posted third-quarter earnings that rose sharply from a year ago and beat analysts' expectations, reflecting dramatic growth in assets under management.
The company, which manages the
mutual funds, earned $170.1 million, or 73 cents a share, up from $82.7 million, or 36 cents a share, in the same period a year ago. According to
First Call/Thomson Financial
, analysts were looking for the company to earn 67 cents a share.
Revenue for the quarter rose to $609.5 million from $311.2 million last year.
The company reported $315.5 billion in assets under management as of Sept. 30, compared with $170.6 billion a year ago. Average assets under management totaled $324.2 billion during third quarter, up from $164.8 billion in the prior year's quarter.
Net cash inflows for the quarter totaled $8.5 billion, which exceeded the prior year's third quarter by 8%. The cash inflows were offset by market depreciation of $6 billion during the quarter, primarily due to declines in the equity markets.
Shares of Stilwell Financial were recently down $2.81, or 7%, to $37.25 in
New York Stock Exchange