Affiliated Managers Group Q1 Profit Beats View, But Revenues Miss - Quick Facts

(RTTNews) - Affiliated Managers Group, Inc. (AMG) reported that its net income attributable to controlling interest for the first quarter increased to $128.0 million or $2.28 per share from $77.2 million or $1.40 per share in the prior-year period.

Economic net income was $162.1 million or $2.91 per share, compared to $137.9 million or $2.48 per share in the year-ago period.

Quarterly revenue grew to $635.0 million from $593.1 million in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.90 per share for the quarter on revenues of $650.89 million. Analysts' estimates typically exclude special items.

Sean Healey, Chairman and Chief Executive Officer of AMG said, "Given our long-term track record of successful partnerships and proven global distribution capability, AMG is positioned as the partner of choice for the best boutique firms in the industry. Looking ahead, we remain confident in our ability to generate meaningful earnings growth through additional accretive investments in outstanding new Affiliates."