Waddell & Reed Financial Q2 Profit Down

(RTTNews) - Waddell & Reed Financial Inc. (WDR) reported second quarter 2015 net income of $67.4 million or $0.80 per share, down from $83.0 million or $0.98 per share, in the second quarter of 2014.

Operating revenues were $394.0 million, down from $401 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.83 per share and revenues of $386.88 million for the quarter. Analysts' estimates typically exclude special items.

Assets under management ended the quarter at $121 billion, down 2% sequentially and 11% compared to June 30, 2014. Sales during the quarter were $5.8 billion, rising 6% sequentially and down 23% compared to the second quarter of 2014. Net outflows of $1.1 billion during the quarter compared favorably to the previous quarter's net outflows of $3.6 billion. The second quarter of 2014 had net inflows of $1.2 billion.