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S&P 500 (NYSE:SPY) component Ameriprise Financial Inc. (NYSE:AMP) reported its results for the third quarter. Ameriprise Financial provides financial planning, products, and services through its subsidiaries. The company offers solutions for its clients’ cash and liquidity, asset accumulation, income protection, and estate and wealth transfer needs.
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Ameriprise Financial Inc. Earnings Cheat Sheet
Results: Net income for the finance-investment management fell to $174 million ($1.32 per share) vs. $322 million ($1.19 per share) a year earlier. This is a decline of 46% from the year-earlier quarter.
Revenue: Rose 0.5% to $2.47 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Ameriprise Financial Inc. beat the mean analyst estimate of $1.29 per share. It fell short of the average revenue estimate of $2.64 billion.
Quoting Management: “We had another good quarter, led by solid results in our advisory and asset management businesses,” said Jim Cracchiolo, chairman and chief executive officer. “While equity markets improved in the quarter, low interest rates continue to create headwinds.”
The company topped expectations last quarter after falling short of forecasts in the second quarter with net income of $1.13 versus a mean estimate of net income of $1.33 per share.
Looking Forward: Analysts have a more positive outlook about the company’s results for next quarter. The average estimate for fourth quarter is $1.54 per share, an increase from $1.52 sixty days ago. At $5.37 per share, the average estimate for the fiscal year has fallen from $5.69 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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