Waddell & Reed Earnings Flat

Waddell & Reed Financial(WDR Quote) posted a flat third quarter.

The Overland Park, Kan.-based company earned $24.6 million, or 30 cents a share, in the quarter, compared with $24.5 million, or 30 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 33 cents a share in the most recent quarter.

Third-quarter total operating revenue rose 13.4% to $178.58 million as against analysts' expectation of $181.25 million. Investment management fees rose 13.2% to $77.96 million and underwriting and distribution fees saw a 14.5% rise to $77.91 million. ...