Ameriprise Financial Earnings: Solid Quarter
Ameriprise Financial Inc. (NYSE:AMP) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. Shares are up 1.18%.
Ameriprise Financial Inc. Earnings Cheat Sheet
Results: Net income increased 53.36% to $388 million ($1.8 per diluted share) in the quarter versus a net gain of $253 million in the year-earlier quarter.
Revenue: Rose 0.27% to $2.6 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Ameriprise Financial Inc. reported adjusted net income of $1.8 per share. By that measure, the company beat the mean analyst estimate of $1.47. It missed the average revenue estimate of $2.65 billion.
“We had a solid quarter led by strong results in our advice and wealth management business,” said Jim Cracchiolo, chairman and chief executive officer. “We reported a record high for assets under management and administration driven by strong client net inflows into fee-based accounts and equity market appreciation. We’re executing our strategy well and maintaining tight expenses to offset headwinds from low interest rates…