Shares of Artisan Partners Asset Management Inc. (APAM) surged over 5% on Tuesday morning after the investment management firm reported better-than-expected earnings for the third quarter of 2024.

APAM posted adjusted earnings per share of $0.92 for the quarter ended September 30, exceeding analysts' consensus estimate of $0.90. Revenue climbed 12.4% year-over-year to $279.6 million, narrowly missing forecasts of $279.7 million.

The solid quarterly performance was fueled by a $72.9 million net income for the period. Investors cheered the earnings beat, driving APAM stock up over 5% in early trading despite the slight revenue miss and a "hold" rating from most analysts covering the company.