Cohen & Steers Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for 2015
January 22, 2015 at 03:10 am IST
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Cohen & Steers Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenue of $81.84 million compared to $73.43 million a year ago. Operating income was $32.35 million compared to $29.36 million a year ago. Income before provision for income was $27.81 million compared to $31.33 million a year ago. Net income attributable to common stockholders was $15.70 million or $0.34 per diluted share compared to $19.41 million or $0.43 per diluted share a year ago.
For the full year, the company reported total revenue of $313.93 million compared to $297.71 million a year ago. Operating income was $121.94 million compared to $106.34 million a year ago. Income before provision for income was $122.01 million compared to $104.36 million a year ago. Net income attributable to common stockholders was $75.51 million or $1.65 per diluted share compared to $68.12 million or $1.51 per diluted share a year ago.
For 2015, the company expects to have lower deferred compensation expense in 2015. The company expects compensation revenue - compensation-to-revenue ratio to be approximately 31%. The company expects G&A will include higher costs related to additional Real Assets Institutes and expansion space at corporate headquarters in New York. As a result, the company projects G&A to increase between 6% to 8% from 2014. Based on preliminary projections, the company expects effective tax rate will approximate 36.5% for 2014. And finally, the company expects effective fee rate for 2015 will be between 57 and 58 basis points.
Cohen & Steers, Inc. is a holding company, which is engaged in global investment management. The Company is specialized in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. The Companyâs distribution network encompasses two channels, wealth and institutional. Its wealth channel includes registered investment advisers, wire houses, independent and regional broker dealers and bank trusts. Its institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access its investment management services directly or through consultants and other intermediaries. The Company manages three types of investment vehicles, such as open-end funds, institutional accounts, and closed end.
Cohen & Steers Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for 2015