Apollo Global Management Stock Climbs After Company Beats Q3 Estimates

Apollo Global Management Inc. APO shares are trading higher Tuesday after the company reported better-than-expected financial results for the third quarter. Here’s what you need to know.

What To Know: Apollo’s third-quarter adjusted earnings per share came in at $1.85, surpassing analyst estimates of $1.72. The company's revenue reached $7.77 billion in the quarter, beating the expected $4.13 billion, according to estimates from Benzinga Pro.

Apollo said it now manages a total of $733 billion in assets, with $551 billion generating fees. Over the past year, Apollo saw $151 billion in new inflows and deployed $248 billion in capital. Apollo’s Fee Related Earnings (FRE) were $531 million, while Spread Related Earnings (SRE) were $856 million.

“Our strong third quarter results reflect broad-based momentum across the platform. We are building a next-generation financial services business uniquely positioned to win across massive market opportunities, and we are excited to execute on the attractive growth plan unveiled at our recent Investor Day,” said Marc Rowan, CEO of Apollo Global Management.

Apollo declared a cash dividend of $0.4625 per share to be paid on Nov. 29 to shareholders of record at the close of business on Nov. 18.

APO Price Action: Apollo Global Management shares were up 6.18% at $148.05 at the time of writing, according to Benzinga Pro.

Read Next:

• Palantir Stock Is Hitting New Highs: What’s Going On?

Image Via Shutterstock.