Asset manager Janus Capital Group Inc. (JNS), Thursday reported a sharp rise in fourth quarter profit, as revenue surged from last year. Earnings for the quarter, however, missed Street estimates by a penny.
The Denver, Colorado-based company reported net income for the fourth quarter of $37.0 million or $0.20 per share, compared to $8.2 million or $0.05 per share in the year-ago quarter.
Fourth quarter net income from continuing operations was $37.0 million or $0.20 per share, compared to $7.8 million or $0.05 per share in the fourth quarter 2008.
On average, fourteen analysts polled by Thomson Reuters expected the company to earn $0.19 per share for the quarter. Analysts estimates typically exclude special items.
Revenues for the quarter increased to $250.6 million from $177.1 million in the prior-year quarter. Ten analysts had a revenue consensus of $244.63 million for the fourth quarter.
Operating margin for the quarter rose to 30.2% from 25.5% for the same quarter last year. Operating income for the quarter increased to $75.7 million from $45.2 million in the year-ago period.
Operating expenses increased to $174.9 million from $131.9 million in the same quarter last year.
Average assets under management increased 8.5% to $155.2 billion from $124.3 billion in same quarter last year.
The increase in firmwide assets during the fourth quarter reflects $8.0 billion of net market appreciation and breakeven net flows.
Janus and Perkins long-term net inflows totaled $1.5 billion and $0.9 billion, respectively, while Intech long-term net outflows totaled $2.4 billion. The increase in year-over-year assets was primarily the result of $41.5 billion of net market appreciation.
For the fiscal year 2009, the company posted a net loss of $757.1 million or $4.55 per share, compared to net income of $136.9 million or $0.85 per share a year ago.
Total revenues for fiscal year 2009 decreased to $848.7 million from $1.04 billion in fiscal 2008.
Street analysts expected the company to report a loss of $0.45 per share on revenues of $843.16 million for fiscal 2009.
JNS closed Thursday's trading at $12.93, down $0.25 or 1.90 on a volume of 6.37 million shares on the NYSE.
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