T. Rowe Price reported Thursday that quarterly earnings surged, but missed analysts’ lofty expectations.
The Baltimore-based fund company reported a 27% increased in profits from a year earlier to $194.6 million, or 72 cents a share as net revenue rose 23% to $682.4 million.
The results missed analyst expectations by three cents per share, according to Thomson Reuters.
T. Rowe reported that its assets under management increased 5.8% from the previous quarter to $509.9 billion. Net inflows were $5.8 billion, down from $10.3 billion a year earlier and $6.9 billion in the fourth quarter.
"Market gains through mid-February and a strong rally in the latter half of March sandwiched a significant selloff in which unrest in North Africa and the Middle East, as well as the unfolding tragedy in Japan, rattled world markets," said James A.C. Kennedy, the company’s chief executive officer.
He said he remains upbeat as investors continue to put money back into the market despite global “economic uncertainties.”