T. Rowe Price reported Thursday that its earnings for the second quarter were $136 million, up 33% from $102 million in the second quarter of 2005. Earnings per share were 49 cents, 3 cents greater than the consensus of analysts polled by Thomson Financial.
Net revenues in the quarter were $446 million, up 23% from $363 million in the second quarter of 2005, while assets under management rose by $800 million from the previous quarter to $294 billion. Investment advisory revenues were up 25% to $370 million from the 2005 quarter.
"Our strong second-quarter performance was achieved during a period of increasing stock market volatility in which global equity markets swung considerably and the decline in U.S. stocks erased a large portion of their gains from the first quarter of the year," said T. Rowe Price Chairman George Roche.