This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Calamos Earnings Fall Short

Calamos Asset Management (CLMS - Get Report) said late Tuesday that second-quarter earnings rose 16% thanks to growth in assets under management, though the company's quarter-to-quarter comparisons were hurt by the recent equity slide.

The asset manager posted net income of $8.1 million, or 34 cents a share, compared with $7 million, or 30 cents a share, a year-ago. The earnings fell 2 cents short of Thomson First Call's average analyst estimate.

Revenue jumped 26% to $124.4 million. Assets under management, the metric that drives management fees, advanced 16% from a year earlier to $45.8 billion at the end of June. Mutual funds assets were up 20% to $33.8 billion from $28.3 billion a year ago, while separately managed account assets grew 7% to $12 billion from $11.2 billion last year.

Compared with the first quarter, though, assets under management fell 4% due to $2.3 billion in market depreciation, partially offset by $536 million in net purchases.

"The stock market's nervous saw-tooth pattern is similar to 1994, when the Fed also repeatedly raised interest rates," Chairman and Chief Executive John Calamos Sr. said in a statement.

"This market volatility affected second quarter asset flows for our firm and other asset managers... We continue to believe that when the Fed stops raising interest rates, it will serve as a catalyst for positive stock market action. We have positioned our portfolios accordingly."

During the quarter, Calamos firm rolled out its growth, value, and global growth and income funds into one core portfolio called (CMQAX) Calamos Multi-Fund Blend , which seeks to create a diversified portfolio that can find an upside in any section of the market cycle.

"Trying to have perfect market timing especially in this volatile market just doesn't work," Chief Financial Officer and Treasurer Patrick Dudasik said during the conference call.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
CLMS $12.32 0.98%
AAPL $128.70 -0.19%
FB $78.81 -0.23%
GOOG $540.78 0.54%
TSLA $230.51 1.98%

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs