Cohen & Steers, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for 2018
January 24, 2018 at 04:47 pm EST
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Cohen & Steers, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported revenue of $99,342,000 against $89,434,000 a year ago. Operating income was $40,888,000 against $35,860,000 a year ago. Net income attributable to common stockholders was $20,398,000 against $26,188,000 a year ago. Diluted earnings per share were $0.43 against $0.56 per share a year ago. Adjusted net income attributable to common stockholders was $26,055,000 or $0.55 per share against $22,373,000 or $0.48 per share a year ago. Revenue, as adjusted, for the fourth quarter of 2017 was $99.4 million, compared with $96.5 million for the third quarter of 2017. Income before provision for income taxes was $43,727,000 against $37,287,000 a year ago. Operating income as adjusted was $41,238,000 against $35,913,000 a year ago.
For the year, the company reported revenue of $378,194,000 against $349,876,000 a year ago. Operating income was $154,746,000 against $135,511,000 a year ago. Net income attributable to common stockholders was $91,939,000 against $92,936,000 a year ago. Diluted earnings per share were $1.96 against $2.00 per share a year ago. Adjusted net income attributable to common stockholders was $97,037,000 or $2.07 per share against $86,109,000 or $1.85 per share a year ago. Revenue, as adjusted, for the year ended December 31, 2017 was $378.5 million, compared with $350.0 million for the year ended December 31, 2016. Income before provision for income taxes was $160,400,000 against $143,403,000 a year ago. Operating income as adjusted was $154,636,000 against $137,709,000 a year ago.
As a result of the recently enacted Tax Cuts and Jobs Act, the company expects that the effective tax rate will be between 25.25% and 26.25% for 2018.
Cohen & Steers, Inc. is a holding company, which is engaged in global investment management. The Company is specialized in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. The Companyâs distribution network encompasses two channels, wealth and institutional. Its wealth channel includes registered investment advisers, wire houses, independent and regional broker dealers and bank trusts. Its institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access its investment management services directly or through consultants and other intermediaries. The Company manages three types of investment vehicles, such as open-end funds, institutional accounts, and closed end.
Cohen & Steers, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for 2018