WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Monday reported third-quarter profit of $217 million.
The West Palm Beach, Florida-based company said it had profit of $5.48 per share. Earnings, adjusted for non-recurring gains, came to $4.08 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $3.78 per share.
The asset manager posted revenue of $525.2 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $514.7 million.
Affiliated Managers shares have fallen 19% since the beginning of the year. The stock has risen slightly more than 3% in the last 12 months.