Och-Ziff Capital Management Q3 Profit Down, But Beats Estimates

(RTTNews) - Och-Ziff Capital Management Group LLC (OZM) Tuesday posted third-quarter net income allocated to Class A shareholders of $23.2 million or $0.09 per Class A share, down from $28.9 million, or $0.15 per Class A share, last year. The decrease in earnings was primarily due to lower incentive income and higher income taxes.

The group's distributable earnings totaled $116.7 million or $0.23 per adjusted Class A share. On average 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share. Analysts' estimates typically exclude special items.

Total revenues increased to $306.68 million from $279.76 million a year ago, while analysts expected $183.08 million.

The board declared a quarterly dividend of $0.20 per Class A Share, payable on November 21, to holders of record on November 14.