Fortress Investment Group LLC Earnings: Here’s Why Investors Like These Results
Fortress Investment Group LLC (NYSE:FIG) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.93%.
Fortress Investment Group LLC Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 122.22% to $0.2 in the quarter versus EPS of $0.09 in the year-earlier quarter.
Revenue: Rose 43.13% to $417.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Fortress Investment Group LLC reported adjusted EPS income of $0.2 per share. By that measure, the company beat the mean analyst estimate of $0.14. It beat the average revenue estimate of $217.52 million.
Quoting Management: “We set and achieved aggressive objectives for 2012, and broad-based momentum built into the close of the year and carried into 2013,” said Randal Nardone, interim Chief Executive Officer. “Our fourth quarter distributable earnings were the highest we have recorded in two years, and we believe only begin to reflect the potential of our company. Investment performance, the most important driver of our success, was outstanding across all of our businesses in 2012, and early 2013 returns in our main Liquid Markets funds have built further on 2012 results. Our strong performance has contributed to robust capital raising, with commitments from new and existing investors totaling $6.7 billion for 2012, and over $1.6 billion in the first two months of 2013. We are pleased with our performance to date and optimistic about our prospects looking ahead.”
Key Stats (on next page)…