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Cohen & Steers’ (CNS - Free Report) second-quarter 2020 adjusted earnings of 54 cents per share missed the Zacks Consensus Estimate of 55 cents. Moreover, the bottom line was 12.9% lower than the year-ago reported figure.
Results were primarily hurt by a decline in revenues, partly offset by lower expenses. Moreover, despite net inflows, the company recorded a fall in assets under management (AUM) balance.
Net income available to common stockholders (on a GAAP basis) was $28.5 million or 59 cents per share, down from $31.3 million or 65 cents in the prior-year quarter.
Revenues & Expenses Decline
Revenues (GAAP basis) were $94.1 million, down 7.6% from the year-ago quarter. A decrease in all three components of revenues drove the downside.
Total expenses (GAAP basis) amounted to $58.8 million, down 7.7% year over year. All cost components, except for depreciation and amortization, witnessed a fall.
Operating income (GAAP basis) was $35.3 million, down 7.4% year over year.
Total non-operating income was $8 million, up 75.3% from the year-ago quarter.
AUM Falls
As of Jun 30, 2020, AUM was $66.3 billion, down marginally from the year-earlier quarter. The company’s net inflows were $3.4 billion in the reported quarter.
Average AUM totaled $62.2 billion, down 6.6% from the prior-year quarter.
Our Take
The company’s diverse product offerings and investment strategies will likely support top-line growth. Moreover, driven by a solid liquidity position, its capital deployments look sustainable.
Cohen Steers Inc Price, Consensus and EPS Surprise
Performance & Earnings Release Dates of Other Asset Managers
BlackRock, Inc.’s (BLK - Free Report) second-quarter 2020 adjusted earnings of $7.85 per share hugely surpassed the Zacks Consensus Estimate of $6.90. The figure reflects a rise of 22.5% from the year-ago quarter’s number.
Affiliated Managers Group, Inc. (AMG - Free Report) and Waddell & Reed Financial, Inc. are scheduled to announce quarterly results on Jul 27 and Jul 28, respectively.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Cohen & Steers (CNS) Q2 Earnings Miss, Revenues & AUM Fall
Cohen & Steers’ (CNS - Free Report) second-quarter 2020 adjusted earnings of 54 cents per share missed the Zacks Consensus Estimate of 55 cents. Moreover, the bottom line was 12.9% lower than the year-ago reported figure.
Results were primarily hurt by a decline in revenues, partly offset by lower expenses. Moreover, despite net inflows, the company recorded a fall in assets under management (AUM) balance.
Net income available to common stockholders (on a GAAP basis) was $28.5 million or 59 cents per share, down from $31.3 million or 65 cents in the prior-year quarter.
Revenues & Expenses Decline
Revenues (GAAP basis) were $94.1 million, down 7.6% from the year-ago quarter. A decrease in all three components of revenues drove the downside.
Total expenses (GAAP basis) amounted to $58.8 million, down 7.7% year over year. All cost components, except for depreciation and amortization, witnessed a fall.
Operating income (GAAP basis) was $35.3 million, down 7.4% year over year.
Total non-operating income was $8 million, up 75.3% from the year-ago quarter.
AUM Falls
As of Jun 30, 2020, AUM was $66.3 billion, down marginally from the year-earlier quarter. The company’s net inflows were $3.4 billion in the reported quarter.
Average AUM totaled $62.2 billion, down 6.6% from the prior-year quarter.
Our Take
The company’s diverse product offerings and investment strategies will likely support top-line growth. Moreover, driven by a solid liquidity position, its capital deployments look sustainable.
Cohen Steers Inc Price, Consensus and EPS Surprise
Cohen Steers Inc price-consensus-eps-surprise-chart | Cohen Steers Inc Quote
Currently, Cohen & Steers sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance & Earnings Release Dates of Other Asset Managers
BlackRock, Inc.’s (BLK - Free Report) second-quarter 2020 adjusted earnings of $7.85 per share hugely surpassed the Zacks Consensus Estimate of $6.90. The figure reflects a rise of 22.5% from the year-ago quarter’s number.
Affiliated Managers Group, Inc. (AMG - Free Report) and Waddell & Reed Financial, Inc. are scheduled to announce quarterly results on Jul 27 and Jul 28, respectively.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>