Oaktree Capital Group LLC Smashes Earnings Expectations

Oaktree Capital Group LLC (NYSE:OAK) reported its earnings before opening bell, posting record adjusted net income of $1.95 per share for the first three months of the year. That’s compared to 90 cents per share in the same quarter a year ago—a 117 percent increase. Distributable earnings were up 167 percent to $1.79 per share, compared to 67 cents per share in the same quarter a year ago.

Oaktree Capital Group LLC Smashes Earnings Expectations

Revenue was reported to be $593.4 million for the quarter, compared to $318.3 million in the same quarter a year ago. Analysts were expecting the company to report earnings of $1.52 per share on revenue of $518.1 million.

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The firm’s incentive income jumped 422 percent, while its investment income rose 28 percent compared to the same quarter a year ago.

“As we mark our first anniversary of being public, Oaktree’s performance and prospects have never been better,” said Chairman Howard Marks in a statement. “The first quarter’s records for adjusted net income, distributable earnings and the unitholder distribution reflect the strong cash generating capacity of our business. Plus, the substantial incentives created by the quarter’s strong fund returns bode well for our future cash flow.”

Oaktree Capital’s Assets Under management

The company reported $78.8 billion in assets under management as of the end of March. That’s a $1.7 billion increase from the end of the previous quarter and a .9 billion increase since the end of March last year.

The firm said the first quarter increase in assets under management “reflected new capital commitments and market-value appreciation.” Management fee generating assets under management were $66.4 billion at the end of March, slightly down from $66.8 billion at the end of the previous quarter.

Oaktree Capital Group LLC (NYSE:OAK) also declared a $1.41 per share quarterly distribution. That’s a 156 percent increase over the 55-cent distribution in the same quarter a year ago.

Shares of Oaktree Capital Group LLC (NYSE:OAK) were up .9 percent in pre-market trading as of this writing.