WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Thursday reported first-quarter net income of $72.4 million.
The West Palm Beach, …
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WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Thursday reported first-quarter net income of $72.4 million.
The West Palm Beach, Florida-based company said it had profit of $2.20 per share. Earnings, adjusted for non-recurring costs, came to $5.20 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $5.10 per share.
The asset manager posted revenue of $496.6 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $516.5 million.
Affiliated Managers shares have dropped 5% since the beginning of the year. The stock has climbed 13% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMG at https://www.zacks.com/ap/AMG
