Cohen & Steers, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Tax Rate Guidance for the Year 2017
April 19, 2017 at 04:45 pm EDT
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Cohen & Steers, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported total revenue of $89.686 million compared to $79.681 million a year ago. Operating income was $35.528 million compared to $28.307 million a year ago. Income before provision for income taxes was $35.755 million compared to $28.950 million a year ago. Net income attributable to common stockholders was $22.985 million or $0.49 per diluted share compared to $18.083 million or $0.39 per diluted share a year ago. Net income attributable to common stockholders, as adjusted was $21.916 million or $0.47 per diluted share compared to $18.795 million or $0.41 per diluted share a year ago. Revenue, as adjusted was $89.718 million compared to $79.738 million a year ago. Operating income, as adjusted was $35.515 million compared to $30. 315 million a year ago. The change in revenue was primarily due to the following: Institutional investment advisory fees increased $1.3 million to $24.6 million due to higher average assets under management, partially offset by two fewer days in the quarter; and Open-end fund investment advisory and administration fees decreased $750,000 to $38.3 million as a result of two fewer days in the quarter, partially offset by higher average assets under management.
The company expects effective tax rate will remain at approximately 38% for the year 2017.
Cohen & Steers, Inc. is a holding company, which is engaged in global investment management. The Company is specialized in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. The Companyâs distribution network encompasses two channels, wealth and institutional. Its wealth channel includes registered investment advisers, wire houses, independent and regional broker dealers and bank trusts. Its institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access its investment management services directly or through consultants and other intermediaries. The Company manages three types of investment vehicles, such as open-end funds, institutional accounts, and closed end.
Cohen & Steers, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Tax Rate Guidance for the Year 2017