Apollo Global Management Returns To Q2 Profit, Beats Street

(RTTNews) - Apollo Global Management, Inc. (APO) Thursday reported net income of $599 million or $1.00 per share for the second quarter compared with a net loss of $1.637 billion or $2.82 per share in the same quarter a year ago, helped by growth in revenue.

Excluding one-time items, earnings were $1.01 billion or $1.70 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $1.65 per share. Analysts' estimates typically exclude special items.

Quarterly revenue increased to $13.702 billion from $2.286 billion last year. The consensus estimate was for $3.34 billion.

Assets Under Management were $617 billion in the second quarter, up from $515 billion in the prior-year quarter, primarily driven by $96 billion of inflows from Asset management and $58 billion of inflows from retirement services.