T. Rowe Price Group Inc (TROW) saw its stock plummet 5.05% in the intraday trading session on Wednesday, following the release of its fourth-quarter and full-year 2024 earnings results. The asset management firm missed analysts' expectations for both adjusted earnings per share (EPS) and revenue.
The company reported adjusted EPS of $2.12 for the quarter, falling short of the consensus estimate of $2.20. T. Rowe Price's net revenue for the quarter stood at $1.82 billion, missing the anticipated $1.87 billion, despite an 11.1% year-over-year increase.
While T. Rowe Price's assets under management (AUM) grew 11.2% year-over-year to $1.61 trillion, the firm continued to grapple with significant net client outflows. In Q4 2024, T. Rowe Price experienced net client outflows of $19.3 billion, extending its streak of outflows to 15 consecutive quarters. For the full year, total net outflows amounted to $43.2 billion, highlighting the persistent challenge of client retention amid increased competition and preference for low-cost passive investment strategies.
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