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Federated Investors, Inc. (NYSE:FII) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. Net income increased 34.27% to $49.6 million (44 cents per diluted share) in the quarter versus a net gain of $36.94 million in the year-earlier quarter. Revenue rose 11.81% to $244.8 million from the year-earlier quarter.

Federated Investors, Inc. reported adjusted net income of 44 cents per share. By that measure, the company beat the mean analyst estimate of $0.40. It missed the average revenue estimate of $251.03 million.