Affiliated Managers Group, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Earnings Guidance for the First Quarter and Full Year of 2018
January 29, 2018 at 06:23 pm IST
Share
Affiliated Managers Group, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenue of $604.1 million compared to $550.3 million a year ago. Operating income was $280.0 million compared to $301.9 million a year ago. Income before income taxes was $264.0 million compared to $281.9 million a year ago. Net income was $393.8 million or $5.50 per diluted share compared to $205.9 million or $2.67 per diluted share a year ago. Net income (controlling interest) was $315.4 million compared to $150.2 million a year ago. Adjusted EBITDA was $361.3 million, compared to $289.7 million for the same period of 2016. Net client cash flows for the fourth quarter of 2017 were $1.0 billion. Economic earnings per share were $4.68 compared to $3.80 a year ago.
For the year, the company reported revenue of $2,305.0 million compared to $2,194.6 million a year ago. Operating income was $1,107.9 million compared to $1,034.1 million a year ago. Income before income taxes was $1,067.1 million compared to $974.6 million a year ago. Net income was $1,008.7 million or $12.03 per diluted share compared to $739.0 million or $8.57 per diluted share a year ago. Net income (controlling interest) was $689.5 million compared to $472.8 million a year ago. Adjusted EBITDA was $1.1 billion, compared to $945.5 million for 2016. Net client cash flows for 2017 were $4.7 billion. Economic earnings per share were $14.60 compared to $12.84 a year ago.
The company reported earnings guidance for the full year 2018. For the year, the company expects economic earnings per share to be in the range of $16.50 to $18.50. The company expects interest expense to remain flat at approximately $80 million for the full year 2018.
For the first quarter of 2018, the company expects interest expense to remain flat at approximately $20 million.
Affiliated Managers Group, Inc. is a global independent investment management company. The Company is focused on investing in a range of partner-owned investment firms, known as Affiliates. Its Affiliates provide a diverse range of differentiated investment strategies designed to assist institutional and wealth clients worldwide in achieving their investment objectives. Its Affiliates also provide investment management and customized investment counseling and fiduciary services to high-net worth individuals and families and institutional clients. Its Affiliates distribute their investment services and products to institutional and wealth clients through direct sales and relationships with consultants and intermediaries around the world through their own business development capabilities. Its Affiliates manage assets for investors in more than 50 countries. It manages its assets across a range of private markets, liquid alternative and differentiated long-only investment strategies.
Affiliated Managers Group, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Earnings Guidance for the First Quarter and Full Year of 2018