Patria Reports First Quarter 2024 Earnings Results
Rhea-AI Summary
Patria (Nasdaq:PAX) reported strong unaudited results for the first quarter of 2024, including $35 million in Fee Related Earnings, a 13% increase from the previous year. Distributable Earnings were over $31 million, or 21 cents per share. The company raised $1.1 billion organically and closed acquisitions, showing confidence in reaching financial targets. Net income was $15.4 million, with a quarterly dividend of $0.175 per share declared.
Positive
Strong Fee Related Earnings of $35 million, up 13% from the previous year.
Distributable Earnings over $31 million, or 21 cents per share, indicating financial strength.
Successful fundraising with $1.1 billion raised organically, showing investor confidence.
Acquisitions closed, including abrdn's private equity solutions business, expanding the company's portfolio.
Net income of $15.4 million, reflecting profitability and growth.
Negative
None identified in the press release.
News Market Reaction
On the day this news was published, PAX declined 5.08%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
GRAND CAYMAN, Cayman Islands, May 02, 2024 (GLOBE NEWSWIRE) -- Patria (Nasdaq:PAX) reported today its unaudited results for the first quarter ended March 31, 2024. The full detailed presentation of Patria's first quarter 2024 results can be accessed on the Shareholders section of Patria’s website at https://ir.patria.com/.
Alex Saigh, Patria’s CEO, said: “The 1st quarter of 2024 marked a great start for the year, and I’m very pleased with the performance we delivered. We generated over
Financial Highlights (reported in $ USD)
IFRS results included
Dividends
Patria has declared a quarterly dividend of
Conference Call
Patria will host its first quarter 2024 earnings conference call via public webcast on May 2, 2024, at 9:00 a.m. ET. To register and join, please use the following link:
https://edge.media-server.com/mmc/p/gbaedm2i/
For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Patria’s website at https://ir.patria.com/ shortly after the call’s completion.
About Patria
Patria is a global alternative asset manager and industry leader in Latin America, with over 35 years of history, combined assets under management of
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words, among others. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time, including but not limited to those described under the section entitled “Risk Factors” in our most recent annual report on Form 20-F, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings.
Contact
Andre Medina
t +1 917 769 1611
andre.medina@patria.com
FAQ
What were Patria's Fee Related Earnings for the first quarter of 2024?
How much were Patria's Distributable Earnings in Q1 2024?
What was the net income attributable to Patria in Q1 2024?
