Virtus Investment Partners, Inc. (VRTS) announced on Friday a notable decline in net income for the second quarter, with figures dropping to $17.6 million or $2.43 per share from $30.3 million or $4.10 per share, as recorded in the same period last year.
After adjusting for specific items, the firm's earnings per share for the quarter stood at $6.53, up from $5.43 in the corresponding quarter of the previous year.
Revenue for the quarter experienced a 5% uptick, reaching $224.4 million compared to $213.5 million year-over-year. When adjusted, revenues saw a 7% increase, totaling $203.0 million.
Market analysts, surveyed by Thomson Reuters, had projected the company's earnings to be $6.61 per share, with expected revenues of $205.53 million for the quarter. These projections generally exclude special items.
