T. Rowe Price earnings rise 36 percent |
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Tue, 23 Oct 2007 13:15
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BALTIMORE (AP) - Investment management firm T. Rowe Price Group Inc. said Tuesday its third-quarter earnings rose 36 percent due to increased fees from investment advice.Quarterly net income rose to $174.8 million, or 63 cents per share, from $128.3 million, or 46 cents per share, during the same quarter a year ago.Analysts polled by Thomson Financial, on average, forecast earnings of 63 cents per share on revenue of $577.7 million in the quarter.T. Rowe Price's net revenue rose 27 percent year-over-year to $571 million.Investment advisory fees at T. Rowe Price increased 29 percent to $483.4 million from $375.2 million a year ago. The majority of that increase came from rising advisory fees on mutual funds. Those fees increased by $77.5 million to $348 million in the third quarter.T. Rowe Price now has $396.8 billion in total assets under management. Mutual fund assets under management rose to $246.3 billion as of Sept. 30, as the company added $9 billion during the quarter. Market appreciation accounted for $5.3 billion in the additional assets, while investors contributed $3.7 billion to the growth.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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T.Rowe Price 3Q earnings 63 cents a share 