T. Rowe Price Group Q1 Profit Decreases, but beats estimates

(RTTNews) - T. Rowe Price Group (TROW) released a profit for first quarter that decreased from last year but beat the Street estimates.

The company's earnings totaled $411.0 million, or $1.83 per share. This compares with $554.9 million, or $2.41 per share, in last year's first quarter.

Excluding items, T. Rowe Price Group reported adjusted earnings of $389.4 million or $1.69 per share for the period.

Analysts on average had expected the company to earn $1.64 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 17.2% to $1.54 billion from $1.86 billion last year.

T. Rowe Price Group earnings at a glance (GAAP) :

-Earnings (Q1): $411.0 Mln. vs. $554.9 Mln. last year. -EPS (Q1): $1.83 vs. $2.41 last year. -Analyst Estimates: $1.64 -Revenue (Q1): $1.54 Bln vs. $1.86 Bln last year.