By Rob Curran
KKR posted fourth-quarter net income growth as lower expenses offset a drop in revenue, and assets under management at the buyout firm grew as it prepared for a potential deal bonanza in the second Trump era.
The New York-based investment firm posted net income of $1.13 billion, or $1.18 a share, up from $1.04 billion, or $1.14 a share, a year earlier.
Stripping out certain one-time costs, adjusted per-share earnings were $1.32 a share, topping the mean analyst estimate of $1.28 a share.
The firm's revenue fell 26% to $3.26 billion. Fee-related revenue rose 20% to $843 million. Insurance operating earnings rose 8% to $250 million.
Total expenses fell 27% to $2.98 billion.
Separately, KKR raised its tender-offer price for Japanese software company Fuji Soft in the latest volley of a takeover battle with rival Bain Capital. The firm also significantly raised its stake in dental-office supplier Henry Schein recently, acting as a "white knight" amid Schein's proxy fight with an activist investor.
Assets under management rose 15% to $638 billion. KKR said it had "dry powder," or uncommitted capital, of $110 billion.
KKR boosted its annual dividend to 74 cents a common share from 70 cents, with the details due following its first-quarter earnings report.
In an emerging trend for Wall Street investment firms, which are branching out beyond commercial real estate into data centers, electricity generation and other forms of infrastructure, KKR said one of its most lucrative categories in 2024 was its infrastructure portfolio.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-04-25 0743ET
