Waddell & Reed Financial
said its first-quarter earnings rose 7.9%, thanks to its financial advisory and wholesale channels.
The Overland Park, Kan.-based company earned $24.6 million, or 30 cents a share, in the quarter, compared with $22.8 million, or 28 cents a share, a year ago. The current quarter includes a charge of 1 cent a share related to employee separation costs at
, an investment adviser subsidiary. Analysts polled by Thomson First Call were expecting earnings of 31 cents a share in the most recent quarter.
First quarter revenue rose 14.7% to $173.1 million as against analysts' expectation of $173.4 million.
Operating profit increased 4% to $39.2 million while operating profit margin declined 230 basis points to 22.7%.
Early Tuesday, Waddell & Reed rose 27 cents to $24.41.
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