KKR & Co. Inc. reported third-quarter adjusted net income of $1.65 billion, up 29% from a year earlier, as fee-related and total operating earnings also advanced.
The company furnished its earnings release as Exhibit 99.1 to a Form 8-K filed with the U.S. Securities and Exchange Commission on Nov. 9. The results cover the quarter ended Sept. 30. KKR reported adjusted net income of $1.645 billion, fee-related earnings of $1.316 billion and total operating earnings of $1.738 billion. Those measures increased 29%, 27% and 25%, respectively, from the year-earlier quarter.
KKR classifies fee-related earnings, total operating earnings and adjusted net income as non-GAAP measures. The company said they supplement, rather than replace, results prepared under U.S. generally accepted accounting principles.
Adjusted net income per share was $1.78, compared with $1.41 a year earlier. KKR said each measure’s per-share result set a company record for both the quarter and the trailing 12 months.
Assets under management (AUM) reached $804 billion at quarter-end, up 11% year over year. Fee-paying AUM also rose 11%, to $648 billion. KKR raised $25 billion in new capital and invested $20 billion during the quarter.
On a U.S. GAAP basis, net income attributable to KKR common stockholders was $1.12 billion, compared with $859.9 million a year earlier. Diluted earnings per share increased to $1.19 from 90 cents. Revenue declined: total revenue was $4.56 billion, down from $5.53 billion, and insurance revenue was $2.80 billion, compared with $3.78 billion.
KKR declared a common dividend of 19.5 cents per share, payable Dec. 3 to shareholders of record Nov. 19. The company scheduled a call to discuss the results for 10 a.m. ET on Nov. 9.
