T. Rowe Price Group Q2 Profit Decreases, misses estimates

(RTTNews) - T. Rowe Price Group (TROW) released a profit for second quarter that decreased from last year and missed the Street estimates.

The company's bottom line totaled $332.2 million, or $1.46 per share. This compares with $793.5 million, or $3.46 per share, in last year's second quarter.

Excluding items, T. Rowe Price Group reported adjusted earnings of $417.7 million or $1.79 per share for the period.

Analysts on average had expected the company to earn $2.21 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 21.8% to $1.51 billion from $1.93 billion last year.

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

-Earnings (Q2): $332.2 Mln. vs. $793.5 Mln. last year. -EPS (Q2): $1.46 vs. $3.46 last year. -Analyst Estimates: $2.21 -Revenue (Q2): $1.51 Bln vs. $1.93 Bln last year.