T. Rowe Price reported October 29 that third-quarter revenue increased 5.9% to $2.005 billion, while net income declined 5.2% to $612.3 million.
Diluted earnings were $2.79 per share, compared with $2.87 a year earlier. On the company’s adjusted basis, earnings rose to $2.86 per share from $2.81, although adjusted net income slipped to $629.5 million from $631.7 million.
Investment advisory fees increased 5.8% to $1.796 billion. Reported operating income grew 19.7% to $769.8 million as reported operating expenses declined 1.2%.
Nonoperating income fell to $17.6 million from $238.4 million. That reduction more than offset the increase in operating income before taxes in the reported results.
Assets under management stood at $1.8627 trillion at September 30, down from $1.8934 trillion at June 30. The firm reported $28.3 billion in quarterly net client outflows.
The adjusted measures exclude specified items included under standard accounting rules. Adjusted operating expenses increased 5.8%, differing from the decline in reported expenses.
Sources: T. Rowe Price — October 29 Earnings Release in Form 8-K: https://troweprice.gcs-web.com/node/28911/html