KKR beats by $0.24, beats on revs; Board approves plan to convert from partnership to corporation on July 1
- Reports Q1 (Mar) after tax economic net income of $0.42 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $0.18; revenues rose 1.8% year/year to $382.2 mln vs the $337.44 mln Capital IQ Consensus. After-tax Distributable Earnings was $304 million, or $0.37 per adjusted unit eligible for distribution.
- KKR's Board of Directors unanimously approves plan to convert from a partnership to a corporation, effective July 1, 2018. KKR expects to pay an annualized dividend of $0.50 per common share as a corporation and announces an increase in its available share repurchase authorization to $500 million, effective immediately.
- As of March 31, 2018, Assets Under Management and Fee Paying Assets Under Management were $176 billion and $120 billion, respectively, up 28% and 12%
- Peers: BX, CG
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