T. Rowe Price Group Q3 Profit Falls

(RTTNews) - T. Rowe Price Group, Inc. (TROW) Thursday announced a sharp decline in third-quarter profit on 18.5 percent reduction in revenues.

The global investment management organization reported third-quarter profit of $384.4 million, down 50.5 percent to $777.2 million a year ago. On a per share basis, earnings were $1.66, down 49.8 percent from $3.31 in the same quarter last year. On an adjusted basis, earnings were $1.86 percent.

On average, 10 analysts polled by Thomson Reuters expected the company to earn $1.81 per share. Analysts estimates usually exclude special items.

Revenue for the quarter declined to $1.588 billion from $1.954 billion in the previous year. Analysts were looking for $1.5 billion.

Assets under management were $1.23 trillion, down 6 percent from June 30.

The company noted that overseas returns for U.S. investors were further pressured by a steep decline in major currencies against the dollar.