I remain invested.
Apollo Global Management ( APO ) shares rose 3.3% in pre-market trading on Tuesday after third-quarter results underscored the successful execution of the alternative asset manager's three pillars of growth - origination, global assets and capital solutions.
Adjusted earnings per share (EPS) for the third quarter, excluding special items, were $2.14, beating the average analyst estimate of $1.90. In the second quarter, earnings amounted to USD 1.92 and in the third quarter of the previous year to USD 1.81.
"Our outstanding third quarter results reflect a broad positive trend throughout the company," said Chairman and CEO Marc Rowan.
Fee-related revenues increased to a quarterly record of $652 million, up from $627 million in the prior quarter and $531 million in the year-ago quarter. The current quarter exceeded Visible Alpha's consensus forecast of USD 628 million.
Management fees rose to USD 863 million in the third quarter, compared with Visible Alpha's estimate of USD 860 million, after USD 816 million in the second quarter and USD 710 million in the third quarter of the previous year. The 22% year-over-year growth reflected increased inflows from third-party asset management, record gross capital deployment and strong growth in retirement plan clients.
