Waddell & Reed Earnings Rise

First-quarter profit adds 8%.
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Waddell & Reed Financial

(WDR) - Get Report

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

Austin Calvert

, 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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