tuesday reported higher profit for the third quarter, primarily helped by growth in revenue driven by increase in investment income as well as investment related gains. The company's shares were 4.32 percent up in pre-market trading.

Net income for the third quarter increased to 787 million or $1.29 per share from $660 million or $1.10 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.132 billion or $1.85 per share, that beat the analysts' average estimate of $1.72 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $7.773 billion from $2.595 billion in the previous year.

In the Asset Management division, management fees increased to $476 million from $462 million last year. In the Retirement Services division, net investment income grew to $4.101 billion from $3.166 billion a year ago. The company had investment related gains of $1.539 billion while losses of $2.624 billion in the previous year quarter.

Total assets under management or AUM was $733 billion, 16 percent year-over-year increase.

Apollo Global Management shares had closed at $139.43, down 1.11 percent on Monday. It has traded in the range of $82.71 - $147.04 in the last 1 year.