Affiliated Managers: 2Q Earnings Snapshot
WEST PALM BEACH, Fla. (AP) _ Affiliated Managers Group Inc. (AMG) on Monday reported second-quarter profit of $117 million.
On a per-share basis, the West Palm Beach, Florida-based company said it had profit of $2.16. Earnings, adjusted for non-recurring costs, were $3.61 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $3.59 per share.
The asset manager posted revenue of $600.1 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $597.7 million.
Affiliated Managers shares have dropped 26 percent since the beginning of the year. The stock has decreased 15 percent in the last 12 months.