KKR Beats Profit Estimates as Sales Mitigate Energy Drop
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KKR & Co.’s first-quarter profit beat expectations, driven by sales of private equity holdings, even as earnings decreased after the firm marked down energy-related holdings and its loans portfolio.
Economic net income, which includes unrealized gains, fell 5.1 percent to $526 million, or 62 cents a share, from $554 million, or 77 cents, a year earlier, New York-based KKR said in a statement Thursday. The results exceeded the 52-cent average estimate of 14 analysts in a Bloomberg survey.