Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the second quarter and six months ended June 30, 2013.
For the second quarter of 2013, Economic earnings per share (“Economic EPS”) were $2.18, compared to $1.66 for the same period of 2012, while diluted earnings per share for the second quarter of 2013 were $1.18, compared to $0.12 (or $0.82 excluding non-cash adjustments) for the same period of 2012. For the second quarter of 2013, Economic net income was $121.1 million, compared to $87.6 million for the same period of 2012, and Net income was $64.7 million, compared to $6.6 million (or $43.1 million excluding non-cash adjustments) for the same period of 2012. For the second quarter of 2013, EBITDA was $173.0 million, compared to $113.7 million for the same period of 2012. (Economic EPS, Economic net income, and EBITDA are defined in the attached tables, along with comparisons to the appropriate GAAP measure.)
For the six months ended June 30, 2013, Economic net income was $245.4 million, while EBITDA was $348.0 million, and Net income was $127.1 million. For the six months ended June 30, 2012, Economic net income was $171.1 million, while EBITDA was $227.8 million, and Net income was $44.0 million (or $82.9 million excluding non-cash adjustments).
Net client cash flows for the second quarter of 2013 were $13.2 billion. The aggregate assets under management of AMG’s affiliated investment management firms were approximately $470 billion at June 30, 2013.“With record net client cash flows of $13 billion in the second quarter, and over $25 billion for the year to date, AMG has had an exceptional first half of 2013, despite a volatile global market environment,” stated Sean M. Healey, Chairman and Chief Executive Officer of AMG. “Our Economic earnings per share increased 31% over the second quarter of 2012, reflecting excellent execution across our business, including continued outstanding organic growth and strong investment performance by our Affiliates.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV