Apollo Global and GlaxoSmithKline released their latest earnings reports before opening bell this morning. Apollo posted a wide miss with economic net income of 26 cents per share and revenue. Analysts had been expecting 34 cents per share in earnings and $286 million in revenue of $193.3 million.
GlaxoSmithKline reported core earnings of 23 pence and total earnings of 11.1 pence per share. Revenue was £6.1 billion.
Apollo Global posts loss in Private Equity
Apollo Global’s net income was 20 cents per share or $41.1 million, while its distributable earnings after taxes and related payables were 36 cents per share. Incentive business economic income was 6 cents per share.
The firm had $161.8 billion in assets under management at the end of the quarter and recorded $3.3 billion in capital inflows. Apollo invested $3.9 billion. The firm’s traditional private equity fund depreciated by 3.7% during the quarter, and management blamed “negative unrealized mark-to-market performance within the Incentive Business and a challenging market backdrop” for the economic loss of $6.8 million in the segment.
Apollo’s Credit business saw economic income rise to $112.75 million driven by higher earnings in the Management Business and higher income in the Other segment. The Real Estate Segment saw an economic loss of $768,000 driven by the Management Business but partially offset by an increase in economic income from the Incentive Business.
Shares of Apollo Global were inactive in premarket trade this morning.
GlaxoSmithKline rises post-earnings
Sales in GlaxoSmithKline’s Pharmaceuticals business declined 7% but increased 1% on a pro forma basis to £3.3 billion. The Vaccines segment saw sales rise 32% but only 13% on a pro forma basis to £1.2 billion. The company’s Consumer Healthcare business recorded a 55% increase overall and a 7% pro forma increase in sales to £1.6 billion. Sales of GlaxoSmithKline’s New Pharmaceutical and Vaccine products were £591 million.
The drug maker’s management maintained their guidance for this year and next. They expect core earnings to fall by the high-teen percentages and next year’s core earnings percentage growth to be in the double digits.
Shares of GlaxoSmithKline rose as much as 4.31% to $43.54 per share in premarket trading this morning.