UPDATE 2-AMG profit jumps on inflows, shares rise
* EPS 85 cents vs Street view 79 cents
* Net inflows $7.5 billion
* Leaves 2011 EPS guidance unchanged
* Shares up 4.2 pct (Adds EPS guidance, updates shares)
BOSTON, July 26 (Reuters) - Asset manager Affiliated Managers Group Inc (AMG.N) said second-quarter profit nearly doubled as inflows and market gains drove up revenue, sending its shares up more than 4 percent.
The Boston company on Tuesday reported net income of $45.5 million, or 85 cents per share, up from $25.2 million, or 53 cents a share, a year earlier.
Analysts surveyed by Thomson Reuters I/B/E/S expected, on average, 79 cents a share.
On the economic basis used by some analysts, excluding special items, AMG earned $1.71 per share, compared with $1.35 a year earlier. Analysts expected $1.64 on this basis.
Revenue rose to $462.3 million from $332.1 million,
AMG shares were up 4.2 percent at $106.50 in afternoon trading.
AMG, which has reported consistent net inflows of cash from investors, said net inflows totaled $7.5 billion in the second quarter.
The company is "firing on all cylinders," Citigroup analyst William Katz wrote in a note to investors. He said the inflow figures were higher than he and others had expected.
On a conference call with investors, AMG Chief Financial Officer Jay Horgen said the company was leaving unchanged its previous guidance for 2011 earnings of $6.90 to $7.70 per share on an economic basis. (Reporting by Ross Kerber; editing by John Wallace)
- Israel rejects ceasefire plan, source says, as death toll nears 850 |
- Obama tells Central American leaders most children will go home
- First Ebola victim in Sierra Leone capital on the run
- Bad weather seen as probable cause of Air Algerie crash
- EU edges to economic sanctions on Russia but narrows scope |