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Rating:T. Rowe Posts a Big Jump in Q4 Profit Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 28, 2010

T. Rowe Posts a Big Jump in Q4 Profit

Reported by Daniel Tovrov

T. Rowe Price earned $153 million, or 57 cents a share, in the fourth quarter, compared with $24.3 million, or 9 cents a share, in the year-ago period. The Baltimore fund firm trumped analyst forecasts of 55 cents a share, according to Thomson Reuters.

Net revenue fell from $2.12 billion to $1.87 billion from year-end 2008 to 2009. When comparing Q4 of 2008 and 2009, revenue increased 23 percent from about $416 million to $542.6 million in the given quarters. Similarly, net income dipped from $491 million to $434 million year-over-year.

T. Rowe's mutual funds had a good year, with AUM in U.S. funds growing from $164.4 billion to $232.7 billion year-over-year. Net inflows to the mutual funds in Q4 were $4.0 billion, with $3.8 billion going to bond funds and $.8 billion to stock funds. Money funds, however, saw an outflow of $.6 billion in the same period. Higher market valuations and income elevated AUM by $10.3 billion. 

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