T. Rowe Price 1Q Earnings Rise with Higher Fees

Dow Jones04-26

By Dean Seal

T. Rowe Price recorded higher earnings and revenue in the first quarter as investment advisory fees and assets under management each logged double-digit percentage growth.

The Baltimore-based investment-fund manager posted a profit of $573.8 million, or $2.49 a share, compared with $421.5 million, or $1.83 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $2.38 a share. Analysts polled by FactSet had been expecting $2.04 a share.

Revenue rose 14% to $1.75 billion, ahead of analyst projections for $1.71 billion, according to FactSet.

Investment advisory fees rose 12% to $1.55 billion. Net client outflows halved from the year-ago quarter to $8 billion, leaving quarter-end assets under management at $1.54 trillion.

Chief Executive Rob Sharps said that while outflows will likely persist in 2024, the company believes "there will be substantial improvement this year driven by higher sales and lower redemptions."

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 26, 2024 06:38 ET (10:38 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Rowe Price recorded higher earnings and revenue in the first quarter as investment advisory fees and assets under management each logged double-digit percentage growth. \n\n\n  The Baltimore-based investment-fund manager posted a profit of $573.8 million, or $2.49 a share, compared with $421.5 million, or $1.83 a share, in the same quarter a year ago. \n\n\n  Stripping out one-time items, adjusted earnings were $2.38 a share. Analysts polled by FactSet had been expecting $2.04 a share. \n\n\n  Revenue rose 14% to $1.75 billion, ahead of analyst projections for $1.71 billion, according to FactSet. \n\n\n  Investment advisory fees rose 12% to $1.55 billion. 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