Cohen & Steers Q2 Profit Up 45%, Results Beat View

(RTTNews) - Investment manager Cohen & Steers Inc. (CNS) on Wednesday reported a 45 percent surge in profit for the second quarter from last year, reflecting higher investment advisory and administration fees as well as a gain from trading securities. Both revenue and earnings per share for the quarter beat analysts' expectations.

The New York-based company's net income attributable to stockholders for the second quarter was $22.18 million or $0.49 per share, up from $15.28 million or $0.34 per share in the year-ago period.

On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter edged up 0.8 percent to $78.41 million from $77.80 million in the year-ago period. Analysts had a consensus revenue estimate of $77.73 million.

Investment advisory and administration fees rose 4 percent from last year to $72.91 million, while distribution and service fees edged up slightly to $3.74 million. However, portfolio consulting and other revenue declined 52 percent to $1.76 million.

Total expenses for the quarter declined 1 percent from the prior-year period to $48.74 million.

Non-operating income was $4.99 million, compared to non-operating loss of $10.18 million in the same period last year. This includes a gain from trading securities of $2.76 million, compared to loss of $10.96 million in the prior-year period.

At the end of the second quarter, the company's assets under management were $52.29 billion, up 9.3 percent from $47.82 billion at the end of the year-ago period.

CNS closed Wednesday's trading at $43.13, up $0.13 or 0.30 percent on a volume of 152,024 shares.