T. Rowe Price Group Inc.'s (TROW) fourth-quarter net income soared to $152.5 million or $0.57 per share from $24.3 million or $0.09 per share last year. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $0.55 for the quarter. Analysts' estimate typically excludes one-time items.
Net revenues for the latest quarter rose to $542.6 million from $415.9 million in the comparable period. Thirteen analysts estimated revenues of $546.57 million for the quarter.
Also, the firm estimates its advertising and promotion expenditures for 2010 could increase up to 30% from 2009 and first quarter 2010 spending is expected to be about $26 million. The firm presently estimates the effective tax rate for 2010 to be about 38.0%.
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