T. Rowe Price took in record revenue of $429 million in the first quarter, earning a net income of $116.7 million, up 24% from $94 million in the first quarter of 2005. Earnings per share were 84 cents, up nearly 22% from earnings of 69 cents a share in the year-earlier period.
The firm's mutual funds took in net inflows of $9.6 billion, while market gains added another $13.8 billion, growing assets under management to a record $292.9 billion.
T. Rowe Price Chairman and President George A. Roche said: "We continue to be encouraged by the healthy pace of net cash inflows across our multiple distribution channels into our separate and sub-advised accounts and mutual funds. Importantly, our sound financial position enables us to invest further in our business."
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