KKR & Co. stock rises as profit beats analyst estimate

KKR & Co Inc.’s stock
KKR,
+5.73%
was up by 3% on Tuesday despite weakness in the broad stock market after the private-equity firm and alternatives investment manager’s third-quarter profit beat analyst estimates. KKR said its third-quarter net income rose to $1.47 billion, or $1.64 a share, from $32.6 million, or 4 cents a share, in the year-ago quarter. Revenue rose to $3.32 billion from $1.86 billion. Adjusted after-tax distributable earnings of 88 cents a share beat the FactSet consensus estimate of 83 cents a share. Total asset management segment revenue of $1.46 billion fell from the year-ago figure of $1.67 billion but beat the analyst estimate of $1.43 billion. Total assets under management rose 6% to $528 billion. KKR raised $14 billion of new capital during the quarter, up from $13 billion in the year-ago quarter. KKR has raised $54 billion in fresh capital the last 12 months, down from $84 billion in the previous year’s last 12 months.