Apollo 4Q earnings rise on fees, investment gains

New York-based Apollo on Friday reported net income of $171.5 million, or $1.12 per share, for the fourth quarter compared with $10.9 million, or 20 cents per share, a year ago. Its revenue surged to $1.16 billion from $646 million.

Wall Street analysts use a profit measure called economic net income to track the performance of private equity firms. It excludes certain items, including charges related to the firm's 2007 private stock sale.

By that measure, Apollo's profit nearly doubled to $697 million, or $1.69 per share, from $357 million, or 80 cents per share, a year ago. Analysts polled by FactSet expected $1.05 per share.

The value of the investments and funds managed by Apollo, its assets under management, rose 51 percent to $113.4 billion, which the firm credited to growth in the division that invests in debt.