WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Monday reported a fourth-quarter loss of $151.3 million, after reporting a profit in the same period a year earlier.
The West Palm Beach, Florida-based company said it had a loss of $2.88 per share. Earnings, adjusted for non-recurring costs, were $3.53 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $3.51 per share.
The asset manager posted revenue of $564.4 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $555.9 million.
For the year, the company reported profit of $243.6 million, or $4.52 per share. Revenue was reported as $2.38 billion.
Affiliated Managers shares have increased almost 8 percent since the beginning of the year. The stock has decreased 47 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMG at https://www.zacks.com/ap/AMG
