LLC'sAPO -1.82% third-quarter profit more than doubled as the buyout firm’s revenue benefited from significantly higher carried interest income.
The company reported a profit of $192.5 million, or $1.13 a Class A share, up from $82.8 million, or 55 cents a share, a year earlier.
Economic net income rose to $1.34 a share from 98 cents a year earlier. Publicly traded private equity firms view economic net income as a better gauge of performance because it includes unrealized gains and employee compensation.
Analysts polled by Thomson Reuters forecast economic income of 94 cents a share.
Revenue grew 59% to $1.13 billion.
As part of revenue, carried interest income from affiliates jumped 73% to $952 million. Management fees rose 2.4% to $151.1 million.
Assets under management were $112.7 billion at the quarter’s end, up from $109.7 billion a year earlier.
Fourth Quarter 2013 Outlook
Bitauto currently expects to generate revenue in the range of RMB465.0 million (US$76.0 million) to RMB475.0 million (US$77.6 million) in the fourth quarter of fiscal year 2013, representing a 31.0% to 33.8% year-over-year increase. Bitauto currently expects non-GAAP diluted earnings per ADS, each representing one ordinary share, to be approximately RMB2.18 (US$0.36) to RMB2.23 (US$0.36) in the fourth quarter of 2013.
Third Quarter 2013 Highlights
Revenue in the third quarter of 2013 was RMB378.2 million (US$61.8 million), a 36.8% increase from the corresponding period in 2012.
Gross profit in the third quarter of 2013 was RMB281.4 million (US$46.0 million), a 39.1% increase from the corresponding period in 2012.
Operating profit in the third quarter of 2013 was RMB76.3 million (US$12.5 million), a 119.0% increase from the corresponding period in 2012.
IFRS profit in the third quarter of 2013 was RMB72.3 million (US$11.8 million), a 121.0% increase from the corresponding period in 2012. Basic and diluted profit per ADS, each representing one ordinary share, in the third quarter of 2013 amounted to RMB1.83 (US$0.30) and RMB1.74 (US$0.28), respectively.
Non-GAAP profit in the third quarter of 2013 was RMB77.7 million (US$12.7 million), a 112.4% increase from the corresponding period in 2012. Non-GAAP basic and diluted profit per ADS in the third quarter of 2013 amounted to RMB1.96 (US$0.32) and RMB1.86 (US$0.30), respectively.
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Apollo Global Management LLC (APO) Tops Q3 EPS Views; Revs Heavy
7:04 AM ET, 11/07/2013 - Street Insider
Apollo Global Management LLC (NYSE: APO) reported Q3 EPS of $1.34, $0.40 better than the analyst estimate of $0.94. Revenue for the quarter came in at $1.15 billion versus the consensus estimate of $688.79 million.
Apollo's total AUM was $112.7 billion as of September 30, 2013, an increase of $3.0 billion compared to $109.7 billion as of September 30, 2012. Fee-generating AUM was $79.3 billion as of September 30, 2013, an increase of $1.6 billion compared to $77.7 billion as of September 30, 2012. Subsequent to the end of the third quarter of 2013, Athene Holding Ltd. (together with its subsidiaries, Athene ), for which Apollo currently provides a full suite of investment management services, closed its acquisition of the U.S. annuity operations of Aviva plc ( Aviva USA ). As a result of that transaction, pro-forma AUM for Apollo at September 30, 2013 was approximately $157 billion
Deutsche Bank analyst Ross Sandler said in a research note that shares had fallen on concerns about the company's billings growth for the third quarter. While some analysts are anticipating billings will be down, which would cause its revenue to come in below forecasts, Sandler expects the company's revenue to meet average expectations. He also said that eight of the company's nine billing units should improve. The final one is still in ramp-up stages.
Sandler noted that the company has rolled out a number of innovations that have gone largely unnoticed by the investment community, which should help its business in the long run.
The analyst reiterated a "Buy" rating and gave a $17 price target.
Meanwhile, Goldman Sachs analyst Heath Terry said he expects Groupon's results will modestly exceed market expectations on gains in its North American and international business. The analyst said that traffic was robust in the third quarter and reiterated a "Buy" rating with a $13 price target.
Groupon named its co-founder Eric Lefkofsky as CEO in August and said it plans to buy $300 million of its own stock over the next two years. Lefkofsky replaced Andrew Mason, who was fired from the online deals site in February amid growing concerns about its financial performance.
UBS increased its price target on shares of SandRidge Energy (SD) to $6.50 as lower costs and higher gas production should lift earnings. In the report, UBS raised its EPS estimates and maintained its neutral rating. Shares of SandRidge were lower on Wednesday, falling nearly 8% so far.
November 6, 2013
08:27 EDT VNET 21Vianet upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded 21Vianet after assuming coverage of the stock and raised its price target for shares to $25 from $11. The firm cites stronger data center demand in China and the recent pullback in shares for the upgrade.
ING U.S., Inc. (VOYA) Posts Q3 EPS of $1.08
6:16 AM ET, 11/06/2013 - Street Insider
ING U.S., Inc. (NYSE: VOYA) reported Q3 EPS of $1.08, $0.42 better than the analyst estimate of $0.66. Operating revenue for the quarter came in at $160.1 million, which may not compare with the consensus estimate of $311.32 million.
"Though we reviewed and bid on a considerable number of sponsor finance and buyout opportunities, originations were low this quarter," said Gordon O'Brien, President Specialty Finance and Operations. "However, we anticipate considerable originations in the fourth quarter, including the already completed financing of the combination of CML with AAIPharma, as well as investments to incubate assets for funds to be managed by our asset management business and an increase in sponsor finance activity."
"In the third quarter, our NAV per share grew by $0.26 and is 12% above its level a year ago, and we materially improved our credit facilities," said Malon Wilkus, Chairman and Chief Executive Officer. "After the quarter closed, we recapitalized our operating company CML, while combining it with AAIPharma, growing the combined entity into one of our largest operating companies. American Capital provided all of the funding for the transaction, but we do not plan on syndicating the senior debt, as we have in past One Stop Buyouts®. This will allow us to earn interest income on the senior loan, and our loan will not have the usual prohibition against the payment of cash dividends to shareholders, allowing CML and AAIPharma to pay cash dividends to American Capital and their other shareholders. We generally intend to use this approach going forward on companies where we own at least 80% of the common equity. We plan to report interest and dividend income from our 80% or greater American Capital owned operating companies, as we have with our operating company American Capital Asset Management. We believe this approach provides our shareholders more transparency into the performance of our operating companies."
"We were extremely active in the quarter on the right side of our balance sheet," said John Erickson, Chief Financial Officer. "We amended our secured term loan facility to significantly lower our borrowing costs and provide increased flexibility. Our blended cost of debt at quarter end is now at 5.1%. Furthermore, we issued $350 million of unsecured senior notes and S&P increased our debt rating to BB- from B+. We are managing our balance sheet with a goal of becoming an investment grade credit. Lastly, we repurchased $176 million of our stock, generating $0.29 of accretion to September 30, 2013 NAV per share, and recently extended our Stock Repurchase and Dividend Program through 2014."
"Within American Capital Asset Management, our Leveraged Finance Group closed on its third managed CLO in the past year, bringing their earning assets under management to $1.5 billion," continued Mr. Erickson. "However, reduction in projected management fees from the two mortgage REITs that it manages caused a net $119 million decline in the valuation of ACAM."
American Capital Reports Net Operating Income Before Income Taxes Of $0.16 Per Diluted Share, Net Loss Of $(1) Million And Net Asset Value Per Share Of $19.54
NQ Mobile and China Unicom (CHU) reach agreement bringing NQ Family Guardian to the Chinese market (NQ) 11.94 : NQ Mobile (NQ) announces that its NQ Family Guardian parental control and monitoring suite will be released in China through the China Unicom (CHU) WoStore. The distribution agreement with China Unicom marks the first official availability of NQ Mobile's award-winning solution in the Chinese market.
China Unicom WoStore will begin showcasing NQ Family Guardian at retail locations on November 10, 2013
November 5, 2013
05:51 EDT MTG MGIC Investment upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette upgraded MGIC Investment citing valuation and raised its price target for shares to $10 from $9.