Aug. 1 at 12:10 PM
$TROW
🚨
The Baltimore-based asset manager posted adjusted earnings per share of
$2.24 for the second quarter, surpassing the analyst consensus of
$2.13.
However, revenue came in at
$1.72 billion, slightly below the
$1.73 billion analysts had expected and down 0.6% from the same period last year.
T. Rowe Price reported net client outflows of
$14.9 billion during the quarter, highlighting ongoing challenges in retaining assets. Despite these outflows, the firm’s assets under management rose to
$1.68 trillion at quarter-end, up 6.9% from
$1.57 trillion a year earlier, benefiting from market appreciation of
$125.4 billion during the quarter.
"We are building momentum for the long-term—growing our ETF business, leveraging partnerships to extend our reach, and expanding our leadership in retirement," said Rob Sharps, chair, CEO, and president.
