Shares Rise as Oaktree Beats ExpectationsTuesday, May 7, 2013
Oaktree Capital Group LLC shares rose after the company beat Wall Street expectations again with first-quarter results reported Tuesday.
The downtown money management firm reported net income of $57.6 million ($1.91 per class-A share) for the period ended March 31, up from $18.6 million (82 cents a share) in the same quarter last year.
Analysts surveyed by Bloomberg LP had expected income of $1.44 a share. Oaktree went public in April 2011 and has beaten analysts’ expectations every quarter since.
Oaktree announced earnings before markets opened Tuesday. Shares closed at $57.11, up 5 percent.