Cohen & Steers, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Tax Rate Guidance for the Fourth Quarter of 2018
October 17, 2018
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Cohen & Steers, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total revenue of $98,331,000 against $96,787,000 a year ago. Operating income was $39,223,000 against $40,973,000 a year ago. Income before provision for income taxes was $40,270,000 against $43,300,000 a year ago. Net income attributable to common stockholders was $30,790,000 against $25,082,000 a year ago. Diluted earnings per share were $0.65 against $0.53 a year ago. Net income attributable to common stockholders, as adjusted was $30,272,000 or $0.64 per diluted share against $25,651,000 or $0.55 per diluted share a year ago. Operating income, as adjusted was $39,416,000 compared to $40,442,000 a year ago. Revenue, as adjusted, for the third quarter of 2018 was $98.2 million, compared with $94.2 million for the second quarter of 2018. Revenue, as adjusted, excluded investment advisory and administration fees attributable to the consolidation of certain of the company's seed investments for all periods presented.
For the nine months, the company reported total revenue of $287,205,000 against $279,242,000 a year ago. Operating income was $112,729,000 against $113,858,000 a year ago. Income before provision for income taxes was $112,799,000 against $116,673,000 a year ago. Net income attributable to common stockholders was $88,335,000 against $71,541,000 a year ago. Diluted earnings per share were $1.87 against $1.53 a year ago.
For the fourth quarter, the company expects that effective tax rate will remain at approximately 25.25%.
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 Third Quarter and Nine Months Ended September 30, 2018; Provides Tax Rate Guidance for the Fourth Quarter of 2018