T. Rowe Price Group (TROW) Misses Q3 EPS by 3c

T. Rowe Price Group (NASDAQ: TROW) reported Q3 EPS of $1.12, $0.03 worse than the analyst estimate of $1.15. Revenue for the quarter came in at $1 billion versus the consensus estimate of $1.02 billion.

Investment advisory revenues for the third quarter of 2014 were up $122.4 million to $890.7 million from the comparable 2013 period, as average assets under management increased $103.2 billion, or 16%. Assets under management were $731.2 billion at September 30, 2014, down $7.2 billion from the end of June 2014 as market depreciation, net of income, of $7.4 billion was offset in part by net cash inflows of $.2 billion. The firm's assets under management at September 30, 2014, include about $188 billion of asset allocation portfolios, of which $122.5 billion are in target-date retirement funds and $19.9 billion are in target-date retirement trusts. These target-date retirement portfolios were the source of $3.7 billion of the firm's net cash flows in the third quarter of 2014, including $3.4 billion that originated in its target-date retirement funds.

For earnings history and earnings-related data on T. Rowe Price Group (TROW) click here.

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