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Apollo’s 1st-qtr. earnings plunge

Keywords: Tags  Apollo Global Management, Noranda, Ascometal, Constellium, Nathan Laliberte

NEW YORK — Apollo Global Management LLC’s net income fell sharply in the first quarter.

The New York-based company posted net income of $72.2 million for the three months ended March 31, down 71 percent from nearly $249 million in the same period last year on revenue that tumbled 62.5 percent to $491.4 million. The earnings drop was driven by Apollo’s private equity segment, where earnings plunged to $111 million from $660.4 million due largely to carried interest income falling to $103.3 million from $991.0 million.

Apollo is a major stakeholder in several metal businesses, including Franklin, Tenn.-based Noranda Aluminum Holdings Corp.; Netherlands-based specialty rolled and extruded aluminum products maker Constellium NV; and France-based specialty steel producer Ascometal SA.

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