Virtus Investment Partners (NYSE: VRTS), a leading asset management firm, reported solid financial results for the third quarter of 2024, with earnings per share and revenue exceeding analysts' expectations. The company's strong performance was primarily driven by favorable market conditions and positive net flows across several product categories.
Highlights of Virtus Investment Partners' Q3 2024 results include:
- Earnings per share (EPS) of $6.92 on an adjusted basis, surpassing the consensus estimate of $6.80. EPS rose 11.4% year-over-year, supported by higher revenue and effective cost management.
- Revenue increased 3.5% year-over-year to $227 million, outpacing analysts' expectations of $208.14 million. The growth was driven by higher investment management fees, reflecting an increase in average assets under management.
- Total assets under management (AUM) grew 6% sequentially to $183.7 billion as of September 30, 2024. The increase was attributed to positive market performance and net inflows in retail separate accounts, exchange-traded funds (ETFs), and global funds, partially offset by outflows in U.S. retail funds and institutional accounts.
- Net inflows amounted to $1.7 billion, improving from net outflows of $2.6 billion in the previous quarter. The company witnessed strong demand for its retail separate account, ETF, and global fund offerings.
Virtus Investment Partners' CEO highlighted the company's robust investment performance and diversified product offerings as key factors contributing to the quarter's success. The firm remains focused on executing its strategic initiatives and capitalizing on favorable industry trends to drive long-term growth and shareholder value.
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