T. Rowe Price Group Q3 Profit Decreases, but beats estimates

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

The company's earnings totaled $384.4 million, or $1.66 per share. This compares with $777.2 million, or $3.31 per share, in last year's third quarter.

Excluding items, T. Rowe Price Group reported adjusted earnings of $430.6 million or $1.86 per share for the period.

Analysts on average had expected the company to earn $1.81 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 18.5% to $1.59 billion from $1.95 billion last year.

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

-Earnings (Q3): $384.4 Mln. vs. $777.2 Mln. last year. -EPS (Q3): $1.66 vs. $3.31 last year. -Analyst Estimates: $1.81 -Revenue (Q3): $1.59 Bln vs. $1.95 Bln last year.