T. Rowe Price Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Announces Earnings Guidance for the Year 2018
January 30, 2018 at 07:30 am
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T. Rowe Price Group, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the fourth quarter, the company's net revenues were $1,286.1 million against $1,091.2 million a year ago. Net operating income was $531.0 million against $563.3 million a year ago. Income before income taxes was $633.0 million against $575.5 million a year ago. Net income attributable to T. Rowe Price Group was $347.1 million or $1.37 per diluted share against $379.8 million or $1.50 per diluted share a year ago. Adjusted net income attributable to T. Rowe Price Group was $383.9 million or $1.52 per diluted share against $304.7 million or $1.21 per diluted share a year ago.
For the year, the company's net revenues were $4,793.0 million against $4,222.9 million a year ago. Net operating income was $2,108.8 million against $1,733.4 million a year ago. Income before income taxes was $2,505.1 million against $1,960.5 million a year ago. Net income attributable to T. Rowe Price Group was $1,497.8 million or $5.97 per diluted share against $1,215.0 million or $2.16 per diluted share a year ago. Adjusted net income attributable to T. Rowe Price Group was $1,361.1 million or $5.43 per diluted share against $1,148.9 million or $4.49 per diluted share a year ago. Cash provided by operating activities was $229.5 million against $170.5 million a year ago.
For the year, the company expects that its 2018 effective tax rate will reduce to a range of 24.0% to 27.0%. The company also expects capital expenditures for 2018 to be about $180 million, of which about two-thirds is planned for technology initiatives. These expenditures are expected to continue to be funded from operating resources.
T. Rowe Price Group, Inc. is an investment management company that provides investment advisory services to individual and institutional investors, retirement plans, and financial intermediaries. The group manages a broad range of American and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.
T. Rowe Price Group also provides investment advisory clients with related administrative services, including mutual fund transfer agent, accounting and shareholder services, participant recordkeeping and transfer agent services for defined contribution retirement plans, discount brokerage, and trust services.
At the end of 2023, the group had USD 1,444.5 billion in assets under management.
T. Rowe Price Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Announces Earnings Guidance for the Year 2018