T. Rowe Price Group (TROW) reported a substantial increase in its third-quarter profit, surpassing market expectations. The company reported a net income of $603.0 million, equivalent to earnings of $2.64 per share. This marks an increase from the previous year's third-quarter figures of $453.2 million or $1.97 per share.
After adjusting for certain items, T. Rowe Price Group's earnings stood at $586.5 million or $2.57 per share for the quarter. This outcome exceeded the consensus estimate of $2.33 per share predicted by analysts surveyed by Thomson Reuters, who typically exclude special items from their calculations.
Revenue for the quarter rose by 6.9%, reaching $1.785 billion, compared to $1.670 billion in the same period last year.
Key financial highlights for T. Rowe Price Group (GAAP) in Q3 include:
- Net Income: $603.0 million, compared to $453.2 million last year.
- Earnings Per Share (EPS): $2.64, up from $1.97 last year.
- Revenue: $1.785 billion, compared to $1.670 billion last year.
