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.

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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.”

Key Stats:

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).

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(Source: Xignite Financials)