Brookfield Asset Management Q3 Earnings Rise

(RTTNews) - Brookfield Asset Management Ltd. (BAM), an asset management company, Friday reported higher earnings and revenue for the third quarter compared to the same period last year.

Quarterly earnings increased to $724 million or $0.44 per share from $544 million or $0.34 per share of last year, driven by record organic fundraising of $30 billion in the quarter.

On average, analysts were expecting $0.4 earnings per share for the quarter. Analysts' estimates typically exclude special items.

Revenue grew to $1.25 billion from $1.11 billion of the previous year.

The Street view for revenue was $1.34 billion.

Fee related earnings rose 17 percent to $754 million or $0.46 per share from $644 million or $0.39 per share of prior year.

Investment loss was $6 million for the quarter compared with investment income of $51 million, last year.

Additionally, the company declared a quarterly dividend of $0.4375 per share, payable on December 31, to shareholders of record on November 28.

In pre-market activity, BAM shares are trading at $53.90, up 1.18% on the New York Stock Exchange.