Invesco 2Q Profit Falls 46% On Merger-Related Charges

Date : 07/27/2010 @ 8:21AM
Source : Dow Jones News
Stock : Invesco Ltd (IVZ)
Quote : 36.14  -0.06 (-0.17%) @ 3:59PM

Invesco 2Q Profit Falls 46% On Merger-Related Charges

Invesco Ltd (NYSE:IVZ)
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Invesco Ltd.'s (IVZ) second-quarter earnings fell 46% as the money manager's revenue climbed on a recent acquisition but its bottom line was hurt by $79.3 million of merger-related charges.

The company, like others in the sector, rebounded from year-earlier problems in recent quarters, helped by revived markets. Invesco's bottom line had been boosted by investment gains and increased fees. The company also stands to benefit long-term from last month's $1.7 billion buy of Morgan Stanley's (MS) retail asset-management business, which includes the Van Kampen fund unit.

Invesco posted a profit of $40.8 million, or 9 cents a share, down from $75.7 million, or 18 cents, a year earlier. Excluding items such as the merger-related charges, earnings rose to 27 cents from 21 cents as revenue jumped 26% to $787 million amid the acquisition.

Analysts polled by Thomson Reuters had most recently forecast earnings of 27 cents on $772 million in revenue.

Assets under management rose to $557.7 billion as of June 30, up from $457.7 billion on March 31, on the acquisition. Long-term net inflows were $13.9 billion, up from $3.6 billion in the first quarter. Institutional money-market net outflows were $900 million, down sequentially from $10.6 billion.

Shares closed at $19.83 Monday and were inactive premarket. The stock has fallen 16% so far this year.

-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

 
 

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