T. Rowe Price earnings up 22%

T. Rowe Price Group today announced that its first-quarter earnings rose 22% and that its assets under management reached a new record.
APR 25, 2007
T. Rowe Price Group today announced that its first-quarter earnings rose 22% and that its assets under management reached a new record. Net income rose to $142.9 million, or 51 cents per share, from $116.7 million, or 42 cents, a year earlier, according to the Baltimore-based company. Assets under management increased 19% percent to a record $349.9 billion, paving the way for T. Rowe to earn $425 million in investment advisory fees -- 20% more than a year ago. Revenues rose from $508.4 million from $429.3 million. Even with these advances, however, the company fell short of Wall Street's earnings forecasts of 53 cents a share.

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