By Rob Curran
T. Rowe Price Group said fourth-quarter net income and revenue rose but came in short of Wall Street targets as assets under management fell.
The Baltimore investment-fund manager logged fourth-quarter earnings of $439.9 million, or $1.92 a share, up from $437.6 million, or $1.90 a share, a year earlier.
Stripping out certain one-off items, T. Rowe Price registered adjusted earnings of $2.12 a share, shy of the mean analyst target of $2.17 a share, as tallied by FactSet.
Fourth-quarter revenue rose 11% to $1.82 billion, also short of the average analyst estimate of $1.87 billion, as per FactSet
Investment advisory fees rose 16% to $1.67 billion.
T. Rowe said assets under management slipped by $24.3 billion to $1.61 trillion at quarter end.
Net cash flows amounted to an outflow of $19.3 billion.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
February 05, 2025 07:41 ET (12:41 GMT)
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