WASHINGTON (dpa-AFX) - Waddell & Reed Financial, Inc. (WDR) posted first quarter net income of $47.39 million or $0.55 per share versus $45.63 million or $0.53 per share a year ago.
On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share. Analysts' estimates typically exclude special items.
Total operating revenues rose to $306.62 million from $296.57 million in the prior-year quarter. Analysts estimated revenues of $303.53 million.
During the current quarter, average assets under management were $90.1 billion, an increase of 4% compared to the year-ago quarter.
'Momentum continued in the new year. Market action, plus emphasis on expense control, allowed for solid sequential quarter profit improvement,' said Hank Herrmann, Chairman and Chief Executive Officer of Waddell & Reed Financial, Inc. 'The retail investor remains reticent, but we were able to record another quarter of reasonable organic growth considering the overall environment. Fund performance in the quarter was strong on both an absolute and relative basis.'
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