Growing markets contributed to another sterling quarter at Apollo Global Management.
The private equity giant reported a 72 percent jump in profit for the first quarter, to $792 million, as the value of the its holdings rose and the firm sold some of its investments.
Apollo’s profit, reported as total economic income and which includes unrealized investment gains, amounted to $1.89 a share. Analysts on average had expected $1.22 a share, according to Standard & Poor’s Capital IQ.
Using generally accepted accounting principles, the firm earned $249 million for the quarter, or $1.60 a share.
Private equity firms have continued to benefit from the continued strength in the global stock and debt markets. They have allowed Apollo and its rivals to finance new deals â€" generating fees and deploying investor capital â€" and sell existing holdings to realize profits.
During the quarter, Apollo sold its investments in LyondellBasell and Charter Communications.
“Apollo is off to a great start in 2013 with solid first quarter results,†Leon D. Black, Apollo’s chairman and chief executive, said in a statement. “Over the last four quarters, we have generated nearly $14 billion of realizations and paid out $2.26 of cash per share, demonstrating yet again the substantial earnings and cash generating power of Apollo’s integrated investment platform.â€
