NEW YORK - Blue Owl Capital Inc. (NYSE:OWL) announced its financial results for the first quarter ended March 31, 2024, surpassing analyst expectations with an earnings per share (EPS) of $0.17, which was $0.01 higher than the consensus estimate of $0.16.
The company's revenue for the quarter was reported at $486.55 million, also exceeding the consensus estimate of $475.83 million.
Following the announcement, premarket trading saw OWL stock rise 7%.
The Co-CEOs of Blue Owl, Doug Ostrover and Marc Lipschultz, highlighted the company's 12th consecutive quarter of increased management fees and underscored the predictability and stability of their business model. They also noted significant investor interest in their strategies across Institutional and Private Wealth investors. The company's recent strategic moves to expand their insurance asset management and real estate credit capabilities were mentioned as key factors contributing to their growth.
Blue Owl also declared a quarterly dividend of $0.18 per Class A Share, which is scheduled to be paid on May 30, 2024, to shareholders of record as of May 21, 2024.
In their statement, the Co-CEOs expressed confidence in the company's direction, "We again demonstrated the predictability and stability inherent in our business model, as well as the ongoing and significant investor interest in our strategies across Institutional and Private Wealth investors."
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