T. Rowe 2Q Profit, Revenue Climb as Assets Under Management Grow

Dow Jones07-31

T. Rowe Price Group said net income and revenue rose in the second quarter, as assets under management grew.

The Baltimore fund manager on Friday posted quarterly earnings of $632 million, or $2.88 a share, up from $505.2 million, or $2.24 a share, a year earlier.

Stripping out certain one-off items, earnings came in at $2.57 a share. Analysts polled by FactSet expected adjusted earnings of $2.51 a share.

Net revenue climbed 11% to $1.91 billion, just ahead of Wall Street models for $1.89 billion.

T. Rowe ended the quarter with $1.893 trillion in assets under management, up $183.7 billion from the beginning of the period. Net client outflows came in at $6.5 billion.

Chief Executive Rob Sharps said positive flows in May and June reflected client demand in areas where the company is investing for growth.

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