Apollo First-Quarter Profit Rises 76% as Holdings Gain

Apollo Global Management LLC, the private-equity firm run by Leon Black, reported first-quarter profit that beat analysts’ estimates as the value of its fund holdings climbed.

Economic net income after taxes, a measure of earnings excluding some compensation costs tied to Apollo’s 2011 initial public offering, increased 76 percent to $741.3 million, or $1.89 a share, from $422.3 million, or $1.10, a year earlier, New York-based Apollo said today in a statement. Earnings beat the $1.23 average estimate of 11 analysts in a Bloomberg survey.