Sector: Financials|Industry: Asset Management|Market Cap: $25.48B|Employees: 7.9K
T. Rowe Price Group, Inc. is a financial services holding company providing global investment management services. The company's core business model focuses on active, independent investing across various asset classes, including equity, fixed income, and multi-asset solutions. T. Rowe Price serves a diverse clientele, from individuals to institutions, and has a significant geographic presence with operations in the U.S. and select high-opportunity countries.
Net revenues increased by 0.8% year-over-year to $1,763.9 million, primarily driven by a 4.0% increase in investment advisory fee revenue. This was partially offset by a $48.3 million decline in capital allocation-based income.
Operating expenses increased by 0.3% to $1,167.6 million, leading to a 1.7% increase in net operating income to $596.3 million. Compensation, benefits, and related costs increased by 4.5% due to higher salaries and employee benefits.
Diluted earnings per share decreased by 13.7% to $2.15, primarily driven by lower investment gains compared to the prior year. On a non-GAAP basis, diluted earnings per share decreased by 6.3% to $2.23.