Yahoo Finance What's in Store for Affiliated Managers (AMG) in Q1 Earnings?
Affiliated Managers Group Inc. AMG is slated to report first-quarter 2024 results on May 6, before the opening bell. Its quarterly earnings and revenues are expected to have increased on a year-over-year basis.
In the last reported quarter, AMG’s earnings surpassed the Zacks Consensus Estimate. Results benefited from lower expenses and a rise in assets under management (AUM) balance. These were partially offset by lower revenues.
The company boasts an impressive earnings surprise history. Its earnings surpassed the consensus estimate in each of the trailing four quarters, the average beat being 7.05%.
Affiliated Managers Group, Inc. Price and EPS Surprise
Affiliated Managers Group, Inc. price-eps-surprise | Affiliated Managers Group, Inc. Quote
The Zacks Consensus Estimate for AMG’s first-quarter earnings is pegged at $5.21, which has moved 3.6% north over the past month. The figure indicates a 24.6% jump from the year-ago quarter’s reported number.
The company expects economic net income (controlling interest) of $173-$181 million. Economic earnings per share is predicted to be between $5.03 and $5.24.
The consensus estimate for sales is pegged at $524.5 million, indicating a 1.4% year-over-year rise.
Other Key Expectations for Q1
Management expects adjusted EBITDA in the $235-$245 million range based on the current AUM levels, net performance fee earnings of up to $30-$40 million and $10 million of “catch-up and other fees from private markets Affiliates.”
Interest expenses are expected to be $29 million.
Controlling interest depreciation is likely to be $2 million.
Net income (controlling interest) is expected to be between $131 million and $139 million.
The company’s share of reported amortization and impairments is estimated to be approximately $25 million.
Intangible-related deferred taxes are projected to be $16 million.
Other economic items, which now include realized gains, are anticipated to be roughly $1 million.
Earnings Whispers
Our quantitative model doesn’t conclusively predict an earnings beat for Affiliated Managers this time. This is because it does not have the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or higher.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Affiliated Managers is 0.00%.
Zacks Rank: The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
BlackRock, Inc.’s BLK first-quarter 2024 adjusted earnings of $9.81 per share handily surpassed the Zacks Consensus Estimate of $9.42. The figure reflects a jump of 24% from the year-ago quarter.
BLK’s results benefited from a rise in revenues and higher non-operating income. Further, the AUM balance witnessed an improvement, driven by net inflows. However, higher expenses acted as a dampener.
Invesco’s IVZ first-quarter 2024 adjusted earnings of 33 cents per share lagged the Zacks Consensus Estimate of 40 cents. The bottom line declined 13.2% from the prior-year quarter.
IVZ’s results were primarily hurt by a decline in adjusted revenues, along with higher adjusted expenses. However, an increase in the AUM balance on decent inflows was a positive.
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