Brookfield Asset Management FFO Rises, Earnings Beat View

(RTTNews) - Brookfield Asset Management Inc. (BAM) reported Funds from operations in the first quarter of $2.821 billion or $1.80 per share compared with $884 million or $0.55 per share last year, driven by strong operating performance, ongoing growth in asset management franchise, and increased asset sale activity.

The company's net income was $1.235 billion or $0.77 per share in the quarter compared with net loss of $293 million or $0.20 per share in the same quarter a year ago. Analysts surveyed by Thomson Reuters expected the company to report earnings of $0.59 per share for the quarter.

Revenue for the quarter, however, declined to $16.41 billion form $16.586 billion a year ago. The consensus estimate was for $10.89 billion.

Looking forward, Nick Goodman, CFO of Brookfield, said, "The balance of the year looks strong, with planned asset sales, ongoing capital deployment, and the continued economic recovery all expected to bolster operating results."

Also, the company's Board declared a quarterly dividend of $0.13 per share, payable on June 30, to shareholders of record as at the close of business on May 28.