MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, July 23, 2002 T. Rowe Misses Mark Shares of T. Rowe Price have fallen more than 10 percent after the fund firm reporting earnings yesterday that missed analyst expectations. The firm reported earning of $0.40 per share against average expectations of $0.42 per share. The Baltimore fund firm also reported that it saw net inflows of $1.3 billion during the second quarter, a figure unchanged from the first quarter. Despite the flows, assets under management declined due to market losses totaling nearly $12 billion. The fund firm also missed earnings expectations in the first quarter. That time by a penny. The losses in assets dropped assets at the firm to $148.8 billion from $158.6 billion and led to a four percent decline in investment advisory revenues. Average daily mutual fund assets on which the firm levies fees dipped to less than $100 billion ($97.4 billion). The current market declines will also cause the firm's earnings to continue to suffer in the short run, said George Roche, chairman and chief executive officer. The price of T. Rowe Price shares 8.0 percent on Monday and were down another 3.5 percent today to $23.75 before the close of trading. Printed from: MFWire.com/story.asp?s=3165 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |