T. Rowe Price Groups profits jumped 49% in the second quarter from the year-ago period, the company reported on Tuesday.
Earnings in the quarter rose to $80.3 million, or 60 cents a share, compared to $53.8 million, or 42 cents a share at this time last year, according to the Associated Press. Analysts had been expecting 62 cents a share in the period. Assets under management, which were $161 billion on June 23, 2003, were $206.8 billion by June 30, 2004. The companys second-quarter inflows were led by the mid-cap value funds, which received 75% of those inflows.
Citing the fact that 70% of his companys funds had surpassed their classes Lipper averages, T. Rowe Price Chairman and CEO George A. Roche, said he thinks the success could continue."Although concerns about inflation, rising interest rates, global political risks, and higher oil prices may be injecting more caution by investors currently, we believe the outlook for the markets and our company remains favorable for the long term.