KKR & Co. LP 1Q Earnings Rises 10%

KKR & Co. LP‘s economic net income for the first quarter rose 10 percent from a year earlier.  The parent of private equity firm Kohlberg Kravis Roberts & Co.’s economic net income rose to $742.5 million from $674.8 million.    KKR & Co. declared a quarterly distribution of 21 cents per common unit.

 

 

* Assets under management totaled $61 billion

* To pay first quarter distribution of 21 cents

(Reuters) – KKR & Co LP (KKR.N: Quote, Profile, Research, Stock Buzz), parent of private equity firm Kohlberg Kravis Roberts & Co, said on Wednesday that quarterly earnings rose 10 percent from a year before, and it generated profits from exiting a number of its portfolio companies.

 

Economic net income, a measure used by private equity firms to report earnings, was $742.5 million for the first quarter, compared with $674.8 million a year earlier. ENI after tax per adjusted unit was 96 cents, KKR said.

 

KKR said assets under management totaled $61.0 billion, up from $54.7 billion a year earlier. It will pay a first-quarter distribution of 21 cents per unit.

 

KKR trades at a multiple of about 6.4 percent times its 2010 economic net income. That compares with rival Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz), which trades about 14.8 times its 2010 economic net income and Apollo Global Management LLC (APO.N: Quote, Profile, Research, Stock Buzz), which trades at about 5.8 times.

 

(Reporting by Megan Davies, editing by Gerald E. McCormick)