KKR & Co. Inc. (NYSE:KKR) shares are trading higher after it reported first-quarter FY24 results.
Asset management segment revenues of $1.393 billion missed the consensus of $1.497 billion.
The private equity company reported after-tax adjusted distributable EPS of $0.97, which beat the consensus of $0.96.
In the Insurance segment, net investment income rose to $1.49 billion from $1.27 billion in the prior year, reflecting higher yields and growth in the investment portfolio.
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Fee Related Earnings rose 22% Y/Y to $669 million in the quarter.
Assets under management rose 13% Y/Y to $578 billion, with organic new capital of $31 billion raised in the quarter. As of the quarter-end, cash and investments stood at $14.6 billion.
Dividend: KKR declared a dividend per share of $0.175, payable on May 28 to shareholders of record as of May 13.
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Joseph Y. Bae and Scott C. Nuttall, Co-Chief Executive Officers, said, “We closed on the acquisition of the remaining stake in Global Atlantic and are now reporting our financial results through three segments: Asset Management, Insurance, and Strategic Holdings. With three avenues for long-term, sustained growth–as detailed at our April Investor Day – we are well positioned for the years ahead.”
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Investors can gain exposure to the stock via Northern Lights Fund Trust IV FMC Excelsior Focus Equity ETF (NYSE:FMCX) and EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO).
Price Action: KKR shares are trading higher by 2.77% at $95.65 at the last check Wednesday.
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