Invesco profit up 15 percent on market gains
Invesco profit up 15 percent in first-quarter on market gains
NEW YORK (AP) -- Invesco says it profit rose 15 percent in the first quarter as the money manager benefited from gains in the stock market.
The Atlanta-based company also raised its quarterly dividend 30 percent to 22.5 cents, citing strengthening business fundamentals.
Invesco's stock got a boost, rising $1.51, or 5.1 percent, to $31.22 in morning trading.
For the quarter, the company said it earned $222.2 million, or 49 cents per share. That compares with $193.9 million, or 43 cents per share, a year ago.
Not including one-time items, the company said it earned 52 cents per share, beating the 47 cents per share Wall Street expected.
Net revenue rose 10 percent to $1.14 billion, slightly topping the $1.139 billion analysts expected. Shares of Invesco Ltd. were up almost 6 percent at $31.41.
Total assets under management at the end of the quarter were $729.3 billion, up 8 percent from a year ago and 6 percent from the previous quarter.
Net market gains led to a $31.4 billion increase in assets under management from the fourth quarter. Foreign exchange rate changes let to a $9 billion decrease.
