Affiliated Managers Group Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2012; Provides Interest Expense Guidance for the First Quarter and Earnings Guidance for the Full Year of Fiscal 2013
January 29, 2013 at 10:53 am EST
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Affiliated Managers Group Inc. reported consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2012. For the quarter, the company reported revenue of $491 million compared to $402.4 million a year ago. Operating income was $126.9 million compared to $95.2 million a year ago. Income before income taxes was $177.1 million compared to $109.0 million a year ago. Net income was $139.3 million or $1.40 diluted per share compared to $89.1 million or $0.77 diluted per share a year ago. Cash flow from operating activities was $186.2 million compared to $158.6 million a year ago. Purchase of fixed assets was $10.1 million compared to $7.7 million a year ago. EBITDA was $182.1 million compared to $116.3 million a year ago.
For the year ended Dec. 31, 2012, the company reported revenue of $1,805.5 million compared to $1,704.8 million a year ago. Operating income was $400.4 million compared to $486.1 million a year ago. Income before income taxes was $495.2 million compared to $452.7 million a year ago. Net income was $411.4 million or $3.28 diluted per share compared to $359.6 million or $3.11 diluted per share a year ago. Cash flow from operating activities was $633.2 million compared to $708.5 million a year ago. Purchase of fixed assets was $20 million compared to $16.1 million a year ago. EBITDA was $543.4 million compared to $471.3 million a year ago. Excellent results for the quarter and the year were driven by the strong investment performance and new business momentum of affiliates, as well as significant deployment of capital through new investment strategy.
The company provided interest expense guidance for the first quarter and earnings guidance for the full year of fiscal 2013. The company expects total interest expense to be approximately $31 million for the first quarter.
The company raised 2013 guidance as it expects economic earnings per share to be in the range of $8.60 to $9.50. The lower end of 2013 guidance includes a modest contribution from performance fees and organic growth, while the upper end of the range assumes a more robust contribution from both performance fees and net client cash flows.
Affiliated Managers Group, Inc. is a global independent investment management company. The Company is focused on investing in a range of partner-owned investment firms, known as Affiliates. Its Affiliates provide a diverse range of differentiated investment strategies designed to assist institutional and wealth clients worldwide in achieving their investment objectives. Its Affiliates also provide investment management and customized investment counseling and fiduciary services to high-net worth individuals and families and institutional clients. Its Affiliates distribute their investment services and products to institutional and wealth clients through direct sales and relationships with consultants and intermediaries around the world through their own business development capabilities. Its Affiliates manage assets for investors in more than 50 countries. It manages its assets across a range of private markets, liquid alternative and differentiated long-only investment strategies.
Affiliated Managers Group Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2012; Provides Interest Expense Guidance for the First Quarter and Earnings Guidance for the Full Year of Fiscal 2013
AFFILIATED MANAGERS GROUP, INC. 
