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T. Rowe Price (TROW) Q2 Earnings Miss; Higher Expenses
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Have you been eager to see how T. Rowe Price Group, Inc. (TROW - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this MD-based popular asset management firm’s earnings release this morning:
An Earnings Miss
T. Rowe Price came out with earnings per share of 76 cents, missing the Zacks Consensus Estimate of $1.13. Results included non-recurring operating charge associated with the compensation to certain clients in relation to the Dell appraisal rights matter.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for T. Rowe Price depicts optimism prior to the earnings release. The Zacks Consensus Estimate moved up around 1% over the last 7 days.
Moreover, T. Rowe Price has a decent earnings surprise history. Before posting earnings miss in Q2, the company delivered positive surprises in three out of the prior four quarters. Moreover, the company outpaced the Zacks Consensus Estimate by an average of 3.64% in the trailing four quarters.
T. Rowe Price posted revenues of $1.04 billion, missing the Zacks Consensus Estimate of $1.05 billion. Also, revenues compared unfavorably with the year-ago number of $1.07 billion.
Key Stats to Note:
Assets under management increased to $776.6 billion
Net revenues depicted 3% year-over-year decline
Investment advisory fees constituted 88% of net revenues
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for T. Rowe Price. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look unfavorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this T. Rowe Price earnings report!
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T. Rowe Price (TROW) Q2 Earnings Miss; Higher Expenses
Have you been eager to see how T. Rowe Price Group, Inc. (TROW - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this MD-based popular asset management firm’s earnings release this morning:
An Earnings Miss
T. Rowe Price came out with earnings per share of 76 cents, missing the Zacks Consensus Estimate of $1.13. Results included non-recurring operating charge associated with the compensation to certain clients in relation to the Dell appraisal rights matter.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for T. Rowe Price depicts optimism prior to the earnings release. The Zacks Consensus Estimate moved up around 1% over the last 7 days.
Moreover, T. Rowe Price has a decent earnings surprise history. Before posting earnings miss in Q2, the company delivered positive surprises in three out of the prior four quarters. Moreover, the company outpaced the Zacks Consensus Estimate by an average of 3.64% in the trailing four quarters.
T ROWE PRICE Price and EPS Surprise
T ROWE PRICE Price and EPS Surprise | T ROWE PRICE Quote
Revenue Came Lower Than Expected
T. Rowe Price posted revenues of $1.04 billion, missing the Zacks Consensus Estimate of $1.05 billion. Also, revenues compared unfavorably with the year-ago number of $1.07 billion.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for T. Rowe Price. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look unfavorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this T. Rowe Price earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>