T. Rowe Price Says 'Moderate' Decline in First-Quarter Earnings
T. Rowe Price (TROW Quote) said Thursday that first-quarter earnings would be "moderately below" last quarter's level and that growth is unlikely to exceed an annual rate of 1% during the first half.
The Baltimore-based investment adviser blamed the slowdown in performance on sharp declines in the equity markets and the resulting drop in the firm's assets under management.
In the fourth-quarter of 2000, T. Rowe Price earned 43 cents a share. Speaking to stockholders at the company's annual meeting, Chairman George A. Roche did not specify how much below that level first-quarter earnings would be. The consensus of 13 analysts surveyed by Thomson Financial/First Call was for earnings of 41 cents a share. In the first quarter of last year, T. Rowe Price earned 58 cents a share. ...
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