Och-Ziff reports lower profit but beats expectations
BOSTON May 2 (Reuters) - Och-Ziff Capital Management Group reported a lower quarterly profit after its funds earned less, but there hedge fund firm still beat analysts' expectations as billions of dollars in new money flowed into its portfolios.
First-quarter distributable earnings, excluding costs related to its November 2007 initial public offering, totaled $127.8 million, down from $136.9 million a year ago. The company earned 25 cents a share, less than last year's 29 cents a share, but far more than the 16 cents Wall Street analysts had expected, according to Thomson Reuters I/B/E/S.
Och-Ziff also reported net income of $23.9 million, or 14 cents per share, compared to $30.0 million, 20 cents a share a year ago.
(Reporting by Svea Herbst-Bayliss, Editing by Franklin Paul)