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Wednesday, July 23, 2003

AMG Says Profits Dipped

by: Sean Hanna, Editor in Chief

Affiliated Managers Group today reported that its second-quarter cash earnings fell 3 percent to $24.9 million from $25.7 million a year ago. However, AMG still managed to beat the analysts' consensus estimate of $1.15 as it cut its number of shares. Earnings per share rose to $1.16 from $1.12 in the same quarter of 2002.

AMG's revenues also fell, dropping to $116.7 million from $129.6 million a year ago. However, assets under management ended the quarter at $77.3 billion, up $3.2 billion from 2002.

Darrell Crate, AMG's chief financial officer, told analysts that expects cash earnings for the year to fall somewhere between $4.70 to $4.75 per share barring any substantial move in stock prices.  

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