Affiliated Managers: 4Q Earnings Snapshot
WEST PALM BEACH, Fla. (AP) _ Affiliated Managers Group Inc. (AMG) on Monday reported fourth-quarter profit of $115.9 million.
The West Palm Beach, Florida-based company said it had profit of $2.54 per share. Earnings, adjusted for non-recurring costs, were $4.22 per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $3.73 per share.
The asset manager posted revenue of $554.4 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $522 million.
For the year, the company reported profit of $202.2 million, or $4.33 per share. Revenue was reported as $2.03 billion.
Affiliated Managers shares have increased 11% since the beginning of the year. The stock has climbed 35% in the last 12 months.