Waddell & Reed Financial (WDR) Misses Q1 EPS by 3c

Waddell & Reed Financial (NYSE: WDR) reported Q1 EPS of $0.39, $0.03 worse than the analyst estimate of $0.42. Revenue for the quarter came in at $287 million versus the consensus estimate of $284.01 million.

Flow pressure continues to ease as redemptions from some of the largest sources of outflows steadily abates. Redemptions from Asset Strategy, which was once our most substantial source of outflows, fell to $1.0 billion during the current quarter, compared to redemptions of $4.5 billion during the first quarter last year. Complex-wide, sales rose 7% sequentially; however, sales volume remains soft compared to historical levels. We have begun to gain traction in a number of investment strategies, particularly in retail unaffiliated distribution, where sequential sales rose 31%.

“We are seeing early signs of progress, although much work remains,” said Philip J. Sanders, Chief Executive Officer of Waddell & Reed Financial, Inc. “Asset levels were stable sequentially, reflecting a slowing of net outflows, an uptick in gross sales and positive market action.”

For earnings history and earnings-related data on Waddell & Reed Financial (WDR) click here.

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