WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Thursday reported second-quarter net income of $84.3 million.
On a per-share basis, the West Palm Beach, Florida-based company said it had profit of $2.80. Earnings, adjusted for non-recurring costs, were $5.39 per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $5.26 per share.
The asset manager posted revenue of $493.2 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $510.1 million.
Affiliated Managers shares have increased 14% since the beginning of the year. The stock has climbed 14% 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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