MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, July 26, 2010 T. Rowe Price Falls Shy T. Rowe Price's second quarter earnings fell two cents shy of what analysts were expecting, but its stock rose slightly during the day's trading. T. Rowe Price Group reported second quarter net revenues of $577.4 million up from $442.2 million a year ago and net income of $158.5 million compared to $100.0 million. during the 2009 second quarter. The mutual fund advisor's diluted earnings per common share were $0.59, an increase of 55 percent from the $0.38 per share in the 2009 quarter. Analysts tracked by Factset had been expecting $0.61 per share. Falling markets cost the mutual fund advisor $33.0 billion of AUM, pushing down its total asset despite more than $5.1 billion in net inflows during the quarter Total assets under management were $391.1 billion at June 30, compared to $419.0 billion at March 31, 2010. That figure includes $233.5 billion in the T. Rowe Price mutual funds and $157.6 billion in other managed investment portfolios. Net inflows across our distribution channels continue to be positive, our balance sheet is very healthy, and we continue to prudently manage the business while investing strategically in key capabilities and attractive growth opportunities, stated James A.C. Kennedy, T. Rowe Price's chief executive officer and president. Printed from: MFWire.com/story.asp?s=32926 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |