Federated Investors, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Effective Tax Rate Guidance for the First Quarter of 2017
January 27, 2017 at 02:46 am IST
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Federated Investors, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, total revenue was $289,904,000 against $243,639,000 a year ago. Operating income was $84,822,000 against $76,885,000 a year ago. Income before income taxes was $85,521,000 against $77,456,000 a year ago. Net Income was $55,842,000 against $47,610,000 a year ago. Earnings per basic and diluted share attributable to Federated Investors, Inc. were $0.52 against $0.46 a year ago.
For the year, total revenue was $1,143,371,000 against $926,609,000 a year ago, driven by improvement in money fund waivers and equity-related revenue. Operating income was $335,683,000 against $279,446,000 a year ago. Income before income taxes was $340,934,000 against $274,906,000 a year ago. Net Income was $208,919,000 against $169,807,000 a year ago. Earnings per basic and diluted share attributable to Federated Investors, Inc. were $2.03 against $1.62 a year ago.
For the first quarter of 2017, the company do not expect this adoption to have a significant impact on effective tax rate and anticipate the tax rate will be closer to 37%.
Federated Hermes, Inc. is an investment management company. The Company operates through a single segment, being the investment management business. It sponsors, markets and provides investment-related services to various investment products, including sponsored investment companies and other funds (Federated Hermes Funds); and Separate Accounts, which include separately managed accounts (SMAs), institutional accounts, sub-advised funds and other managed products in both domestic and international markets. In addition, it markets and provides stewardship and real estate development services to various domestic and international companies. The Company provides investment advisory services to approximately 180 Federated Hermes Funds. It markets these funds to institutional customers and banks, broker/dealers and other financial intermediaries who use them to meet the needs of customers and/or clients, including, among others, retail investors, corporations and retirement plans.
Federated Investors, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Effective Tax Rate Guidance for the First Quarter of 2017