Affiliated Managers Group Inc. (AMG), an asset management company, Wednesday said its first quarter profit plunged from the corresponding quarter last year, hurt by huge losses from Mutual funds and Institutional investments, amid volatility in the global economy. Cash earnings, however, came in above Street view. Affiliated Managers shares are currently trading up, more than 14%, on the NYSE.
First quarter net income of Affiliated Managers plunged 80% to $6.1 million or $0.15 per share from $31.2 million or $0.81 per share in the year-ago quarter.
Cash net income was $37.7 million or $0.94 per share, down from $58.2 million or $1.50 per share in the prior-year quarter.
On average, ten analysts polled by Thomson Reuters expected earnings of $0.92 per share for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly revenues fell to $178.46 million from $335.03 million in the comparable quarter a year ago, below Street estimates of $194.48 million.
Revenues from Mutual fund dropped 49% to $68.34 million and Institutional investment declined 48.6% to $82.24 million from the same quarter a year ago. Revenues from High net worth was $27.90 million, down 30.4% from the year-ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share on revenues of $194.48 million for the quarter. Analysts' estimates typically exclude special items.
In the sequentially preceding fourth quarter, Affiliated Managers reported a loss of $69.75 million or $1.76 per share as revenues dropped to $223.40 million from the year-earlier quarter.
During the quarter we repaid our outstanding bank term loan and, other than convertible securities, we currently have no debt.
Operating income was $44.73 million, compared to $114.57 million in the year-earlier quarter. Operating expenses were down at $133.75 million, compared to $220.47 million in the corresponding quarter a year ago.
Total assets under management as of March 31, 2009 decreased to $152.92 million from $170.15 million at December 31, 2008.
AMG is currently trading at $51.07, up $6.39 or 14.30%, on a volume of 0.49 million shares.
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