Affiliated Managers (AMG) Q1 Earnings Top, Revenues Down Y/Y [Yahoo! Finance]
Affiliated Managers Group, Inc. (AMG)
Last affiliated managers group, inc. earnings: 4/27 07:03 am
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Source: Yahoo! Finance
The bottom line also jumped 28.5% from the prior-year number. Results were aided by improvement in assets under management (AUM) balance. Further, the company had a robust liquidity position. However, a decline in revenues and slightly higher expenses were the undermining factors. Economic net income was $186.7 million, up 18.1% year over year. Our estimate for this metric was $173.3 million. Revenues Fall, Expenses Rise Quarterly total revenues declined 3.4% year over year to $499.9 million. Also, the top line missed the Zacks Consensus Estimate of $524.53 million. Adjusted EBITDA was $259.8 million, up 19.8%. We projected the metric to be $236.7 million. Total consolidated expenses increased marginally to $381.3 million. We had projected total expenses of $384.7 million. AUM Rises As of Mar 31, 2024, total AUM was $699.4 billion, which grew 4.7%. Our estimate for total AUM was $675.2 million. Net client cash outflows in the quarter were $3.7 billion in the reported q
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- Affiliated Managers Group, Inc. (NYSE: AMG) had its price target lowered by analysts at TD Cowen from $218.00 to $198.00. They now have a "buy" rating on the stock.MarketBeat
AMG
Earnings
- 5/6/24 - Beat
AMG
Sec Filings
- 5/14/24 - Form 13F-NT
- 5/7/24 - Form 10-Q
- 5/6/24 - Form 8-K
- AMG's page on the SEC website