Oaktree Capital Group (OAK) Tops Q2 EPS by 12c

Oaktree Capital Group (NYSE: OAK) reported Q2 EPS of $0.68, $0.12 better than the analyst estimate of $0.56. Revenue for the quarter came in at $341.49 million versus the consensus estimate of $280.02 million.

• GAAP net income attributable to Oaktree Capital Group, LLC (“OCG”) was $31.1 million ($0.44 per unit), down from $117.3 million ($1.83) for the second quarter of 2017, primarily driven by lower incentive income relative to the second quarter of 2017’s record amount.
• Adjusted net income was $91.5 million ($0.51 per unit), down from $281.7 million ($1.73) for the second quarter of 2017, primarily driven by lower incentive income.
• Distributable earnings were $114.3 million ($0.69 per unit), down from $289.3 million ($1.65) for the second quarter of 2017, primarily driven by lower incentive income.
• Assets under management were $121.6 billion, up slightly for both the quarter and last 12 months. Gross capital raised was $3.3 billion and $9.6 billion for the quarter and last 12 months, respectively. Uncalled capital commitments (“dry powder”) were $20.3 billion, of which $14.1 billion were not yet generating management fees (“shadow AUM”).
• Management fee-generating assets under management were $100.5 billion, down 1% for both the quarter and last 12 months.
• A distribution was declared of $0.55 per unit, bringing aggregate distributions relating to the last 12 months to $2.83.

Jay Wintrob, Chief Executive Officer, said, “Oaktree delivered strong investment performance and solid fundraising of $3.3 billion in the second quarter. We are deploying our dry powder judiciously, consistent with our view that it is late in the cycle, and capitalizing on the current market environment by actively harvesting investments, boding well for future distributable earnings.”

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

You May Also Be Interested In

• Helen of Troy (HELE) Tops Q1 EPS by 22c, Beats on Revenue; Offers FY Guidance
• Palladyne AI reports preliminary Q2 revenue of ~$5.8M
• Kura Sushi (KRUS) Tops Q3 EPS by 3c; offers outlook