Oaktree Capital misses by $0.10, misses on revs
Reports Q2 (Jun) earnings of $0.44 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus Estimate of $0.54; revenues fell 10.7% year/year to $270.1 mln vs the $310.94 mln consensus.
- Capital inflows drove the growth in AUM. Gross capital raised was $6.3 bln for the second quarter of 2015 and a record $24.0 bln for the last twelve months
- Jay Wintrob, CEO, said, "Second quarter adjusted net income declined year over year primarily due to lower overall returns from our fund investments. Fundraising in the second quarter totaled $6.3 bln, helping to achieve our highest-ever assets under management of $103 bln at June 30, up 13% from a year ago. Gross capital raised over the last twelve months of $24 bln set a new record for any such period, demonstrating the trust and confidence that our clients continue to place in us and the strength of our firm-wide distribution activities. With record dry powder of $20.1 bln, we're well positioned for future investment opportunities across multiple strategies."