Federated Investors 4Q profit rises |
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Thu, 25 Jan 2007 23:32
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PITTSBURGH (AFX) - Investment manager Federated Investors Inc. said Thursday fourth-quarter profit rose 3 percent on increased demand for its products spurred by surging stock markets and attractive yields on money market accounts.Federated Investors reported fourth-quarter net income of $53.3 million, or 51 cents per share, compared with profit of $51.8 million, or 48 cents per share, in the fourth quarter of 2005.Analysts polled by Thomson Financial forecast profit of 48 cents per share.Revenue rose 9 percent to $259.7 million from $238.6 million. Analysts expected revenue of $253 million.Federated Investors said strong stock markets in the second half of the year encouraged clients to invest more money. Better yields in money market accounts spurred investors to put money in accounts, the company said.Assets under management rose 7 percent during the last three months of the year, to $237.4 billion.For 2006, Federated reported earnings of $197.7 million, or $1.80 per share, compared with earnings of $160.3 million, or $1.48 per share, for 2005. Excluding Revenue for the year rose 9 percent $978.9 million from $896.2 million in 2005.Shares fell $1.15, or 3.3 percent, to close at $33.38 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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