Waddell & Reed Reports Return to Profitability in Second Quarter

Waddell & Reed reported that it returned to profitability in the second quarter of this year, taking in $29.7 million, or 36 cents per share, in earnings, the Associated Press reports. In the second quarter of 2006, the company lost $33 million, or 40 cents per share.

This year’s second-quarter profits fell a penny short of the 37 cents a share analyst consensus, as polled by Thomson Financial.

Total assets under management rose 20% to $54 billion, up from $45 billion a year ago.

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