("=Ameriprise Swings To 4Q Profit As Revenue Climbs 70%,"
published at 4:21 p.m. EST, misstated the core operating earnings
in the fourth paragraph. A corrected version follows.)
DOW JONES NEWSWIRES
Ameriprise Financial Inc. (AMP) swung to a fourth-quarter
profit, helped by a 70% surge in revenue amid increased asset-based
fees from market appreciation among other things. The results
topped Wall Street estimates.
The economic crisis had dented the financial services planning
provider's revenue and fees. But last quarter, the company returned
to the black on sharply higher revenue after reporting improvements
to its business.
Ameriprise will become one of the biggest mutual funds managers
in the U.S. when it closes its purchase of the stock and bond
mutual-fund business of Bank of America Corp.'s (BAC) Columbia
Management unit this spring.
Ameriprise posted earnings of $237 million, or 90 cents a share,
swinging from a year-earlier loss of $369 million, or $1.69 a
share. Core operating earnings, which exclude losses from
credit-market dislocation, rose to 91 cents from 80 cents.
Revenue climbed to $2.27 billion, helped by a 41% jump in
management and financial advice fees.
Analysts surveyed by Thomson Reuters expected earnings of 76
cents on revenue of $2.11 billion.
Owned, managed and administered assets were $458 billion at Dec.
31, up 23%.
Shares traded up 15 cents at $39.34 in after-hours trading and
are up about 1% so far this year.
-By Yogita Patel and Lauren Pollock, Dow Jones Newswires;
212-416-2262; yogita.patel@dowjones.com