T. Rowe Price Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 26, 2017 at 07:50 am EST
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T. Rowe Price Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net revenues of $1,091.2 million against $1,052.2 million a year ago. Net operating income was $563.3 million compared to $455.0 million a year ago. Income before income taxes were $575.5 million compared to $498.4 million a year ago. Net income allocated to common stockholders was $371.4 million against $298.5 million a year ago. Diluted earnings per share on common stock were $1.50 against $1.17 a year ago. Net cash inflows during the fourth quarter of 2015 were $2.8 billion, including $0.7 billion of transfers from the mutual funds. Adjusted net income allocated to common stockholders was $304.7 million against $277.2 million a year ago. Adjusted diluted earnings per share on common stock were $1.21 against $1.07 a year ago.
For the year, the company reported net revenues of $4,222.9 million against $4,200.6 million a year ago. Net operating income was $1,733.4 million compared to $1,898.9 million a year ago. Income before income taxes were $1,960.5 million compared to $2,002.4 million a year ago. Net income allocated to common stockholders was $1,189.5 million against $1,206.9 million a year ago. Diluted earnings per share on common stock were $4.75 against $4.63 a year ago. Cash provided by operating activities, including $162 of stock-based compensation expense attributable to the company was $1,343.7 million against $1,530.5 million a year ago. Adjusted net income allocated to common stockholders was $1,148.9 million against $1,160.3 million a year ago. Adjusted diluted earnings per share on common stock were $4.49 against $4.39 a year ago.
T. Rowe Price Group, Inc. is an investment management company that provides investment advisory services to individual and institutional investors, retirement plans, and financial intermediaries. The group manages a broad range of American and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.
T. Rowe Price Group also provides investment advisory clients with related administrative services, including mutual fund transfer agent, accounting and shareholder services, participant recordkeeping and transfer agent services for defined contribution retirement plans, discount brokerage, and trust services.
At the end of 2023, the group had USD 1,444.5 billion in assets under management.