Cohen & Steers, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for the Year of 2018
April 18, 2018 at 04:48 pm
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Cohen & Steers, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of $94,464,000 compared to $89,741,000 a year ago. Income before provision for income taxes was $37,020,000 compared to $35,755,000 a year ago. Net income attributable to common stockholders was $27,586,000 or $0.59 per basic and diluted share compared to $22,985,000 or $0.49 per diluted share a year ago. Adjusted revenue was $94,413,000 compared to $89,675,000 a year ago. Adjusted operating income was $38,290,000 compared to $35,515,000 a year ago. Adjusted net income attributable to common stockholders was $29,009,000 or $0.62 per diluted share compared to $21,916,000 or $0.47 per diluted share a year ago. Operating income was $38.3 million for the first quarter compared with $35.5 million in the prior year's quarter, and $41.2 million sequentially.
For the year 2018, the company expects effective tax rate will remain at approximately 25.25% for 2018.
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. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for the Year of 2018