saw its stock soar on Thursday morning following its strong earnings report after the closing bell on Wednesday.
The financial services company saw profit jump 173% to $259 million from $95 million a year earlier. Earnings per share rose 139% to 98 cents a share from 41 cents a year earlier. Excluding items, earnings came in at $1.10 a share, blowing past estimates of 77 cents a share.
The strong performance caused ratings firm Standard & Poor to upgrade its outlook for the company to stable from negative.
The stock is up 10.1% at $42.17 on Thursday morning.
Revenue rose 38% in the second quarter to $2.57 billion from $1.87 billion, driven by higher asset management income as a result of market gains and the acquisition of
in April. Excluding the Columbia acquisition, revenues on an operating basis increased 18%.
Total assets under management was at $600 billion up 51% from a year-ago, and included $166 billion from Columbia management's assets. Total client assets increased 12% over the year on strong retail inflows and market appreciation.
The company's investment portfolio had an unrealized gain of $1.6 billion at the end of the quarter.
Management expects the integration of Columbia Management acquisition to be on schedule and on budget.
--Reported by Shanthi Venkataraman in New York.
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