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KKR Stock at 52-Week High After Earnings Beat and Record Inflows

Private-equity icon KKR reported second-quarter earnings beat Wall Street estimates and asset inflows touched a record.
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KKR & Co.  (KKR) - Get KKR & Co. Inc. Class A Report shares moved up after the private-equity and real estate investment firm reported stronger-than-expected profit on a tripling of revenue.

The New York firm reported second-quarter net income of $2.05 a share, compared with $1.24 a share in the year-earlier quarter. Shares outstanding rose 11% to 630.4 million.

Distributable earnings -- cash that can be distributed to holders, The Wall Street Journal reported -- were $1.05 a share. That topped analysts' consensus expectations of 87 cents, according to FactSet.

Revenue of $3.13 billion compared with $1.33 billion a year earlier. The latest figure was ahead of analysts' expectations of $1.22 billion. 

At last check KKR shares were 0.7% higher at $64. On Tuesday they've touched a 52-week high $65.73. That's double the 52-week low $32.73, set in late September.

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"This was an exceptional quarter for KKR," with record organic inflows from investors of $59 billion, Co-Chief Executives Henry Kravis and George Roberts said in a statement. 

The firm raised about $73 billion in the first half, putting it ahead of its stated goal of collecting $100 billion in funds by 2022. 

In June, a group of private-equity investors led by KKR agreed to a $5.3 billion takeover of cloud computing and data analytics group Cloudera  (CLDR) - Get Cloudera, Inc. Report

KKR and Clayton Dubilier & Rice said they would pay $16 a share cash for Cloudera, Palo Alto, Calif. They expect the deal to close in the second half.

Also in June, Contango Oil & Gas agreed to a merger with KKR's Independence Energy division, which invests in oil and gas. 

Under the terms, Independence will merge into a new parent, which will become publicly traded at closing. Contango will become a subsidiary of that new parent.