Apollo Global Management Q3 Profit Tops Estimates

(RTTNews) - Apollo Global Management, Inc. (APO) reported third quarter distributable earnings per share of $1.71 compared to $0.47, prior year. The company said its distributable earnings per share increased nearly 3x year-over-year, primarily due to higher realized performance fees and principal investment income.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.10, for the quarter. Analysts' estimates typically exclude special items.

Total Assets Under Management increased to $481.1 billion during the quarter, primarily driven by growth of retirement services clients, the company said.

Net income to class A stockholders was $249.2 million or $1.01 per share, compared to $263.2 million or $1.11 per share, last year. Total revenues increased to $1.08 billion from $1.02 billion. Analysts on average had estimated $1.02 billion in revenue.

Apollo has declared a cash dividend of $0.50 per share of its class A common stock for the third quarter ended September 30, 2021. The dividend will be paid on November 30, 2021 to holders of record at the close of business on November 19, 2021.