Affiliated Managers: 1Q Earnings Snapshot
WEST PALM BEACH, Fla. (AP) _ Affiliated Managers Group Inc. (AMG) on Monday reported a loss of $15.6 million in its first quarter.
On a per-share basis, the West Palm Beach, Florida-based company said it had a loss of 33 cents. Earnings, adjusted for non-recurring costs, came to $3.16 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $3.14 per share.
The asset manager posted revenue of $507.3 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $483.7 million.
Affiliated Managers shares have declined 28% since the beginning of the year. The stock has decreased 46% in the last 12 months.