Ameriprise Financial Earnings: Advisor Productivity is at Record Levels
Profit increased at S&P 500 (NYSE:SPY) component Ameriprise Financial, Inc. (NYSE:AMP) while net income rose in the first quarter. Ameriprise Financial, Inc. provides financial planning, products and services through its subsidiaries. The company offers solutions for its clients’ cash and liquidity, asset accumulation, income, protection and estate and wealth transfer needs.
Ameriprise Financial Earnings Cheat Sheet for the First Quarter
Results: Net income for the asset management company rose to $241 million (94 cents/share) vs. $214 million (81 cents/share) in the same quarter a year earlier. A rise of 12.6% from the year earlier quarter.
Revenue: Rose to $2.65 billion YoY.
Actual vs. Wall St. Expectations: The estimate range for AMP was $1.28 per share to $1.42 per share with adjustments.
Quoting Management: “We had a strong start to the year, with solid growth across our business,” said Jim Cracchiolo, chairman and chief executive officer. “Advisor productivity is at record levels, and retail client assets, inflows and activity all improved. This week marks the one-year anniversary of the Columbia Management acquisition; the integration remains on track and the business is performing well and gaining traction.”
The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 26%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 38.4% from the year earlier quarter.
The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 18.1% and in the third quarter of the last fiscal year, the figure rose 32.3%.
Competitors to Watch: Financial Engines Inc (NASDAQ:FNGN), Oppenheimer Hldgs. Inc. (NYSE:USA) (NYSE:OPY), Raymond James Financial, Inc. (NYSE:RJF), Principal Financial Group, Inc. (NYSE:PFG), LPL Investment Hldgs. Inc. (NASDAQ:LPLA), Stifel Financial Corp. (NYSE:SF), Prudential Financial, Inc. (NYSE:PRU), MetLife, Inc. (NYSE:MET), TD Ameritrade Holding Corp. (NASDAQ:AMTD), and The Allstate Corporation (NYSE:ALL).
Today’s Performance: Shares of AMP are up slightly in after hours trading.