Federated Investors Q2 Results Miss Estimate

(RTTNews) - Federated Investors, Inc. (FII) reported net income for the second quarter of $40.4 million or $0.39 per share, compared to $40.4 million or $0.39 per share for the year-ago quarter.

Revenue fell 4% to $223.81 million from $232.13 million a year ago, mainly due to an increase in voluntary fee waivers related to certain money market funds in order for these funds to maintain positive or zero net yields.

Analysts polled by Thomson Reuters expected the company to earn $0.40 per share on revenue of $230.35 million for the second quarter.

Federated's total managed assets were $363.8 billion at June 30, 2013, up $7.9 billion or 2% from $355.9 billion at June 30, 2012.

Federated declared a quarterly dividend of $0.25 per share, a 4% increase from the prior quarter. The dividend is payable on Aug. 15 to shareholders of record as of Aug. 8.