Oaktree Capital Group (OAK) Tops Q1 EPS by 16c, Beats on Revenues

Oaktree Capital Group (NYSE: OAK) reported Q1 EPS of $0.93, $0.16 better than the analyst estimate of $0.77. Revenue for the quarter came in at $451.26 million versus the consensus estimate of $363.82 million.

• GAAP net income attributable to Oaktree Capital Group, LLC (“OCG”) was $52.7 million ($0.78 per unit), down from $54.9 million ($0.87) for the first quarter of 2017.
• Adjusted net income was $160.4 million, down slightly from $161.2 million for the first quarter of 2017, on lower investment income and fee-related earnings, largely offset by higher incentive income. On a per unit basis, which is net of tax, adjusted net income was $0.93 per unit, up from $0.85 per unit, primarily due to a lower effective tax rate.
• Distributable earnings were $194.0 million ($1.18 per unit), up from $159.2 million ($0.88) for the first quarter of 2017, on higher incentive income and investment income proceeds.
• Assets under management were $121.4 billion, down 2% for the quarter and up slightly over the last 12 months. Gross capital raised was $1.9 billion and $7.7 billion for the quarter and last 12 months, respectively. Uncalled capital commitments (“dry powder”) were $19.6 billion, of which $12.4 billion were not yet generating management fees (“shadow AUM”).
• Management fee-generating assets under management were $102.0 billion, down 2% for the quarter and up 2% over the last 12 months.
• A distribution was declared of $0.96 per unit, bringing aggregate distributions relating to the last 12 months to $3.59.

For earnings history and earnings-related data on Oaktree Capital Group (OAK) click here.

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