Ameriprise Financial Inc. recently announced a significant increase in first-quarter profit from the previous year, surpassing Street predictions.
The financial company indicated a bottom line of $990 million, equivalent to $9.46 per share, which displays a marked increase from last year's first quarter results of $417 million, or $3.79 per share.
When excluding certain factors, Ameriprise Financial Inc.'s adjusted earnings for the period came in at $878 million or $8.39 per share.
On average, analysts had anticipated the company would reach earnings of $8.20 per share—an estimate typically compiled by Thomson Reuters that does not include special items.
In addition to increased first-quarter profits, the company also announced a substantial revenue growth of 11.0%, rising from $3.74 billion last year to $4.15 billion currently.
In terms of Generally Accepted Accounting Principles (GAAP), Ameriprise Financial Inc.'s first-quarter earnings look like this:
Earnings (Q1): An increase from $417 million last year to $990 million this year.
EPS (Q1): A rise from $3.79 last year to $9.46 this year.
Revenue (Q1): An upturn from $3.74 billion last year to $4.15 billion this year.
