WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Friday reported first-quarter net income of $110.4 million.
The West Palm Beach, Florida-based company said it had profit of $3.84 per share. Earnings, adjusted for non-recurring costs, came to $8.23 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $8.10 per share.
The asset manager posted revenue of $544.9 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $543 million.
Affiliated Managers shares have risen 2% since the beginning of the year. The stock has risen 78% in the last 12 months.
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