WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Monday reported first-quarter profit of $134.5 million.
On a per-share basis, the West Palm Beach, Florida-based company said it had profit of $3.47. Earnings, adjusted for non-recurring costs, were $4.18 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $4.15 per share.
The asset manager posted revenue of $517.4 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $546.8 million.
Affiliated Managers shares have dropped roughly 9% since the beginning of the year. The stock has climbed 15% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMG at https://www.zacks.com/ap/AMG
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