Affiliated Managers Group, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenue of $604.1 million compared to $550.3 million a year ago. Operating income was $280.0 million compared to $301.9 million a year ago. Income before income taxes was $264.0 million compared to $281.9 million a year ago. Net income was $393.8 million or $5.50 per diluted share compared to $205.9 million or $2.67 per diluted share a year ago. Net income (controlling interest) was $315.4 million compared to $150.2 million a year ago. Adjusted EBITDA was $361.3 million, compared to $289.7 million for the same period of 2016. Net client cash flows for the fourth quarter of 2017 were $1.0 billion. Economic earnings per share were $4.68 compared to $3.80 a year ago.

For the year, the company reported revenue of $2,305.0 million compared to $2,194.6 million a year ago. Operating income was $1,107.9 million compared to $1,034.1 million a year ago. Income before income taxes was $1,067.1 million compared to $974.6 million a year ago. Net income was $1,008.7 million or $12.03 per diluted share compared to $739.0 million or $8.57 per diluted share a year ago. Net income (controlling interest) was $689.5 million compared to $472.8 million a year ago. Adjusted EBITDA was $1.1 billion, compared to $945.5 million for 2016. Net client cash flows for 2017 were $4.7 billion. Economic earnings per share were $14.60 compared to $12.84 a year ago.

The company reported earnings guidance for the full year 2018. For the year, the company expects economic earnings per share to be in the range of $16.50 to $18.50. The company expects interest expense to remain flat at approximately $80 million for the full year 2018.

For the first quarter of 2018, the company expects interest expense to remain flat at approximately $20 million.