Ameriprise Financial Q1 Profit Up, Authorizes $2.5 Bln Stock Buyback

(RTTNews) - Ameriprise Financial Inc. (AMP) Monday reported first-quarter net income of $401 million or $2.01 per a share, up from $335 million or $1.58 a share last year.

Operating earnings for the period rose to $407 million or $2.04 a share, up from $338 million or $1.59 a share last year. On average, ten analysts polled by Thomson Reuters expected earnings of $1.88 per share for the quarter. Analysts' estimates typically exclude special items.

Total net revenues for the quarter rose to $2.996 billion from $2.691 billion last year. Analysts estimated revenues of $2.92 billion for the quarter.

Separately, the Board Ameriprise Financial authorized an additional $2.5 billion for the repurchase of its common stock through April 28, 2016. The company also boosted its quarterly dividend by 12 percent to $0.58, payable on May 23 to shareholders of record as of May 9.