T. Rowe Price Group, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the fourth quarter, the company's net revenues were $1,286.1 million against $1,091.2 million a year ago. Net operating income was $531.0 million against $563.3 million a year ago. Income before income taxes was $633.0 million against $575.5 million a year ago. Net income attributable to T. Rowe Price Group was $347.1 million or $1.37 per diluted share against $379.8 million or $1.50 per diluted share a year ago. Adjusted net income attributable to T. Rowe Price Group was $383.9 million or $1.52 per diluted share against $304.7 million or $1.21 per diluted share a year ago.

For the year, the company's net revenues were $4,793.0 million against $4,222.9 million a year ago. Net operating income was $2,108.8 million against $1,733.4 million a year ago. Income before income taxes was $2,505.1 million against $1,960.5 million a year ago. Net income attributable to T. Rowe Price Group was $1,497.8 million or $5.97 per diluted share against $1,215.0 million or $2.16 per diluted share a year ago. Adjusted net income attributable to T. Rowe Price Group was $1,361.1 million or $5.43 per diluted share against $1,148.9 million or $4.49 per diluted share a year ago. Cash provided by operating activities was $229.5 million against $170.5 million a year ago.

For the year, the company expects that its 2018 effective tax rate will reduce to a range of 24.0% to 27.0%. The company also expects capital expenditures for 2018 to be about $180 million, of which about two-thirds is planned for technology initiatives. These expenditures are expected to continue to be funded from operating resources.