T. Rowe Price Group, Inc. Earnings Cheat Sheet: Profits Climb By Double Figures Again
S&P 500 (NYSE:SPY) component T. Rowe Price Group, Inc. (NASDAQ:TROW) reported its results for the second quarter. T. Rowe Price Group, a financial services holding company, provides investment advisory services to individual and institutional investors in the sponsored mutual funds and other investment portfolios.
T. Rowe Price Group Earnings Cheat Sheet for the Second Quarter
Results: Net income for T. Rowe Price Group, Inc. rose to $204.7 million (76 cents per share) vs. $158.5 million (59 cents per share) in the same quarter a year earlier. This marks a rise of 29.1% from the year earlier quarter.
Revenue: Revenue rose 24% to $713.7 million last quarter.
Actual vs. Wall St. Expectations: TROW fell short of the mean analyst estimate of 78 cents per share. Analysts were expecting revenue of $711.2 million.
Quoting Management: James A.C. Kennedy, the company’s chief executive officer and president, commented: “We are proud that such a broad spectrum of our portfolios, including our asset allocation strategies, continue to deliver very attractive long-term returns. This solid track record, combined with our investment and industry expertise, has enabled us to provide sought-after investment solutions to institutional and individual investors alike, helping our clients achieve their financial goals.”
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 27.2% and in the fourth quarter of the last fiscal year, the figure rose 25.6%.
The company has now fallen short of estimates in the last two quarters. In the first quarter, it missed expectations by 3 cents with net income of 72 cents versus a mean estimate of net income of 75 cents per share.
Competitors to Watch: Federated Investors, Inc. (NYSE:FII), BlackRock, Inc. (NYSE:BLK), Waddell & Reed Financial, Inc. (NYSE:WDR), U.S. Global Investors, Inc. (NASDAQ:GROW), Janus Capital Group Inc. (NYSE:JNS), Franklin Resources, Inc. (NYSE:BEN), Virtus Investment Partners, Inc. (NASDAQ:VRTS), Cohen & Steers, Inc. (NYSE:CNS), Calamos Asset Management, Inc (NASDAQ:CLMS), Bank of America (NYSE:BAC), Citigroup (NYSE:C), JP Morgan (NYSE:JPM), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and Financial Engines Inc (NASDAQ:FNGN).
(Source: Xignite Financials)